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business studies > learning aim B > Flashcards

learning aim B Flashcards

1
Q

marketing

A

how a business promotes themselfes and try to attract customers

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2
Q

why is marketing needed

A

-to attract customer awareness to the businesses products/services
-to create brand awareness and improve the market share
-to make customers willingly pay more for the same/similar product/service as competitors

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3
Q

without marketing what could happen?

A

-no customer awareness
-cannot rely on just word of mouth because of tech advances
-would not attract any more potential customers
-would limit the sales/profit the business could make

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4
Q

effective marketing should

A

-identify customer needs
-promo the businesses products
-show the price of the brand
-show the features of the product/service
-promo over a range of different media platforms
-target the ‘right’ customers
-distribute the product/service in the right place
-create the perfect product/service that customers want

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5
Q

the main principles of marketing are

A

-abdicate demand
-recognise demand
-simulate demand
-satisfy demand

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6
Q

abdicating demand

A

attempting to guess and anticipate demand that could be generated by a marketing campaign as a key purpose of marketing

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7
Q

problems with anticipating demand

A

however it can be difficult to anticipate demand but various methods can be used to make estimates more accurate including:
looking at the impact of the past marketing campaigns
-looking at the results of market research
-looking at demand of prev products
-looking at demand for competitors products
-looking at the impact of competitors marketing campaigns

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8
Q

recognizing demand

A

seeing weather demand has increased/not following the marketing or marketing campaign.

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9
Q

how to recognize demand

A

if a marketing campaign has been successful and demand has increased, the business must then do their best to meet this rising demand and capitalize on the success of their campaign. not only may prod sales increase but it may also lead to an increase in brand awareness and recognition therefore, its essential to be recognise this demand to ensure new customers expectations are met which can lead to long term brand loyalty

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10
Q

satisfying demand

A

the business continues to keep the demand needed so that customers are not disappointed

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11
Q

ways to satisfy demand

A

-carry out market research
-compare and contrast your businesses to others
- continue to be innovative

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12
Q

stimulating demand

A

not just attracting customers, trying to influence existing and new customers to want to buy into this new business, idea product/service

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13
Q

how to simulate demand

A

-reduce the products price at launch
-exclusively distribute and launch the product to a particular store, or to loyal customer and members
-only release a limited quantity of the product

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14
Q

understanding customer needs

A

1- look at the business at the customers pov
2-analyse data on customers buying in the industry
3-conduct primary research (voc)

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15
Q

ways to understand customer needs

A

1- use mystery shopper to see how customers experience their shopping with you
2-collect and analyse data on customer buying behaviour within their industry using loyalty scheme
3-conduct primary research (exit survey, product review, voc)

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16
Q

when customer needs change what should happen?

A

-more choice
-the business product portfolio should increase
-get feedback from customers
-react to competitors

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17
Q

stages of developing a new product

A

1- idea generation
2-prod deveopment
3-development of marketing strategy
4-test marketing
5- product launch

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18
Q

improving profitbility

A

-sell more
-attract more customers
-reduce costs
-find cheaper suppliers
-get brand awareness
-maintain customer loyalty

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19
Q

market share

A

the number of customers a business is able to attract. the more popular the business the higher percent of market share they will have

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20
Q

improving market share

A

-attracting more customers
-keeping existing customers happy
-get customer loyalty
-get more power over their competitors
-increase brand recognition

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21
Q

diversification

A

entering new markets to spread risk

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22
Q

areas to consider with diversification

A

-do research to avoid more risk in the future
-launching new products and services takes time and cost
-might cause a business budget to be used/not enough
-other competitors might have budgets to diversify quicker

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23
Q

brand

A

where a business has specific colors, logo packaging so that customers can easily recognize it and be loyal to them.

