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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
digital methods of multichannel marketing
social media emails content marketing
26
what is a market
where a business decides where sells its products
27
what is niche
selling unique goods or services but also means less competition e.g herbal teas
28
what is mass
regular products sold to consumers which also means higher profits e.g. home products
29
what is the marketing mix
the 4 p's product, price, place, promotion
30
what are the 4 p's
product - the selling goods or service price - how much the enterprise should sell its products place - distribution promotion - advertising
31
what is a product line
links the products the enterprise has sold e.g: Samsung tv, phones
32
what is the product life cycle
the stages of when a product begins and ends
33
what are the stages of the product life cycle
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
what is usp
unique selling point
35
why do business products need a usp
it helps to distinguish the product from other businesses
36
what is an example of a usp
branding
37
how branding help the product
helps to identify the business, gain loyalty from customers, helps the business stand out
38
what is price
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
what are the five pricing strategies
penetration skimming competitive cost plus premium pricing
40
penetration pricing positives and negatives
start from low pricing to high pricing pros - long term high profit neg - repeat customers will expect the same old Leo prices
41
skimming positives and negatives
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
competitive positives and negatives
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
cost plus positives and negatives
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
premium pricing positives and negatives
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
what is place marketing
distribution digital and physical
46
what is distribution
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
what is direct distribution
selling the product directly to the consumer
48
what is indirect distribution
selling the product through a third party or wholesaler and retailer or retailer
49
what is physical distribution positives and negatives
in store selling pos - customers get an in store experience neg - customers have a limited shopping period
50
what is digital distribution positives and negatives
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
what is multichannel distribution
when a business uses both physical and digital distribution, most do this
52
what is the promotional mix
a combination of tools used to promote a business' products that are selected based on the relevance to the target audience
53
what are the six tools used in the promotional mix
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
why is above and below the line needed
needed before choosing marketing tools so business knows if it is aimed above to below
55
what is above the line
mass media promotional tools that raise brand awareness e.g: print, tv etc
56
what is below the line
tools targeted at a smaller group of people.g: email campaigns, mail, social media advertisement
57
five promotion marketing methods
appropriateness reaching target market cost competitors activities experience
58
appropriateness
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
reaching target market
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
cost
before promoting consider the cost tv and radio would be more expensive, online advertisement would have a lower cost
61
competitors activities
learning from competitors success and mistakes to inspire businesses
62
experience
entrepreneurs experience influence marketing meths choices, therefore would need knowledge
63
why would a niche business benefits from below the line methods
it is a more specific business aimed at a smaller audience so they would need it to target a smaller group of people
64
why don't some large business always need experienced entrepreneurs
they can afford strategists
65
why might business become environmentally friendly and want to achieve zero carbon emissions
to achieve a good reputations as people are becoming more environmentally friendly
66
unethical and controversial marketing strategies and preventions methods
spam false advertising data sharing lead to customer mistrust to prevent this respect customer privacy truthful ads protection from legal consequences
67
why might business have to respond quickly to customer service
can lead to a negative review online and spread widely on social media
68
three reputation methods
environmentally friendly avoiding unethical and controversial marketing strategies community involvement
69
what does community involvement do (sponsoring events and donating to charities)
shows ethical values and can can gain an advantage in the local market and attract social socially conscience customers
70
4 brand image factors
quality value variety customer service
71
what is quality
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
what is value
customers will check if the product is worth the price, this improves customer satisfaction however it may to exceed to their expectation
73
what is variety
diverse range of products for each segments although needs balance so it doesn't confuse the customer can show adaptability of the business
74
what is customer service
important it is fast as it can establish a positive ongoing relationship between customer and business
75
the positives of customer service
repeat sales loyalty from customers customer attraction
76
what does pricing high do for quality
creates a perception the quality is high

Business (3 decks)

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