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Buisness > Management of marketing > Flashcards

Management of marketing Flashcards

1
Q

How do buisness segment their customers jnto markets

A

Gender

Age

Occupation

Lifestyle

Income

Geographical location

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2
Q

How are target markets beneficial to businesses

A

Buisness can develop products that are appropriate to customers and highlight gaps jn the market.

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3
Q

What is the definition of product

A

The actual item for sale

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4
Q

What is yhe definition if price

A

The amount of money a customer pays for an item

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5
Q

What is the definition of place

A

Where the product is sold

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6
Q

What’s the definition of promotion

A

Methods used yo persuade customers into buying the product

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7
Q

What is the research and development required to create a product( gaptal)

A

Generate idears- carry out market research and generate jdears based on the reserch.

Alaysyse- the idea to see if it’s technically possible.

Prototype- create a model if the product.

Test market- customers try out the product and give feedback

Alterations- changes are made to the product based on the feedback

Launch - the product is finally launched

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8
Q

What are the different phases of a products life cycle

A

Introduction
Growth
Maturity
Decline

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9
Q

What are advantages and disadvantages of branding(6)

A

Advantages

Can charge higher prices

Associated with good quality’s

Brand loyalty

Disadvantages

Immintations of a brand

Can take a long time to establish a brand

If one product is poor Can damage reputation of the whole brand name

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10
Q

What are factors to consider when setting prices

A

The price competition are changing

Suppliers prices

Position of yhe product in its life cycle

How mutch profit is wanted

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11
Q

What are pricing statogies

A

Low price - the price chagered is lower than price charged by competitors

High price- the peice us charged higher than price charged by competitors

Promotional pricing

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12
Q

What are factors to consider when choosing the correct location

A

How close you are to customers

Availability of employees

Compition

Parking facilities

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13
Q

What are methods of distribution

A

Road rail air sea

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14
Q

What are the cost and benefits if rail

A

Benefits

Relatively cheep and quick over long distances and large products can be transported

Costs

Not good for reaching out of the way destinations
And it can be costly

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15
Q

What are benefits and costs of road

A

Benefits

Door to door delivery
And can be fast over short and some long distances

Costs

Transporting large products can be difficult and there can be traffic delays

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16
Q

What are costs and benefits of air

A

Benefits

Verry fast delivery between countries along as the destination is not far from major city and large amounts of small products can be transported

Costs

Larger products cannot be transported
And products have to be transported to an airport first

17
Q

What are costs and benefits if sea

A

Benefits

Cheep way if carrying heavy and bulky loads when speed is not a factor and products can be transported from across teh world

Costs

It is time consuming to transport items across the world and it is not a door to door service si would need additional transport from the docks.

18
Q

What are forms of advertising

A

TV advertising

Newspapers and magazines

Radio

Email

19
Q

What are promotional stagogies

A

Coupons loyalty cards special offers

20
Q

What’s the benefits and costs of TV advertising

A

Benefit is that large audiences can be reached

Cost

Cost of advertising nationally on TV can be high

21
Q

What are benefits and cost if magazine and newspaper advertising

A

Benifit
Can target a specific location of the customer

Cost
No sound video or demonstrations of the product can be given

22
Q

What are benefits and costs of radio avertising

A

Benifit

Cheaper to advertise than kn TV

Cost

Listeners may nkt pay attention to adverts

23
Q

What are benefits and cost of e mails advertising

A

Benifit email can be sent at any time cost viruses can be spred

24
Q

What are the types of market reserch

A

Desk and feild

25
Q

What are the diffrnet methods of marketing reserves

A

Feild

Personal interveiw
Focus group

Desk

Survey observation

26
Q

Compare desk and feild resrch

A

Feild research is expensive to carry out whereas desk is cheep to obtain. Feild research can be more relevant to what your trying to find out whereas desk research can be nit relevant. Feikd research is gathered uo to date whereas desk resrch could be out of date . Feikd resrch can take a long time to carry out whereas desk research is quick

Buisness (5 decks)

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