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Business Studies I Have Created Myself > Chapter 3- Marketing > Flashcards

Chapter 3- Marketing Flashcards

1
Q

What is marketing (ias)

A

The management process which identifies, anticipates and satisfies customer requirements profitably

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2
Q

What is market reasearch

A

The gathering and analysis of data based on a company or a customer, which leads to more market knowledge and therefore better informed decision making

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3
Q 
What is primary research 
Give examples (5)
A

Gathering new information by direct contact with the costumers
Observation
Questionnaire eg. Face to face, postal, phone
Consumer panel
Testing
Interview

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4
Q

What are the advantages of primary research (4)

A

Specific
New data
Taken directly from costumers
Detailed information obtained

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5
Q

What are the disadvantages of primary research (2)

A

Not accurate as costumers may lie

Expensive after setting it up and analysing the data

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6
Q

What is secondary reach

A 
Based on data that has already been collected 
Data record reports 
Newspapers 
Past recorded data 
Specialist magazines 
Pub.ic libraries
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7
Q

What are three advantages and disadvantages of secondary research

A

Cheaper
Available immediately
Reasonably accurate if it came from a reliable source

Unlikely to be made for exact same purpose
Other companies have same data
May be out of date

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8
Q

What is sampling

A

Part of primary research

It samples a number of people to represent the whole population

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9
Q

What is random sampling

A

When everyone has an equal chance of getting picked to express personal opinions

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10
Q

What are the advantages and disadvantages of random sampling

A

Everyone has an equal chance
Personal opinion

Expensive
Might not sample people who really matter
Doesn’t work for some products e.g. specialised products
Not accurate if it is a small sample

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11
Q

What is quota sampling

A

When you survey particular people so they represent the makeup of that particular market

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12
Q

What are the advantages and disadvantages of quote sampling

A

More accurate than random sampling
Personal opinion
Directed at appropriate audience

Need to know composition of market to have accurate proportions
Unsuitable for some products

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13
Q

What is market segmentation

Give five examples

A

The division of a market into segments based on people’s required tastes

Gender
Age
Ethnicity 
Social economic class 
Geography
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14
Q

What is product range and give an example

A

Refers to similar products produced by the same business

Cadbury chocolate bars

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15
Q

What is product mix

Give an example

A

The combination of products that a business produces

Apple technology

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16
Q

What is product differentiation

How can a business fulfil this

A 
How a business makes its products different from the rest 
Design
Formulations
Name 
Packaging
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17
Q

What is a brand

A

Businesses/ products consumers see as being different from others
Eg coco cola

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18
Q

What is generic brand and own branding

A

Products made by a number of businesses, where the customer doesn’t see any difference between one product and the branded product eg milk, potatoes

Made by retailers eg Lidl cereal vs branded cereal

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19
Q

What are the stages of product lifestyle

A 
Development 
Introductions
Growth 
Saturation/ maturity 
Decline
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20
Q

What are some extension strategies (5)

A 
Modify product eg. New range 
Change packaging 
More promotions 
Different market eg. foreign 
Reduce price
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21
Q

Names four legislations relating to products and what do they do

A

Sale and supply of goods and services- make sure safety regulations have been passed, fit for purpose, as described, quality

Consumer protection act- sue for damages by faulty product

Food safety (NI)- make sure staff handling food has training, permises registered by local authority, food is consumable

Weight and measures (NI)- makes sure nothing is sold under the weight it is supposed to be

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22
Q

What is price

A

The money a firm requires to produce a good or a service

23
Q

Give examples of pricing strategies

Based on competition, price people are willing to pay, price it takes to produce, type of product

A

Market- led, price is based on competitors price
Cost- based, how much it costs to produce product as well as making a profit
Destroying- to destroy other competitors and take them out of the industry
Skimming/ creaming- when you start at low price when introduced then increase price
Penetrating- start high end low
Psychological pricing- 99p or premium to make you think about quality
Price wars - to undercut rivals

24
Q

Give six factors that effect price

A 
Season 
Amount of product 
Costs of production 
How much the Market is willing to pay 
Competition 
Need to make a profit
25
Q

What are the four parts of promotion

A

Advertising
Sales promotion
Personal selling
Sponsorship

26
Q

Why might people promote (4)

A 
To co operate with other companies 
To increase sales 
To advertise new product 
To compete with other firms
Improve image of company
27
Q

What is advertising known as

What are the three types of advertising

A

Above-the-line
promotion
Generic advertising- when an advert advertises the whole industry eg. Milk marketing board advertises milk
Informative advertising- aims to give information eg. on upcoming events and product recall
Persuasive advertising- aims to persuade a consumer to purchase the advertised product

