management of marketing Flashcards
how is field research conducted
by
telephone/online/postal survey
personal interviews
focus group
hall test
consumer audit
test marketing
epos
what is an advantage of field research
only firm that collects data has access o it
can be verified
what is a disadvantage of field research
expensive to cllect
a lot of time taken
what r some sources of desk research
-sales figures
annual reports and data
inernet data
governement publications
commercial publications
whats an advantage of desk research
saves time
inexpensive
what is a disadvantage of desk research
cannot be verified
not specifically related to the project
what are the 7 Ps
product
price
promotions
physical evidence
process
place
people
what are some extension strategies for a product
reducing prices
change the channel of ditribution
develop a wide range of products
alternating methods of promotion
what is a product line
A product line is a group of related products all marketed under a single brand name that is sold by the same company
what is an advantage of a product line
increase profits
raise profiel of business
increases awareness of business
makes business easier to manage
what is a disadvantage of a product line
may loose focus on the business key objectives/speciality
products can spread to wide
what are the new product development stages
generate ideas
analyse and further research
prototype
test marketing
full launch
what are some pricing strategies
cost plus
competitive/market
skimming
penetrating price
price discrimination
destroyer pice
promotional
loss leaders
psychological
premium pricing
low price
what are retailers
retailers is a person or organisation that sells good to consumers
what is an advantage of a retailer
are located closer to customers
large retailers buy in bulk
what is a disadvantage of a retailer
take a cut of the product
the product will face competition from other products stocked by retailer
what are retailer types
independant stores
hypermarkets and superstores
convinience stores
out of town retailers
discount stores
department stores
what is a wholesaler
this provides a link between the producer and retailer
what are into the pipeline promotions
dealer loads
pint of sales displays
dealer competitions
sale or return
staff training
extended credit
what are types of out of the pipeline promotion
free samples
free products
loyalty schemes
vouchers/gift cards
special offers
what is a public relation
where an organisation tries to communicate with all customers, shareholders, employees and the government - all of whom form the organisations ‘pubic’
what can companies do for increase public relation
open a new stre
charitable donation
sponserships
company visits
how can people provide better customer satisfaction
by:
training staff
updating staff
monitoring staff
after sales services
what processes can be used for customer satisfaction
well staffed
live chat
acess processors
technology to improve processes
what r ways businesses implement physical evidence
the layout of premises
ambiance
feedback and testimonials
layout / design of website
what does technology allow
e-commerce
increased market share
neternet advertising
scial media
desktop publishing
online surveys
apps
digital screens
self-checkout systems
databases
electronic point of sale (epos)
how does cost plus work
% added as mark-up for profit
how does competitive market work
avoids price wars
encourages competition
how does skimming price work
price set high, lowered over time
lack of competition allows for a higher price
how does penetration pricing work
used to introduce a product into an established market
allows business to achieve sales and market shares quickly
how does price discrimination work
altered depending on a discrimination factor
how does destroyer pricing work
setting a price below those of competitors
business will run at lost in terms of sales
how does promotional price work
used to boost sales by decreasing price to create interest in the product
how does loss leader work
set unprofitably low to entice customers to buy other products
(Such as petrol)
psychological
price is set below a whole number
how does premium pricing work
used where image is important
just kept high
how does low price work
business will change to a lower price than competitors
consumers will respond positively to changed in low prices allowing for a higher result
what does acas do
provide info, advice, training etc to employers and employees to avoid work place problems
what r some out of the pipeline promotions
vouchers
buy one get one off
