L08-Marketing Flashcards
What is Marketing?
It refers to all the processes involved in selling goods and services in the most profitable manner,and is a way of meeting up buyers and sellers
What is a Marketing strategy?
It is a long-term plan for achieving a company’s s goals by;
-understanding consumer needs
-creating a distinct and sustainable competitive advantage
Mention 4 ethical marketing strategies and give examples to do so.
-Fairness (fair prices,better wages and sustainable development)
-Honesty (advertising without attempting to mislead customers)
-Responsibility (providing reliable services or products,supporting social causes,giving back to the community and protecting the environment by using sustainable practices)
-Transparency (being open about company operations)
What is Primary Data / Field Research?
The collection of new data through direct contact with existing customers
List 3 methods of Primary research.
-Questionnaires
-Interviews
-Consumer Panels
-Observations
-Experiments
-Test marketing
List 3 advantages to Primary Research.
-Obtaining the information you want
-The information is up to date
-Having information competition doesn’t
List 3 disadvantages to Primary Research.
-It is expensive
-It takes longer to obtain
-It is difficult to obtain
What is Secondary Data / Desk Research?
It involves information that has already been collected and is available for use
Secondary Research can be collected internally or externally.
List 3 Internal sources.
-Sales department records
-Opinions of distributors and public relations departments
-Financial statements and records
Secondary Research can be collected internally or externally.
List 3 External sources.
-Government statistics
-Media reports and Newspapers
-Market research agencies report
-the internet
List 3 Advantages to Secondary Research.
-There is lots of information available
-It is cheap
-You can learn what competitors are doing
List 3 Disadvantages to Secondary Research.
-Information found may be out of date
-Data can be difficult to make sense of
-Information may not be relevant
What is the difference between Field and Desk research?
Field research is more accurate even so you can never be sure of the methods of collecting it.
List the 7 P’s of the Marketing Mix.
Product,Price,Place,Promotion,People,Process and Physical Evidence
(Place)
Today many businesses are selling their products online,this is referred to as e-commerce.
Mention 3 Advantages of this.
-More customers
-Open 24/7
-Relatively cheap
(Place)
Today many businesses are selling their products online,this is referred to as e-commerce.
Mention 3 Disadvantages of this.
-More competition
-The business needs to learn new skills
-New security problems
Promotion is about informing the customers about the products and services.
Mention 3 ways one can promote a product.
-Sales Promotion (it is designed to encourage people to buy,some examples of this are free gifts,discounts,free samples and attractive displays/packaging)
-Publicity (donations to charity,sponsorships and open days)
-Advertising (playing for a space to promote a product/service/cause)
What is Branding?
It is an attempt to make a product appear different from that of its competitors,Branding is when a firm tries to create an identity or image for its products.
What are Generic brand names? Give some examples of this.
A name that we use to refer to all products of a particular type,irrespective of the brand.
Examples:
-All pens are called Biros
-All vacuum flasks are called Thermos
-All vacuum cleaners are called Hoovers
The Product Design must include these following features; ….(list 4)
1) Functionality (user-friendly design)
2) Aesthetics (being pleasant and inviting)
3) Brand consistency (it helps reinforce the brand message and makes it easy for consumers to recognize the products)
4) User Experience (designers must pay attention to how users interact with products and use their feedback)
What does SDG 13 want to achieve?
A climate neutral world,as well as strengthening countries climate resilience paying special care to underdeveloped countries.
Why is packaging used on good.State reasons (4).
-Keeping goods intact and fresh.
-It can increase sales -More eye catching product.
-Can make the storing and display of the product easier for the retailer and so encourage them to handle it.
-It holds information such as the expiration date,price,ingredients/materials,name,address of manufacture,etc…
What does SDG 12 encourage and aim to do?
It encourages more sustainable consumption,by using more sustainable methods and reducing/eliminating others.
Mention and explain every stage of The Product Lifecycle.
1) Development (pre-launch) - The work done before the product is in the market,choosing if worthwhile to make a new product.
2) Introduction (launch) - The early stage,most probably the profit gathered will be lower than money invested to produce the product.
3) Growth - Sales and profit will rise little by little.
4) Maturity - The product reached its maximum point of sales.
5) Saturation - There will be stability and the sales will remain constant,it is important to recognize that the product will need improvement or else it will begin to decline.
6) Decline - Sales will start to fall.
7) Obsolescence - Steps have not been taken to improve the product and it will have to be withdrawn to avoid making a loss.
List 4 ways a product lifecycle can be extended before it reaches obsolescence.
-Release new and improved versions of the product.
-Lower the price to allow new customers to buy it.
-The product can be sold in a different country to gain more sales.
-Using different advertising or sale promotion techniques to give the product a new image.
-Changing the style of packaging to give it a new appearance.
-Changing the usage
-Changing the name,this is used when a product has suffered from bad publicity.
List the names of the 3 Pricing Strategies.
-Cost plus pricing
-Skimming/creaming the market
-Penetrating the market
There are 3 pricing strategies,What is done in Cost plus pricing?
