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Unit 2 and Unit 3 > Developing a Marketing Campaign > Flashcards

Developing a Marketing Campaign Flashcards

1
Q

What is the meaning of social factor

A

Social factors consist of a person’s, beliefs, values, lifestyle and behaviour.

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2
Q

What makes a social factor? Give an example.

A

Social factors are made up off, Demographics Social class, lifestyle and culture

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3
Q

What is the meaning of Technological factor

A

The ways technology affects society, businesses, and daily life

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4
Q

What is the purpose of marketing

A

To recognise and anticipate demand

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5
Q

Define brand

A

A name logo or design that represents a businesses product or service.

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6
Q

What are the principles of marketing

A

-Understanding customer needs
- Satisfying customers
- Creating value

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7
Q

What is Market share

A

The percentage of a market owned by another company

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8
Q

What are the aspects that make up successful marketing

A

-Innovating new products
-Increasing brand awareness
-Understanding needs and wants of customers

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9
Q

What is Mass Market

A

A wide range of products or services offered to a large number of customers.

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10
Q

What is Niche Market

A

A specialised market for a specific product or service.

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11
Q

What is brand personality

A

A set of human-like qualities and attributes that are associated with thebrand

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12
Q

What is market research

A

the process that provides information about the demands of customers

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13
Q

What is a consumer

A

Someone who purchases or uses a product or service.

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14
Q

Why is it important for a business to determine target market by Trends

A

So they can keep ahead of the competition and stay relevant to their customers

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15
Q

What is primary research

A

First hand data/information that has never been gathered before.

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16
Q

What are methods of external primary research

A

-Questionnaires and surveys
- Interviews and focus groups
- Mystery shoppers

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17
Q

What is secondary research

A

Second hand data/information which has been collected before hand.

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18
Q

Give examples of Secondary research

A
  • Books and Newspapers
  • Magazines
  • Social media
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19
Q

What is qualitative data

A

Qualitative data is non-numeric information. (e.g. diary and journals)

20
Q

What is Quantitative data

A

Quantitative data are data represented numerically

21
Q

Definition of reliability*

A

Making sure the method of data gathering leads to consistent results when the input is consistent

22
Q

What are the stages of the product life cycle

A
  • Introduction
  • Growth
    -Maturity
    -Decline
23
Q

What does the acronym SWOT stand for

A

-Strength
-Weakness
-Opportunity
-Threat

24
Q

What does the SMART acronym stand for

A

-Specific
-Measurable
-Achievable
-Realistic
-Time bound

25
Q

What does the Pestle acronym stand for

A
  • Political
    -Economical
    -Social
    -Technological
    -Legal
    -Environment
26
Q

What is the marketing mix

A

The marketing mix, often referred to as 7ps

27
Q

What are the 4ps

A

-Product
-Place
-Price
-Promotion

28
Q

What are the different types of pricing strategies a business can use.

A

-Skimming
-Cost plus
-Competitor based pricing

29
Q

What are the other three ps that make up the 7 ps

A

-People
-Physical evidence
-Processes

30
Q

What is Price skimming

A

A business technique known as “price skimming” involves setting a high starting price for a new product and then gradually lowering it over time.

31
Q

What is Competitive pricing

A

Competitive pricing is a strategy in which a company sets the prices of its products or services based on the prices of similar offerings in the market.

32
Q

What is Cost plus pricing

A

Cost-plus pricing is a pricing strategy where a company determines the selling price of a product by adding a markup to the cost of production.

33
Q

What is Market segmentation*

A

the process of breaking down a large number of potential customers into smaller groups/ segment

34
Q

What is a marketing campaign*

A

A marketing campaign is a well-planned sequence of actions and plans aimed at promoting a good, service, brand, or cause in order to meet specified objectives.

35
Q

What is an aim

A

a clear and specific goal that someone strives to achieve.

36
Q

What is an objective

A

an objective is a specific and measurable goal that helps you achieve your overall aim or purpose.

37
Q

What is public relation

A

Public relations relates to business communications and relationships with the public

38
Q

What is product placement

A

When a brand’s item or emblem is included in a TV series, motion picture, video game, or other type of media output, this is known as product placement.

39
Q

What is personal selling

A

It is a promotional method by which the salesperson uses his or her skills and abilities in an attempt to make a sale.

40
Q

What is corporate image

A

The term “corporate image” describes the general opinion and impression that the public has of a company.

41
Q

What is branding

A

Developing a unique and identifiable image for a company, product or service.

42
Q

What is Profit

A

the amount of money a company makes after subtractingall of its costs from its earnings.

43
Q

What does AIDA stand for

A

-Awareness
-Interest
-Desire
-Action

44
Q

Why is it important for a business to determine target market by structure

A

So the business will be able to take a look at the demographic of their customers, which helps establish where and how to advertise.

45
Q

What is USP(Unique selling point)

A

is the special thing that makes a product or service different from and better than others in the eyes of customers.

Unit 2 and Unit 3 (2 decks)

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