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24
Q

brand awareness

A

customers are being able to easily recognize a specific brand

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25
Q

building a brand helps with loyalty because

A

-it helps customers to stay with yoy and keep purchasing
-makes the business to develop their prod port
-can create an emotional reaction from customers about what they believe the business or brand to be like
-customers prepared yo pay more for the branded product/service
-adds value to the business
-can lead to loyalty schemes where customers are rewarded for their repeated purchases

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26
Q

niche markets

A

typically populated with small to med sized businesses as thy are too small to attract the interest of larger businesses

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27
Q

mass market

A

as a business gets bigger then they can start to dversify, expand their product range and start producing to a bigger target market

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28
Q

features of a niche market

A

-sell products which are aimed at small and specific segment of the market
-demand is generally high but the amount of customers in the market is limited
-this includes food products such as vegan, gluten free or specialist software such as sage

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29
Q

features of mass markets

A

-mass market sells products aimed at the whole market with a much larger range of customers
-demand is usually higher that the niche market
-includes lots of tech, phones, Tvs

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30
Q

market segmentation

A

the process of dividing customers up into groups based on their needs/characteristics

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31
Q

examples of market segmentation

A

-to identify what products and services we buy
-how customers use their products
-to find out how much we are willing to spend
-what decision making takes place
-what values and opinions customers have/why

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32
Q

branding

A

the way businesses build their reputation by the name, colours, logo , packaging

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33
Q

benefit’s of a brand

A

-can create a positive rep
-can get customers to think/ feel a certian way
-can develop brand personality- set of human characteristics that we associate with a product/service
-allows the business to connect with customers
-allows the business to have a brad story-what are we all about

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34
Q

unique selling point benifits

A

-attract customers to your business so they don’t go elsewhere
-can guarantee customer loyalty and repeat purchases
-makes you special and stand out

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35
Q

business sizes

A

micro- 9 employees or less
small- 10-49 employees
medium- 50-249 employees
large- 250+ employees

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36
Q

the size of a business will lead to

A

what marketing the business will carry out
how much they have to spend
the time they have to do the marketing

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37
Q

the budget will

A

-not be unlimited
- usually small for a small business
-usually large for a large business
-will be controlled by one/range of ppl depending on the size
-can change year to year
-also take into account the business expenses

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38
Q

employee and specialist staff

A

emp- a person employed by the business by the business to do jobs/tasks
specialist- a person that has specific skills that would be hard to replace

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39
Q

reasons why specialist staff will be needed

A

-operate machienery
-to train others

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40
Q

a sole trader business

A

common for the owner to do all the marketing, yet they may have no real skillset or experience

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41
Q

a micro business

A

it may be the responsibility of one member of staff to do all the marketing however they may not be a marketing specialist, more so the best person for the job they have

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42
Q

a small business

A

there may be a number of people who are responsible for marketing or there may be someone who recruited as a marketer who is a specialist, qualified prev experience

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43
Q

in a medium and large sized business

A

its common to have a marketing dept with a no of marketing specialists dedicated to improving the brands image and increasing sales

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44
Q

internal influences

A

something that happens inside the business that could effect operations

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45
Q

main influences- the cost of the campaign

A

how much will it cost ? value for money? affordable?

46
Q

main influences-the availability of finance

A

what does the cash flow forecast say? do we need additional finance?

47
Q

main influences-the expertiese of staff

A

enough staff? can they afford any new staff? can they afford existing staff?

48
Q

main influences-the size and culture

A

what culture does the business have? what’s the business size? how does size effect culture?