It involves adding an amount of profit to the cost of the product to arrive at its selling price.(adding profit is by adding a percentage of the cost)
There are 3 pricing strategies,What is done in Skimming the market?
Setting a high price for a new product as it has no or little competition.When competition arises gradually lower the price to attract more price sensitive costumers.
There are 3 pricing strategies,What is done in Penetrating the market?
This is done by setting the price below the market price to allow it to enter the market and than when it has been established in the market it will start increasing its price.
Some other ways of this is by increasing advertising and obtaining better store/shelf positions.
The channel of distribution is the way which goods reach the consumer after being produced by the manufacturer.There can be up to 4 levels before reaching the consumer.
List each possible level and what they do.
—Manufacturer: The organization which produces the product
—Wholesaler: The organization who buys in bulk and further distributes products.It acts as a link between the manufacturer and the retailer.
—Retailer: Sells in small quantities to the public,but it can also offer other services to
The Public such as; Advice,After sales service,A wide range of products in one place,Sells goods on credit.
To the Wholesaler and Manufacturer; Advertising their products,Passing on customer opinion about the products.
—Consumer: The products go to them and they buy and use them
There are many forms of transportation,List the advantages and disadvantages (3) of Road Transport.
Advantages:
-Fast over short distance
-Not tied with a time table
-Door to door service reducing handling of goods
Disadvantages:
-Causes noice and pollution
-Expensive if there is no return
-Can be delayed by traffic jams and bad weather
There are many forms of transportation,List the advantages (3) and disadvantages (2) of Rail Transport.
Advantages:
-Fast over long distance
-Trains can carry far more in one trip than lorries so less fuel used
-Avoid traffic jams (timetable)
Disadvantages:
-Tied to a rigid timetable
-Cannot provide a door-to-door service and must rely on other forms of transport
There are many forms of transportation,List the advantages (3) and disadvantages (1) of Pipelines.
Advantages:
-Cheap to run (little maintenance and labour costs are low)
-Cause little pollution
-Not effective by weather,delays or labour disputes
Disadvantages:
-Very expensive to build and inflexible
There are many forms of transportation,List the advantages and disadvantages (1) of Inland Waterways.
Advantages:
-Cheap and Safe -Suitable to carry non-urgent,nonperishable bulky goods and long distances.
Disadvantages:
-Slow and connect only to certain parts of the country
There are many forms of transportation,List the advantages (1) and disadvantages (2) of Sea Transport.
Advantages:
-Able to move large quantities of bulky goods cheaply
Disadvantages:
-Slower than other types of transport
-Badly effected by weather
There are many forms of transportation,List the advantages (1) and disadvantages (2) of Air Transport.
Advantages:
-Fast -ideal way of moving urgent items/low weight items and high value items.
Disadvantages:
-Very expansive
-Limit on the quantity of goods that can be carried
What is Promotion?
A marketing strategy to communicate between the sellers and buyers,the seller tries to influence and convince the buyers to buy their products (spreading the word).
What is the difference between marketing and promotion?
Marketing mainly focuses on searching for the needs,overcoming challenges and satisfying the desires of the target market.
Promotion focuses only on the success of a brand,a product or a service.
List 3 types of promotion.
-Advertising
-Direct marketing
-Sales promotion
List 4 different Promotional Strategies.
-Email Marketing
-Social Media Marketing
-Content Marketing
-Influencer Marketing
What is Market Segmentation?
When a business breaks down their market into smaller pieces and groups that share similar characteristics.
There are 5 types of Market Segmentation,What is Demographic Segmentation?
It is used to split the audience based on objective information like age,gender,income,etc…
This system has 3 key advantages:
-it’s easy to collect information
-smile to measure and analyze
-it’s cost-effective
There are 5 types of Market Segmentation,What is Psychographic Segmentation?
It is grouping people based on similar personal values,political opinions,aspirations and psychological characteristics.
There are 5 types of Market Segmentation,What is Geographic Segmentation?
Grouping people based on where they live and shop as people in the same city typically have similar needs,mindsets and cultural preferences.
There are 5 types of Market Segmentation,What is Behavioral Segmentation?
Grouping people based on common behaviors they exhibit when they interact with your brand.
What is e-commerce?
E-commerce application involves selling your products on the internet using internet marketing.It creates huge revenue and help acquire customers and brand value.
Mention 3 ways how the internet and e-commerce help marketing expand.
1) Global reach and Market expansion.
2) E-commerce and Market retail is convenient and a popular choice for customers.
3) Direct to Consumer modals (skipping the whole-saler and retailer so cheaper products)
4) Digital Marketing and Advertising
5) Big Data and Analysis is easier with the internet
6) Customers engagement and Support
What is the Malta Competition and Consumer Affairs Authority (MCCAA) and list 2 things that they do.
It’s a government authority (controlled by) to promote fair competitions and protect consumers.
A few functions of:
-investigation of unfair/restrictive practices
-ensure business comply with competition laws
-promote good practices
-advising the government on updating competition regulation
