H Business mm Flashcards
is this product or market led?
High levels of market research carried out to determine customer wants
Can respond to external factors and consumer behaviour (marketing mix can be responsive)
Exist in highly competitive markets
The business creates products based on customers needs and wants
product led
is this product or market led?
Little to no market research as it is not seen as important. High levels of research and development into the product.
Often the product doesn’t change or is unresponsive to external factors
Little to no competition and focus on new technologies and innovation
Products are produced that the business thinks customers will want and uses intensive advertising to convince them to buy
market led
name 3 customer behaviour
routine
informed
impulsive
what is routine purchase
Routine purchases require little involvement from the customer. Routine purchases are made automatically:
* Food
* Washing Powder
* Toiletries
* Coffee/Tea from Starbucks, Costa etc
* Fuel/Petrol
what is informed customer behaviar
Informed consumer behaviour is when the buyer/customer takes time
to investigate the product before making a purchase
what is impulse buying
Impulse purchases happen without any prior planning or thought.
is this random or quota sampling?
Quick and easy as group lists are pre- made
Sample can reflect the target market
Cheaper as less respondents are required
quota
is this random or quota sampling ?
No bias is shown by the researcher
Saves time – simple and quick to select the sample
random
5 stages of product life cycle
R&D
introduction
Growth
Maturity
Decline
WHICH STAGE THE PRODUCT IS NOT MAKING ANY SALES
R&D
WHICH SATGE IS THE BUISNESS COST ARE THE LOWEST
MAUTRITY
DECLINE
WHICH STAGES ARE THE BUSINES MAKING A PROFIT
MATURITY
PRODUCT LINE PORTFOLLIO
involves a business having a Varity of products on sales.
DIVERSIFIED PRODUCT PORTFOLIO
a business selling product from completely different market segmentation
product type in Boston matrix system
star
cash cow
dogs
question mark/ problem children
name 6 retailer type
- superstores
- convenience supermarket
- out of town retail park
- online retailer
-discount stores
-department stores
is this into or out of the pipeline ?
Sales promotion is offered by the manufacturer to encourage to encourage retailers to purchase products form them
* Offering Trade Credit - retailers can pay for the product at a later date
* Point of Sale Display Materials - manufacturers may provide retailers with free posters/ display materials to display
* Sale or Return - the option to return the product it it does not sell
* Dealer Loaders - Discounts offered to retailers to encourage them to buy a larger quantity
* Staff Training - the retailer may be offered training for their staff to help them develop the skills and knowledge to sell the product
into the pipeline
name 8 pricing strategy’s
psychological
lost lender
destroyer
price discrimation
penetration
skimming
competive
cost plus
is it into or out of the pipeline ?
- Special Offers - short term offers like BOGOF and 50% off
- Free Gifts - Used to encourage customers to buy a product/buy the product again
- Vouchers- money off future purchases to increase loyalty/repeat purchases
- Loyalty Schemes
- Competitions - customers may be entered into a prize draw etc when purchasing a product
- Free trials
- Interest free credit
out of the pipeline
what type of public relation is this ?
This is when the media are invited to a business presentation where they are given information or news.
Business can update a wide audience on new products or services or important information about the business, they have over all control of the event and what information is reported
The media can ask questions directly
The business could face difficult questions and be put on the spot
The business could be embarrassed if they are under
PRESS CONFERENCE
WHAT IS COST PLUS PROCING STRATERGY
the buisness calculate the unit cost of the product then adds a percentage mark- up for profit
WHAT IS COMPETIVE PRICING STRATERGY
The price of a product is set similar to the competitors, eg. fuel prices.
WHAT TYPE OF PUBLIC RELATION IS THIS
Donations can be made by a business privately, but other businesses may take the opportunity to gain good press
Can promote the CSR aims of the business and make them look good
Can ensure the business gains a good reputation
Shareholders may want to see the money invested into the business to ensure the continued improvement of products/services
DONATION TO CHARITY
WHAT TYPE OF PUBLIC RELATION IS THIS
Giving out free stationary, sweets, key rings etc with the company branding on them!
Customers are reminded of the business when they use the product
Customers feel rewarded and may feel valued by the business
Can be expensive to create promotional merchandise
May end up looking cheap which could negatively impact the brand
PROMOTIONAL MERCHANDISE