49
Q

political factors

A

a business must be aware of internal and external governments regulations that effect business and marketing

50
Q

political factors to consider

A

-regulations on pricing, hiring, production, tax and environmental regulation will likely differ from those in the uk
-Brexit is a good example of a political factor that will impact the way in which many businesses conduct their marketing
-competition overseas if importing/exporting products
-monetary and political stability are also key factors that multinationals should take into consideration whilst political instability carries a set of risks, such as exporation, within which a foreign government can take ownership of a businesses assets

51
Q

economic factors

A

external influences that lies largely out of the business that effects them

52
Q

economic factors to consider

A

-how the diff industries are impacted according to economic influences such as Brexit and covid how the overall consumer income is curre3ntly at -spending increases /decreases
-a change in the economy ie a reseccion would result in many marketing objectives to be srapped or changed
-predictions must be made about economic factors such as interest rates, inflation, exchange rates, the nature and size of the work force, and the availability of resources such as energy and raw materials
-there is information available, to make educated predictions about what part of the cycle economy is in and the best way to react to it

53
Q

social factors

A

external factors that effect what customers think the business to be acting like

54
Q

social factors to consider

A

-large variations between cultural factoers and how countries and businesses are expecting to deal with this
-businesses need to understand who there cusato0mers are and what they need to understand who there customers are and what they need
-the cultural and social factors of the target market might lead to the business having to make different decisions
-cultural aspects that businesses need to overcome are aesthetics, education, language and law and politics, religion, social organisations, tech and maternal culture, values and attitudes
-social factors that business need to understand/ identify include reference groups, demographics ,wealth ,religion, buying habits, education level, family size and structure role and status in the society and population density

55
Q

technological factors

A

any use of electronic devices or ICT being used. tech keeps advancing making more things possible

56
Q

tech factors to consider

A

-tech impacts communication, media and distribution chanells
-can lead to products becoming obsolete
-can have unpredictable impact on business
-products life short
-opportunities for innovation are more possible
-online presence of businesses has become more intent and important

57
Q

legal factors

A

rules and regs that apply to a specific country that have to be adhered to

58
Q

legal factors to consider

A

-changes to leg can hinder marketing /opportunities that the business has
-business should ensure they meet any laws to any trouble in the future
-a key piece of leg which directly impacts marketing ius the ‘sales of goods act 1979’ which states business should sell goods that are describes and of satisfactory quality
-false advertising is misleading, so a description of product should be accurate
-marketing activities are regulated by the ASA this is an industry body which promos and maintains the British code of advertising, sale promo and direct marketing. this set of rules are for businesses to follow when marketing. these are to ensure that marketing is an advertiser breaches the code of practice the ASA can insist that it approves advertising before being released to the public/refer the advertiser to the office of fair trading. ; Ask Tv stations, radio stations and publishers to widthdraw the advertising

59
Q

environmental factors

A

the area that situates where a business is located or operated from. the business should pay particular attention to ensuring they do not pollute/endanger wildlife

60
Q

environmental factors to consider

A

-can lead to changes in social trends and openings e.g . in 2015 the UK introduced a 5p min plastic bag tax/Iceland revoved plastic bags and provide free of charge plastic bags
-ethical marketing decisions and efforts should meet and suit the needs of customers, suppliers and business partners
-unethical behaviour includes business activity such as price wars, selective advertising and deceptive marketing which can negatively impact a company’s relations with its consumers and suppliers
-recent trends show that consumers prefer ethical companies and as a result, ethics itself is a unique selling p or a component of a corporate and promote its ethical activities due to the increased emphasis on business ethics

61
Q

target market

A

who the business is appealing to and trying to attract to buy their products/services

62
Q

size

A

how big or small the target is and the number of competitors there are that you are competing against

63
Q

structure

A

the structure of the market is related to the demographic which influences the methods a business should use if it is to be successful when conducting market research

64
Q

trends

A

the trends of the target market are a key factor in buying behaviour and one that a business must understand

65
Q

how is the target market, size and structure and trends identified and what is the importance of this ?

