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Management of Marketing Flashcards

1
Q

What is a market-led business?

A

A business that develops products based on customer wants and conducts high levels of market research.

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2
Q

What characterizes a product-led business?

A

A business that produces products it believes customers will want and tries to convince them to buy it, often with little market research.

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3
Q

What is consumer behavior?

A

The thoughts and actions of consumers when purchasing products.

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4
Q

Why do consumers buy products?

A

Due to need/want, social status, or as a gift for someone else.

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5
Q

What are the types of consumer purchases?

A
  • Routine/habitual buying
  • Impulse buying
  • Informed purchases
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6
Q

How do consumers typically purchase products?

A

They may pay with cash, credit card, or store credit.

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7
Q

Where do consumers purchase products?

A

Retail outlets, e-commerce, and catalogues.

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8
Q

What is market research?

A

Essential for anticipating and identifying customer needs and wants, especially for market-led businesses.

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9
Q

What are the two main types of market research?

A
  • Field research
  • Desk research
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10
Q

What is desk research?

A

Researching and analyzing information that has already been gathered.

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11
Q

What are some advantages of desk research?

A
  • Timely
  • Cost effective
  • Available
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12
Q

What are some disadvantages of desk research?

A
  • Not objective
  • Not appropriate
  • Not concise
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13
Q

What is field research?

A

Gathering brand new information suitable for the business’s exact needs.

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14
Q

What are some advantages of field research?

A
  • Complete
  • Timely
  • Appropriate
  • Accurate
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15
Q

What is random sampling?

A

A method where the sample is picked randomly from a population.

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16
Q

What are some advantages of random sampling?

A
  • No bias is shown
  • Saves time in selection
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17
Q

What are some disadvantages of random sampling?

A
  • May not reflect target market
  • Can be expensive
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18
Q

What is quota sampling?

A

The researcher chooses from a group of people with certain characteristics.

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19
Q

What are some advantages of quota sampling?

A
  • Quick and easy method
  • Can select customers reflecting the target market
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20
Q

What are some disadvantages of quota sampling?

A

Exact sample from each group is not randomized, leading to potential researcher bias.

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21
Q

What is a telephone survey?

A

A market researcher calls customers to ask questions.

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22
Q

What are some advantages of telephone surveys?

A
  • Easy to target specific customers
  • Information obtained immediately
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23
Q

What are some disadvantages of telephone surveys?

A
  • Customers may find them intrusive
  • Only short surveys can be conducted
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24
Q

What is a postal survey?

A

A survey sent to customers through the mail for completion.

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25
Q

What are some advantages of postal surveys?

A
  • Easy to target specific customers
  • Customers can complete at their convenience
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26
Q

What are some disadvantages of postal surveys?

A
  • Questions must be simple
  • Customers may ignore them as junk mail
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27
Q

What is an online survey?

A

A survey conducted via a website or email.

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28
Q

What are some advantages of online surveys?

A
  • Can survey a large geographical area
  • Easy to collate and analyze results
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29
Q

What are some disadvantages of online surveys?

A
  • Responses may be too brief
  • Requires internet access
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30
Q

What is a personal interview?

A

Conducted as a street survey or by visiting customers at their homes.

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31
Q

What are some advantages of personal interviews?

A
  • Allows two-way communication
  • Can respond to body language and tone
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32
Q

What are some disadvantages of personal interviews?

A
  • Time-consuming
  • Customers may find them annoying
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33
Q

What are hall tests?

A

A product is given to customers to try, and feedback is collected.

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34
Q

What are some advantages of hall tests?

A
  • Good-quality feedback
  • Inexpensive and easy to do
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35
Q

What are some disadvantages of hall tests?

A
  • Difficult to analyze opinions
  • Customers may feel pressured to give positive feedback
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36
Q

What are focus groups?

A

A group of customers discusses questions posed by a market researcher.

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37
Q

What are some advantages of focus groups?

A
  • In-depth feedback
  • Participants are more likely to provide considered responses
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38
Q

What are some disadvantages of focus groups?

A
  • Participants may be paid, increasing costs
  • Strong personalities can dominate discussions
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39
Q

What is a consumer audit?

A

A method used to monitor customer habits and influences over time.

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40
Q

What are some advantages of a consumer audit?

A
  • Identifies customer trends
  • More detailed feedback can shape future changes
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41
Q

What is test marketing?

A

Launching a new product in a regional area to monitor reactions.

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42
Q

What are some advantages of test marketing?

A
  • Changes can be made before wider launch
  • Saves money if unsuccessful
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43
Q

What are some disadvantages of test marketing?