28
Q

What are some methods of advertising (5)

A 
Radio
Magazines
Newspaper 
Billboards 
Internet 
Vehicles 
Cinema 
TV
29
Q

What does below-the-line promotion include (3)

A

Sales promotion
Sponsorship
Personal selling

30
Q

What is sale promotion

A

Refers to all the methods that influence the consumer to perchase the product

31
Q

What are methods of sale promotion (5)

A 
Loyalty cards 
Coupons 
Vouchers 
Sales 
Special offers, bogof 
Discounts 
Price reductions 
Loss leaders 
Free samples
32
Q

What is sponsorship promotion

A

The promotional method which a company covers the cost of the event or service eg. Charity event

33
Q

What is public relations

A

When the public have an interest in the business therefore the business comes across as generous and public spirited

34
Q

What are the two legal constraints on promotion

A

Trades description act- as described, genuine prices, country of origin displayed on packaging,

Consumer protection act- if product is dangerous it has to be labelled that it is dangerous, reasonable price, gives first aid instructions

35
Q

What are the other three legal constraints against promotion

A

ASA- advertising standards authority, honest, truthful, reasonably price, decent
CMA- competition and market authority, aims to promote competition by investigating murges or takeover, if the murger is against public interests then this will not be allowed to happen
OFCOM- office of communication, when communication takes place to make sure decency, taste and nothing is hurt/ no offence

36
Q

What is place

A

Refers to the channel of distribution, i.e. How a business will be able to transport goods to consumers

The most appropriate
Sales outlet
Transport
Channel to use

37
Q

What are the four parties involved in distribution

What is the process related to them

A

Manufacture- created of goods in large batches

Wholesaler- buys from manufacture in large batches and sells to retailer in smaller batches

Retailer- buys from wholesaler or manufacture and last seller before it reaches consumer, situated in a convenient place

Consumer- buys from retailer in smaller usable amounts which is replaced daily

Breaking bulk

38
Q

What are the three level channels of distribution

A

Manufacturer
- consumer, zero level channel, direct selling, eg. farm shops

Manufacturer- retailer- consumer, one level channel, most common eg. tesco

Manufacturer- wholesaler- retailer- consumer, two level channel, helps smaller business to buy products in smaller batch, common in consumer markets

39
Q

What are the factors effecting the choice of distribution channel (4)

A 
Type of good 
Price of good 
Life span of good, perishable 
Costs involved 
Demand 
Competition
40
Q

What are the four key trends of distribution channel

A 
Growth of...
Call centres 
E commerce
Retail parks  
Retail parks 
Digital television shopping 
Diversification of products and services offered by retailers
41
Q

What are the implications of e commerce

A

To deliver goods and service on time
Needs a fleet of vehicles to make deliveries
Because of delivering over seas then this means import and export regulations and shipping laws have to be observed

42
Q

WTA is transport distribution give examples (5)

A 
The distribution was involved the transporting of goods to their final destination 
Eg. Road 
Rail
Seas
Pipeline 
Air
43
Q

What is competition

A

When two or more business want to secure business with costumers by providing the best product on agreeable terms

44
Q

What are two factors that effect competition

A

Number of firms in the industry

How similar the products produced by the different firms are

45
Q

What is high competitive and highly concentrated competition mean

A

Large number of small firms in the same industry, similar products

Small number of large firm in the same industry

46
Q

What is a monopoly

A

When one industry is denominated by only one firm

47
Q

What are four indicators of the level of competition

A

Measures of market share
Measures of concentration
Measuring the entry and exit of firms
Measuring the customer switching behaviour

48
Q

Explain two ways you can mange competition

A

Reduce competition- takeover of firms that are rivals, joining with firms

Become more competitive 
Reduce price, increases sales, but may start price wars 
Improve quality- premium price 
Advertising 
Product differentiation
49
Q

What is customer service

A

What a business does to fulfil customer needs and create customer satisfaction

50
Q

Why is customer service important to a business

A

Cheaper to retain existing customers than attracting new ones

More likely to keep costumers

51
Q

What is customer service and what does it do

A

Gretchen added service on to what the business does on top of providing a product/ service
The responsibility of everyone in a business
Encourages customer loyalty

52
Q

What are some characteristics of customer service

Note* every business should have a customer service policy

A

Timeliness eg. answering calls within 20 seconds
Accuracy eg. getting customer order right 100% of the time
Appropriateness eg. if a customer has two issues then each issue should be dealt with

53
Q

By dealing with complaints how does this have a positive impact on a business

A

If a complaint is dealt with appropriately then the customer will tell their friends and family
If not, 80% of people would tell other people

Business Studies I Have Created Myself (3 decks)

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