Management of marketing Flashcards
How do buisness segment their customers jnto markets
Gender
Age
Occupation
Lifestyle
Income
Geographical location
How are target markets beneficial to businesses
Buisness can develop products that are appropriate to customers and highlight gaps jn the market.
What is the definition of product
The actual item for sale
What is yhe definition if price
The amount of money a customer pays for an item
What is the definition of place
Where the product is sold
What’s the definition of promotion
Methods used yo persuade customers into buying the product
What is the research and development required to create a product( gaptal)
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
What are the different phases of a products life cycle
Introduction
Growth
Maturity
Decline
What are advantages and disadvantages of branding(6)
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
What are factors to consider when setting prices
The price competition are changing
Suppliers prices
Position of yhe product in its life cycle
How mutch profit is wanted
What are pricing statogies
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
What are factors to consider when choosing the correct location
How close you are to customers
Availability of employees
Compition
Parking facilities
What are methods of distribution
Road rail air sea
What are the cost and benefits if rail
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
What are benefits and costs of road
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
What are costs and benefits of air
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
What are costs and benefits if sea
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.
What are forms of advertising
TV advertising
Newspapers and magazines
Radio
What are promotional stagogies
Coupons loyalty cards special offers
What’s the benefits and costs of TV advertising
Benefit is that large audiences can be reached
Cost
Cost of advertising nationally on TV can be high
What are benefits and cost if magazine and newspaper advertising
Benifit
Can target a specific location of the customer
Cost
No sound video or demonstrations of the product can be given
What are benefits and costs of radio avertising
Benifit
Cheaper to advertise than kn TV
Cost
Listeners may nkt pay attention to adverts
What are benefits and cost of e mails advertising
Benifit email can be sent at any time cost viruses can be spred
What are the types of market reserch
Desk and feild
