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Business > Learning Aim A > Flashcards

Learning Aim A Flashcards

Promotion

1
Q

what is a target market

A

a specific group of people an enterprise sells its products to through segmenting

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2
Q

what is market segmentation

A

process of breaking down the market into sections called segments

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3
Q

four features of market segments
[P:4 | G:1 | B:3 | D:8]

A

psychographic - social class, attitudes, lifestyle, personality

geographic - location of consumers

behavioural - spending choices, loyalty, customer benefit

demographic - characteristic e.g. age, gender, ethnicity, family size, religious and cultural beliefs, socio economic group, education, income

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4
Q

demographic segmentation

A

allowing the enterprise to focus on their products and marketing methods on a shared population of characteristics

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5
Q

geographic segmentation

A

allowing the enterprise to focus on their products and marketing methods based on the consumers location

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6
Q

examples of demographic segmentation

A

based on the consumers income they may want to buy more products from luxury brands

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7
Q

examples of geographic segmentation

A

based on the climate in certain areas consumer may need certain products to suit them

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8
Q

what might enterprises offer to ensure their customers loyalty

A

loyalty cards

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9
Q

how might enterprises respond to a low economy

A

giving out special offers e.g. BOGO promotion

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10
Q

what is a usage rate

A

measures how regularly customers but products

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11
Q

what are desired benefits

A

products that provide benefits to customers to meet their needs

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12
Q

give an example of desired benefits and evaluate

A

selling small cars - consumer lives in a small town

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13
Q

psychographic segmentation

A

markets based on the consumers attitudes and opinions

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14
Q

behavioural segmentation

A

how the consumers relates to products, their loyalty, consumption and usage

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15
Q

examples of psychographic segmentation

A

cinemas offering two for one deals to regular consumers who enjoy movies

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16
Q

examples of behavioural segmentation

A

loyalty cards - working class consumers, make them feel special and likely to return (evslutate)

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17
Q

What is a marketing mix

A

Business 2 Business
Business 2 Consumer

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18
Q

What is B2B

A

Business to Business - Enterprise sells its goods/products to another enterprise

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19
Q

What is B2C

A

Business to Consumer - Enterprise sells its good/products and service to consumers/individuals or clients

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20
Q

Why might business use a marketing mix

A

to decide of they want to sell b2b or b2c

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21
Q

what is multichannel marketing

A

using various marketing techniques to reach a target audience

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22
Q

positives of using multichannel marketing

A

able to connect to a wider variety of audience and beat competition (other businesses) that limit their marketing techniques

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23
Q

2 multichannel marketing techniques

A

traditional and digital
traditional - reaches local audiences
digital - precise targeting, more effect and wider audience range

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24
Q

traditional methods of multichannel marketing

A

broadcast
print
direct mail

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25
Q

digital methods of multichannel marketing

A

social media
emails
content marketing

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26
Q

what is a market

A

where a business decides where sells its products

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27
Q

what is niche

A

selling unique goods or services but also means less competition
e.g herbal teas

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28
Q

what is mass

A

regular products sold to consumers which also means higher profits
e.g. home products

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29
Q

what is the marketing mix

A

the 4 p’s
product, price, place, promotion

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30
Q

what are the 4 p’s

A

product - the selling goods or service
price - how much the enterprise should sell its products
place - distribution
promotion - advertising

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31
Q

what is a product line

A

links the products the enterprise has sold
e.g: Samsung tv, phones

32
Q

what is the product life cycle

A

the stages of when a product begins and ends

33
Q

what are the stages of the product life cycle

A

development - when the product is made
introduction - when the product is introduced to the consumers (launch into the market)
growth - the increase in sales
maturity - when the product still is available but less consumers buy
decline - when the product is finally removed from the market

34
Q

what is usp

A

unique selling point

35
Q

why do business products need a usp

A

it helps to distinguish the product from other businesses

36
Q

what is an example of a usp

A

branding

37
Q

how branding help the product

A

helps to identify the business, gain loyalty from customers, helps the business stand out

38
Q

what is price

A

putting a price on a product
if its is too low business can risk no profit
if its too high business can risk having a limited audience

39
Q

what are the five pricing strategies

A

penetration
skimming
competitive
cost plus
premium pricing

40
Q

penetration pricing
positives and negatives

A

start from low pricing to high pricing
pros - long term high profit
neg - repeat customers will expect the same old Leo prices

41
Q

skimming
positives and negatives

A

high prices to low
pros - maximises short term profit (makes new low prices have more profits = more people buy low = more profit)
neg - not effected in crowed markets (if too many business in the same market other customers could go to them)