A

1) through market research- so customers can be targeted specifically
2)agree a budget so the target market can notice and understands the marketing
3)look at the size and structure of the market as this will impact on what marketing activities can be done
4) is the market niche or mass- as this will impact on what marketing is carried out
5) once the business understands the structure of its target market, it can identify where and how to advertise
6)the business needs to know the needs and wants of the target market are, alongside when and where they are likely to buy the product
7)trends are forever changing, therefore, it is important that a business tracks these changes in trends over time through conducting market research and adapting their product and where it is available to buy accordingly

66
Q

identifying competition

A

anther business whop offers the same/similar products

67
Q

the importance of knowing your competitors

A

-understanding the competition is extremely important in business and without knowledge of their activity a business may loose customers
- the supermarket industry is an extremely competitive market, within which market research on its competitors is continuously undertaken by the maj0ority of business
-by conducting market research on their competitors are selling , what promotions they currently have, and importantly what threats present to the business and their customers
-by understanding the competition and their activities a business can conduct more effective marketing to influence buying behaviour

68
Q

qualitative research

A

often conducted on less ppl but provides the businesss with more in depth findings and often includes explanation to customer perceptions when they participaste, focus groups and interviews. opinons

69
Q

quantative research

A

allows the business to collect a higher quantity of data which is often presented in a statistical format such as a 80% of participants agree and can then be used to inform decision making and predict trends etc. it is number based data and is easier to analyse methods include surveys and questionnaires.

70
Q

surveys

A

a number of questionaries’ that are put together that are mostly closed questions but are asked to a large number of people at once

71
Q

surveys can

A

-provide a business with quantative research findings from their target audience
-they can be conducted face to face, for example, you may be approached on the high street to compete a survey
-alternatively, they can be conducted through a postal, phone or email service, or in more recent times, surveys can be conducted online through third party sites such as survey monkey or type form etc
-many businesses choose external market research companies to create, design and conduct the research based on a brief to maximise its effectiveness
-also, it is common for businesses to offer rewards or incentives for participants to complete surveys

72
Q

for a survey to be effective, a number of key steps need to be followed

A

-firstly, the business needs to identify the target audience of the survey and what it aims to find out upon completion
-the survey questions should then be written with the aims of the research and target audience in mind
-once the surveys should then be written with the aims of the research and target audience in mind
-once the surveys has been designed, the correct platform to conduct the survey should be selected i.e face to face or online
-the survey should then be conducted and results analysed.

73
Q

interview

A

a range of open and closed questions being asked on a one basis

74
Q

interviews can

A

-conducting an interview can be a very effective way of gaining qualitative in depth research from a small number of the target audience
-typically interviews can be conducted in one of three different formats

75
Q

interview format one-structured interviews

A

involve an interviewer asking the interviewee a series of set questions which are pre-planned, making the process really simple and reliable to conduct and analyse responses. however, it is very restrictive and does not allow the researcher to expand on any points through further questioning which can limit the effectiveness of the findings

76
Q

interview format two- unstructured interviews

A

are conducted on an informal basis, within which the researcher hasn’t pre-planned a set of questions, more so they may have topic areas and then conversation and questions flow naturally. whilst this method allows the researcher to expand on any key points and ask more probing questions, it is highly associated with bias. it can be very difficult to compare the findings between participants as they have all been asked different questions , or even the same questions could have been pitched in a different manner or tone

77
Q

interview format three- semi-structured interviews

A

a mixture of the structured and un-strucured methods, within which questions are pre-planned and asked to all participants in the same order. however, the interviewer has questions are pre-planned and asked to all participants in the same order. however, the interviewer has the option of asking further for the interviewee to clarify or expand their initial answers. this method has the advantage of collating in-depth and consistent feedback which can be compared between participants relatively easily. whilst at the same time, additional questions can be asked if necessary to improve the research

78
Q

observation

A

it involves watching and recording the behaviour of customers or a target audience whilst shopping instore/.online

79
Q

observations can

A

-observing the flow of traffic outside of a shop- how many people walk past? what percent of people stop and look at the shop window? what percent of people enter the store rather then walking past?
-observing the journey of a customer at the checkouts- do they appear happy? do they decide to put any items back before purchasing? how much do they spend?
-observing the behaviour of the customer in store- what routes do they take? what products grab their attention? where do they spend the longest amount of time in store?