A

Customer tastes in one area may not represent the wider market.

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44
Q

What is electronic point of sale?

A

Information on customer preferences is gathered through loyalty cards.

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45
Q

What are some advantages of electronic point of sale?

A
  • Gathers vital information on consumer behavior
  • Allows for tailored promotions
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46
Q

What are some disadvantages of electronic point of sale?

A
  • Expensive to set up
  • May lead to incomplete information
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47
Q

What is the marketing mix?

A

The combination of product, price, place, promotion, people, process, and physical evidence.

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48
Q

What is the product life cycle?

A

The stages a product goes through from development to decline.

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49
Q

What happens during the research and development stage?

A

The product is still being researched, and prototypes are tested.

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50
Q

What is the impact on sales during the introduction stage?

A

Sales are slow as customers are unsure of the product.

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51
Q

What is the impact on profits during the growth stage?

A

Profits start to be made as sales rise rapidly.

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52
Q

What happens during the maturity stage of the product life cycle?

A

Sales growth peaks, and competition enters the market.

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53
Q

What is the impact on sales during the saturation stage?

A

Sales begin to fall as consumers switch to competitor products.

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54
Q

What is the impact on profits during the decline stage?

A

Profits continue to fall, and products may be sold at cost.

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55
Q

What are extension strategies?

A

Methods to inject new life into a product as sales decline.

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56
Q

What is a product portfolio?

A

A business’s range of products for sale.

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57
Q

What are product line portfolios?

A

Having a variety of similar products on sale.

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58
Q

What are diversified product portfolios?

A

Having products across completely different market segments.

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59
Q

What are some advantages of product portfolios?

A
  • Spread risk over different markets
  • Meet needs of different market segments
  • Increase brand awareness
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60
Q

What are some disadvantages of product portfolios?

A
  • High research and development costs
  • High marketing costs
  • Bad publicity can affect the whole portfolio
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61
Q

What is the Boston Matrix?

A

A tool used to analyze a product portfolio based on market share and market growth.

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62
Q

What are stars in the Boston Matrix?

A

Products with high market share in a high-growth market.

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63
Q

What are cash cows in the Boston Matrix?

A

Products with high market share in a low-growth market.

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64
Q

What are question marks in the Boston Matrix?

A

Products with low market share in a high-growth market.

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65
Q

What are dogs in the Boston Matrix?

A

Products with low market share in a low-growth market.

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66
Q

What is the cost-plus pricing strategy?

A

Calculating the unit cost of a product and adding a percentage mark-up for profit.

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67
Q

What is competitive pricing?

A

Setting a product’s price similar to competitors.

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68
Q

What is skimming pricing?

A

Setting a high initial price that lowers over time.

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69
Q

What is penetration pricing?

A

Setting a low initial price that increases over time.

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70
Q

What must elements of the marketing mix be better than to ensure sales?

A

Competitors

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71
Q

What is skimming in pricing strategy?

A

The price is set high to begin with and lowers over time

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72
Q

What is one advantage of the skimming pricing strategy?

A
  • Sufficient hype around a new product enables high prices to be charged
  • Lack of competition allows maximum prices to be charged
73
Q

What is a disadvantage of the skimming pricing strategy?

A
  • High initial prices can put off some customers
  • Technique results in low initial sales numbers
74
Q

What is penetration pricing?

A

The price is set low to begin with and increases over time

75
Q

What is an advantage of penetration pricing?

A
  • Encourages customers to try a new product
  • Hopes to gain repeat custom once the price rises
76
Q

What is a disadvantage of penetration pricing?

A
  • Very little profit can be generated during the initial low-price period
  • Could result in a price war if competitors set lower prices too
77
Q

Define price discrimination.

A

Prices are altered depending on discriminating factors (age, time of day etc)

78
Q

What is one advantage of price discrimination?

A
  • Ensures products appeal to different market segments
  • Allows for high profit margins on some price brackets
79
Q

What is a disadvantage of price discrimination?

A
  • Harder to budget for sales revenue in advance
  • Loss in potential revenue from selling at a cheaper price
80
Q

What is destroyer or predatory pricing?

A

The price is deliberately set extremely low for a period of time to force out competitors

81
Q

What is one advantage of destroyer pricing?

A
  • Competitors are forced out of the market, then prices can increase again
  • Increases market share
82
Q

What is a disadvantage of destroyer pricing?

A
  • Can only be used by larger companies that can afford to make losses whilst prices are low
  • This illegal practice could breach the CMA’s anti-competition legislation
83
Q

What are loss leaders?

