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Business Studies A level > Decision making to improve marketing performance 3 > Flashcards

Decision making to improve marketing performance 3 Flashcards

1
Q

What is a marketing objective?

A

Targets set for the marketing activities of a business they should be SMART. Help coordinate activities within the business and marketing division.

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1
Q

What are examples of marketing objectives?

A
  • market share
  • brand loyalty
  • sales growth
  • sales value
  • sales volume
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2
Q

Internal influences on marketing objectives

A
  • Strategy
  • Ambitious managers
  • Existing position
  • Capacity business can produce
  • Finance
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3
Q

External influences on marketing objectives

A
  • Social
  • Technological
  • Political
  • Human resources
  • Competitive
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4
Q

What is primary market research?

A

Research that has been collected for the first time - interviews, observations, questionnaires

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5
Q

What is secondary market research?

A

Research that can be accessed by anyone and data that already exists - newspapers, internet research, textbooks

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6
Q

What is quantitative data?

A

Data in numerical form - 70% of people recommend a product

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7
Q

What is qualitative data?

A

Descriptive data - what people think of a product

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8
Q

What is the value of sampling?

A

Gives an insight into the market and quicker than trying to talk to the whole population, although the sampling may not be representative

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9
Q

What is market size?

A

Number of potential clients or buyers in a specific market segment

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10
Q

What is market growth?

A

Increase in the size of a market over time

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11
Q

What is market share?

A

Represents percentage of an industry or a market’s total sales earned by a company over a specific amount of time

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12
Q

Positive correlation?

A

Relationship between two variables that move in the same direction

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13
Q

Negative correlation?

A

When one variable increases and the other decreases

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14
Q

What is confidence intervals?

A

How certain people are of results - measured in percentage

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15
Q

What is extrapolation?

A

Looking at what has been happening in the past and continuing this trend in the future

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16
Q

What is price elasticity of demand?

A

Examinees effects of price changes on quantity demanded and measured by the equation
- percentage change in quantity demand / percentage change in price

17
Q

What is income elasticity of demand?

A

Correlation between quantity demand and customers income
- % change in quantity demanded / % change in consumers income

18
Q

Why is data in marketing decision making and planning important?

A

Data is needed to help make decisions with marketing issues such as what to produce, price to charge and where to distribute

19
Q

Why are market maps used?

A

Used to see different features of products such as a grid with high and low quality against high and low prices

20
Q

What is market segmentation?

A

Process of identifying different groups of similar needs and wants

21
Q

What is demographic segmentation?

A

Characteristics of people within the target population - age, gender

22
Q

What is geographic segmentation?

A

Needs and wants of people based on the area the customers are based

23
Q

What is income segmentation?

A

Needs and wants based of people’s income - e.g. high-income bank users will be interested in products to do with saving and investing

24
Q

What is a niche market?

A

Market which focuses on a particular segment of the market

25
Q

What is a mass market?

A

A market which provides products to meet some of the needs of a large population

26
Q

What are the 7Ps of the marketing mix

A
  • Promotion - Advertising
  • Price - Price charged
  • Product - Physical features
  • Process - How product is bought - online
  • Physical environment - Of the business - showroom
  • Place - How owner moves from production and to when the product is bought
  • People - Involved in the transaction
27
Q

What is consumers products?

A

Products bought by regular individuals

28
Q

What is industrial products?

A

Products sold to businesses

29
Q

What does the Boston matrix consist of?

A

Shows the performance of a product over time and consists of:
- Dogs - Low market share and low market growth
- Cash cows - High market share and low market growth
- Question marks - Low market share and high market growth
- Stars - High market share and high market growth

30
Q

What is the product life cycle?

A

A product’s performance from the conception to the withdrawal

31
Q

Why may product development be required?

A
  • existing products coming to their life cycle
  • new opportunities are opening up
  • desire to build on strength of brand
  • way of achieving growth
  • match what competitors are doing
32
Q

Why are new product developments at risk?

A
  • Ideas don’t usually make it to production
  • Products don’t sell
33
Q

What is penetration pricing?

A

Business charges low price to increase market share

34
Q

What is price skimming?

A

High price is charged when product is launched

35
Q

What is dynamic pricing?

A

Prices changing rapidly in response to change in demand

36
Q

What is branding?

A

Promising to deliver certain benefits and services and can be identified through a recognisable name, symbol, logo

37
Q

What is promotional decisions?

A
  • target audience
  • promotional budget
  • the message sent across
  • technology
38
Q

What is multichannel distribution?

A

where customers can buy the products in several ways - instore, online, click and collect

39
Q

What is e-commerce?

A

buying and selling of products through electronic medium like the internet

Business Studies A level (10 decks)

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