80
Q

pros and cons of observations

A

because its just an observation, it can leave questions unanswered. a business may learn the behaviour of the typical customer, but it may not understand the reasons for their said behaviour

81
Q

product trials

A

involves a segment of the target audience testing a new product or service prior to it being launched to the mass market

82
Q

product trials can

A

-use the target audience of a small selection of paying customers i.e a new product launched only in a selected stores
-be provided to a selected group of people for free for them to test and provide feedback
-pay these ‘product testers’ as well as providing them with the product for free to gain feedback

83
Q

the business would also like to gain feedback from the trials, such as

A

-what is good about the product and what can be improved?
-is the price accurate and competitive?
-is the place where the product is available to purchase accessible for the target market?

84
Q

focus groups

A

typically include between 4-10 people, but the exact amount of participants will vary dependant on the business and the aims of the market research

85
Q

focus groups can

A

-gain a range of in-depth qualitative views from a business target audience
-be an effective method for a business to collect feedback in the early stages of product development or before an upcoming marketing campaign launches
-are typically guided by a moderator who may work for the business or may be hired from an external agency to avoid any bias
-invites customers into their product development facilities so that they can test their products first had and get direct feedback before launching it to the mass market so that changes can be made beforehand
-provide the business with in depth research findings and potential solutions to any issues that arise with products etc

86
Q

secondary research

A

existing/old data that has been collected by someone else and is free/requires payment to access/use it

87
Q

secondary research is

A

-not able to be personalised, questions and answers gained may not be suitable for that specific business
-it may be outdated/not relevant anymore
-a different sample/target market could have been used which is not the same as the business using the data
-it could be biased and unable to be used accurately

88
Q

how is data recorded

A

-every time a business makes a sale, it is typically recorded on their internal database
-this data typically includes the sales figures, which will be shown as an overview for a period of time, but can also be broken into specific dates, times and products if required
-overtime, this vast array if data grows in quantity which allows the business to perform marketing analytics to help them understand patterns in their customer behaviour, the market trends and any other insights which may help with the owners and management team to make key strategic decisions. E.G what will be included in their prod port or their marketing strategy for the future campaigns

89
Q

loyalty cards/schemes

A

a way of retaining customers and guaranteeing repeat purchases by offering incentives to continue to show with this business

90
Q

how does a loyalty card/scheme work

A

-the business records data about customers and over time this becomes even more valuable and effective if customers sign up as a member of join a loyalty scheme
-initially, a loyalty scheme such as Tesco’s Clubcard is great for influencing customers to return and be loyal to the business E.g shopping with competitors as they will miss out on points and rewards that the Clubcard gives them.
- however, the key factor to the Clubcard effectiveness is the specific and detailed data it provides on every customer as an individual
-this allows Tesco to track changes in individual customer and then they can conduct personalised marketing such as special offers which are relevant to the customer, thus influencing their behaviour
-it can help a business to understand a customer, fpr example, if they are a parent or not. once they have this insight, it helps them to predict what and when the customer will want or need to purchase in the future.

91
Q

external business report

A

a formally written document from another business that outlines how the business is performing that can be accessed/bought

92
Q

how does a report work/help a business

A

-externally published reports and info sources typically have valuable info on developments n the economy, political agendas, and specific segments of the market which can influence a business
-whilst this info is very informative , it will typically cost the business money to obtain either through a subscription to the service or association fees.
-businesses can also request for data which us most relevant to their specific area of study from commercial market research organisations such as mintel and keynote
-not only can the business use commercially published reports and commercial market research organisations to help them identify the wants and needs of their prospective target audience, but they can also be used to identify the most effective ways to promote their products or services to increase the effectiveness of future campaigns

93
Q

statistics

A

relate to any set of data that is collected by the government agency or an official public body.

94
Q

what are government statistics?