42
Q

competitive
positives and negatives

A

using other competitors prices to align to their product
pros - prevents share loss
neg - price wars (keep competing with prices = constant chaining = disloyal customers)

43
Q

cost plus
positives and negatives

A

works out the price of product production and adds on a percentage of potential profit
pros - insures it covers the price of production
neg - it ignores the customers wants

44
Q

premium pricing
positives and negatives

A

putting high prices on a product to present them as luxury
pros - higher profit margins
neg - will deter customers of the products doesn’t have good quality

45
Q

what is place marketing

A

distribution digital and physical

46
Q

what is distribution

A

a method used to get the products to the consumer, having both direct and indirect depends on the product and consumers spending habits (behavioural segment)

47
Q

what is direct distribution

A

selling the product directly to the consumer

48
Q

what is indirect distribution

A

selling the product through a third party or wholesaler and retailer or retailer

49
Q

what is physical distribution
positives and negatives

A

in store selling
pos - customers get an in store experience
neg - customers have a limited shopping period

50
Q

what is digital distribution
positives and negatives

A

selling on websites or online e.g: amazon
pos - have access to a global market and customers have a longer shopping period
neg - security and legal issues, higher selling costs than online

51
Q

what is multichannel distribution

A

when a business uses both physical and digital distribution, most do this

52
Q

what is the promotional mix

A

a combination of tools used to promote a business’ products that are selected based on the relevance to the target audience

53
Q

what are the six tools used in the promotional mix

A

advertising - a paid, non personal form of promotion e.g magazines

public relations - creating a positive image of the business to boost sales (on social media, charity work)

personal selling - interaction with sales person to potential customer

direct marketing - communicating directly with potential customers to promote business e.g emails or promo codes

sales promotion - a short term incentive to boost sales for a short period of time e.g: discounts

social media marketing - promoting content on social media to reach a wide range of audiences interested in products but would have to interact with followers

54
Q

why is above and below the line needed

A

needed before choosing marketing tools so business knows if it is aimed above to below

55
Q

what is above the line

A

mass media promotional tools that raise brand awareness e.g: print, tv etc

56
Q

what is below the line

A

tools targeted at a smaller group of people.g: email campaigns, mail, social media advertisement

57
Q

five promotion marketing methods

A

appropriateness
reaching target market
cost
competitors activities
experience

58
Q

appropriateness

A

have to understand the audience so you can choose appropriate methods
selecting an appropriate promotional mix tools based on the products and brand image

e.g Niche businesses benefits from below the line methods

59
Q

reaching target market

A

decision which method would work for aimed target market based on accessibility, ease and speed

would have to consider segmental factors
e.g: eternising toys at 10am on tv would be effective as children are awake by then
social media platforms would work best for teens but not elderly

60
Q

cost

A

before promoting consider the cost
tv and radio would be more expensive, online advertisement would have a lower cost

61
Q

competitors activities

A

learning from competitors success and mistakes to inspire businesses

62
Q

experience

A

entrepreneurs experience influence marketing meths choices, therefore would need knowledge

63
Q

why would a niche business benefits from below the line methods

A

it is a more specific business aimed at a smaller audience so they would need it to target a smaller group of people

64
Q

why don’t some large business always need experienced entrepreneurs

A

they can afford strategists

65
Q

why might business become environmentally friendly and want to achieve zero carbon emissions

A

to achieve a good reputations as people are becoming more environmentally friendly

66
Q

unethical and controversial marketing strategies and preventions methods

A

spam
false advertising
data sharing
lead to customer mistrust

to prevent this
respect customer privacy
truthful ads
protection from legal consequences

67
Q

why might business have to respond quickly to customer service

A

can lead to a negative review online and spread widely on social media

68
Q

three reputation methods

A

environmentally friendly
avoiding unethical and controversial marketing strategies
community involvement

69
Q

what does community involvement do
(sponsoring events and donating to charities)

A

shows ethical values and can can gain an advantage in the local market and attract social socially conscience customers

70
Q

4 brand image factors

A

quality
value
variety
customer service

71
Q

what is quality

A

a product presented as high quality and is expected to have a high performance, reliable and a long lifespan. if so encourages repurchase intentions

72
Q

what is value

A

customers will check if the product is worth the price, this improves customer satisfaction however it may to exceed to their expectation

73
Q

what is variety

A

diverse range of products for each segments although needs balance so it doesn’t confuse the customer
can show adaptability of the business

74
Q

what is customer service

A

important it is fast as it can establish a positive ongoing relationship between customer and business

75
Q

the positives of customer service

A

repeat sales
loyalty from customers
customer attraction

76
Q

what does pricing high do for quality

A

creates a perception the quality is high

Business (3 decks)

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