management of marketing

Question 1

5 ways a business uses marketing segmentation

Answer 1

age - consumers dived into groups based on there age

gender - consumers are grouped together based on gender

income level - consumers are grouped together based on how much disposable income they have

lifestyle- consumers who have a particular lifestyle

religion - consumers grouped based on there beliefs

Question 2

benefits of target marketing

Answer 2

• products/services will be better suited to the targets needs and wants leading to costumer satisfaction
• business will choose appropriate pricing that appeals to there target leading to increase in sales
• business will sell their products in appropriate places were the target market shops leading to increase in sales

-there’s a decrease chance in product failure leading to less reductions in wasted investment

Question 3

what does market segmentation mean?

Answer 3

grouping potential costumers together by common characteristics

Question 4

what are the different types of market research (explain)

Answer 4

field research - involves business gathering new information themselves

desk research- involves the use of pre existing data that has been gathered by someone else

Question 5

3 methods of field research

Answer 5

online survey
face to face interview
telephone interview
hall test (test product)

Question 6

3 advantages of field research

Answer 6

-data collected is brand new
- data is not available to competitors
-the research is tailored to specific requirements

Question 7

2 disadvantage of field research

Answer 7

• it can be expensive type of research compared to desk
• it can be time consuming

Question 8

methods of desk research

Answer 8

government reports and statistics
newspaper
website

Question 9

advantages of desk research (3)

Answer 9

-inexpensive way to gather data
-it is quick compared to field research
-large of amount of data and information are available

Question 10

3 disadvantage of desk research

Answer 10

-the data gathered could be out of date
-the same information is also available to competitors
-the information might be bias

Question 11

6 stages of development for products

Answer 11

market research - consumers needs and wants

idea - generated from the data collected

prototype - a basic model which shows the product

production - final product

changes - make changes based in tests or feedback

test -giving consumers a basic model of the product

Question 12

4 stages of the product life style

Answer 12

introduction
growth
maturity
decline

Question 13

advantages of brandi b

Answer 13

customer see branded good being good quality

costumers will become brand loyal

costumers will be willing to pay a higher price

costs and risks of launching a new products is reduced

Question 14

disadvantage of branding

Answer 14

• establishing a brand can be expensive
• the entire brand
  could be damaged by one poor product
• branding good makes them easy to be copied

Question 15

factors to be considered when setting a price

Answer 15

• the business needs to make sure the price is higher then the cost of making it
• the amount of profit to be made
• business needs to consider weather to price mach competitors or choice a different strategy

-the quality of the product

• the process the target market will pay
• government restrictions on pricing

Question 16

factors for business location

Answer 16

• the type of business it is and what’s a suitable location for it
• location of competitors
  -cost of premises
  -availability for enough people to employ
  -transit links (easy access to travel)
  -

Question 17

methods of distribution

Answer 17

road
ad - cheap method of transport
dis-large products difficult transport

rail
ad- large volume of products transferred
dis- stations not always close to businesses

sea
ad- can transfer large volumes in containers ships
dis- very slow/time consuming

air
ad- quickest way to transfer goods in worldwide destinations
dis- expensive

Question 18

methods of traditional advertising

Answer 18

tv : ad- can reach worldwide audience and demonstration can be shown
dis- very expensive and viewers may avoid watching

newspaper: ad- consumers can be targeted from specific newspapers and consumers can cut adverts to keep for future references
dis - limited to only text abd images and newspaper contain many adverts

billboard: ad- consumers will see adverts repeatedly and usually place. in busy areas
dis- can only contain small amounts of information and be vandalised or danger by weather

cinema: ad- advanced sound and screen tech and a captive audience
dis- some consumer arrive late to avoid adverts abd only a small number of people see at one time

Question 19

methods of digital advertising

Answer 19

sms texts: ad- cost effective as it can be sent to many people and consumers received text immediately
dis- consumers will become annoyed and sms can only contain limited information

internet adverts: ad- can reach a global audience and can target specific market segments
dis- consumer will ignore the adverts and become difficult to stand out

Question 20

promotion strategies

Answer 20

special offers contain:
free samples- test out
free gift -consumer given a gift
loyalty scheme-involves collecting stamps
competition- consumer is entered to draw to win prizes
celeb endorse- involves using a famous well liked perosn to promote

Question 21

to be ethical in marketing a business should:

Answer 21

-not mislead consumer by making false claims on products

-make sure adverts don’t offend consumers

• make sure adverts comply with legislation regarding promotion of products