A

-the common types of data available under this secondary source include-
demographic stats such as the age and gender split Uk wide or within a particular area of a country
unemployment figures and how they vary across the country
household info such as the number of children living in a household
crime stats within each area of country

95
Q

how do government stats help?

A

-gov stats have the key adv of not only being free to access but the data is typically based on the entire population of the country and can be drilled down to segments if the business requires
-however, it is very important that the business does not use government stats in isolation

96
Q

trade journals

A

are magazines which are specific to an industry or professional

97
Q

how do trade journals work/help a business

A

-the main aim of a trade journal is to provide its target audience with news, stats and feature articles about the topics of interest within that profession or industry
-these are typically published on a monthly basis and can be very useful secondary source to support the business to understand the trends and changes within their industry

98
Q

media sources

A

secondary research and data available to a business across a wide range of media sources which include: TV, newspapers, radio, magazines and the internet such as social media and youtube

99
Q

how do media sources work/help the business?

A

-business have access to more info
-info can be shared with others
-info can be compared and contrasted

100
Q

validity

A

is the process of assessing how valid info us by tracing it back to its original source or only using trusted sources

101
Q

what does validity look like?

A

-whilst a vast quantity of research is freely available across media sources, it is very important to check the validity and reliability of this info
-this is because it may not be valid or reliable and can be summed up with the commonly used term ‘fake news’ which is made famously by Donald trump
-just like fake news you can get fake research findings which can occur because research can be bias, lack of sufficient resources.
-therefor, well planned market research and a mix of methods is crucial alongside a number of checks and measures to ensure the integrity of the research and its effectiveness in guiding business decisions
-an effective way of assessing the validity of primary research is by conducting a second series of primary research to see if the results are consistent with those of the first series

102
Q

reliability

A

refers to how appropriate the methods that are planned to be used when conducting market research and collating the findings are.

103
Q

what does reliability look like?

A

-this includes paying consideration to the following:
-are participants aware of how the findings will be used?
-have they agreed to be part of the research?
does the research project discriminate against anyone, is it likely to cause harm or offence?
are the suggested methods used to conduct market research suitable, appropriate and necessary?

104
Q

cost

A

is the final factor to consider when conducting market research

105
Q

what is meant by cost?

A

-even if the piece of research does’nt cost the business in the monetary terms it will cost the business it other ways such as taking time to plan conduct and collate the research. however, if a business wanted to use an agency to conduct research, costs start from around £5000 and research project conducted by a London-based market research company could cost around £30,000

106
Q

sufficiency

A

a business can use selected methods and groups of participants to influence the outcomes of the research

107
Q

what is meant by sufficiency and focus?

A

-for example, an advert on TV might claim that 80% of customers agree that or would recommend the product being advertised, but it is also important to consider the following:
-who paid for the research to be conducted, was it the business or an independent body?
-how many people participated?
-how were the participants selected and do they give a fair representation of the target audience?
-why did some participants not recommend the product?

108
Q

selection and extraction

A

once market research has been conducted and collated, the business or researcher can then select and extract the data

109
Q

what is meant by selection and extraction

A

-the researcher can choose to use all of the research findings or just use select elements when analysing data or promoting its results etc.
-essentially, the clearer the initial aims and purpose of the research , the easier it is for a business to effectively plan, select and extract meaningful data.

110
Q

what is meant by how marketing decisions can be made

A

-once research conducted, findings can be interpreted and data can be analysed to help the business make valid marketing decisions
-its important for the researcher to consider the rationale of the research project prior to interpreting and analysing the findings to ensure there is a clear focus on the aims of the research proj
-

111
Q

what should happen in the evaluation of research?

A

this can be achieved in a number of ways, including:
-identifying any gaps and unanswered aims in the research findings
-performing “what if” scenarios to test the strength and accuracy of the research findings
-involving people who were’nt part of the market research process to critique the methods used, research findings and any recommendations made as a result.

112
Q
A

business studies (2 decks)

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