A

A promotional price of one or more products is set unprofitably low to entice customers to buy other products

84
Q

What is one advantage of using loss leaders?

A
  • Creates greater footfall
  • Encourages customers to repeat purchases
85
Q

What is a disadvantage of loss leaders?

A

There is a risk that some customers will only buy the loss leaders, impacting on profits

86
Q

What is psychological pricing?

A

The price is set just below the next rounded number (£49.99)

87
Q

What is one advantage of psychological pricing?

A
  • Makes the customer think the product is much cheaper than it actually is
  • Products fit price bands that customers have set in mind
88
Q

What is a disadvantage of psychological pricing?

A
  • Calculating total money owed or giving change can be more difficult
  • Some customers may ignore the attempt at making the product seem cheaper
89
Q

What factors affect pricing strategies?

A
  • Target market for the product
  • Demand for the product
  • Objectives of the business
  • External factors
  • Cost of the product
90
Q

What is the definition of channels of distribution?

A

The possible routes taken by a product to reach the consumer from the manufacturer

91
Q

What are some factors affecting the channel of distribution?

A
  • Finance available
  • Desired image for the product
  • Shelf life of the product
  • Legal restrictions
  • Stage of the product life cycle
  • Technical qualities of the product
92
Q

What is direct selling?

A

Selling direct to the consumer from the manufacturer

93
Q

What is one advantage of e-commerce?

A
  • Customers in the global market can be reached 24/7
  • An entire range can be shown online
94
Q

What is a disadvantage of e-commerce?

A
  • It can take a lot of time and expense to design attractive, high-quality websites
  • Customers might be wary of providing their personal details online
95
Q

What is mail order?

A

A business sells its products using a catalogue, which is usually sent directly to the customer

96
Q

What is one advantage of mail order?

A
  • Credit facilities are often offered to customers
  • Customers can browse for products and place orders from home
97
Q

What is a disadvantage of mail order?

A

Mail order only companies save money on staffing and store costs

98
Q

What is direct mail?

A

A business posts letters, leaflets and brochures directly to the customer

99
Q

What is one advantage of direct mail?

A
  • Specific market segments can be targeted
  • A wide geographical area can be targeted
100
Q

What is a disadvantage of direct mail?

A
  • Customers can perceive this as junk mail and simply throw it away
  • Customer mailing lists can quickly become out of date
101
Q

What is personal selling?

A

A salesperson sells products directly to the customer, often by going to door or over the phone

102
Q

What is one advantage of personal selling?

A
  • Allows a demonstration or explanation of the product to be given
  • Feedback on the products can be gathered from the customers
103
Q

What is a disadvantage of personal selling?

A

Customers can find this type of selling a nuisance

104
Q

What are shopping channels?

A

A business sells products on the TV using dedicated shopping channels

105
Q

What is one advantage of shopping channels?

A
  • Customers can see products being modeled and demonstrated
  • Customers can be encouraged to buy on impulse
106
Q

What is a disadvantage of shopping channels?

A
  • Customers need to switch on to the channel before they can be targeted
  • Customers need to wait for products to arrive
107
Q

What is one advantage of retailers?

A
  • Retailers are located close to customers
  • Retailers often promote the product for the manufacturer
108
Q

What is a disadvantage of retailers?

A
  • Retailers take a cut of the profits
  • Retailers may alter the price of the product
109
Q

What are hypermarkets and superstores?

A

Massive supermarkets that sell many goods and services under one roof

110
Q

What is an advantage of hypermarkets?

A
  • Most hypermarkets are open 24/7
  • A huge range of products is offered to customers
111
Q

What is a disadvantage of hypermarkets?

A

Lack of competition from high street stores can lead to poorer quality products

112
Q

What are convenience supermarkets?

A

Smaller supermarkets appearing in convenient locations due to changing work patterns

113
Q

What is one advantage of convenience supermarkets?

A
  • Cater for the changing needs of customers
  • Prices can be slightly higher due to the convenience factor
114
Q

What is a disadvantage of convenience supermarkets?

A

Limited choice of products due to smaller store sizes

115
Q

What are out of town retail parks?

A

Found on the outskirts of major towns with good infrastructure

116
Q

What is one advantage of out of town retail parks?

A
  • Infrastructure attracts customers
  • Larger store sizes mean a good product range for low prices
117
Q

What is a disadvantage of out of town retail parks?

A

Limited choice of stores compared to high street shopping

118
Q

What are online retailers?

A

Retailers that sell products through the internet

119
Q

What is one advantage of online retailers?

A
  • Products can be sold worldwide
  • Products can be sold 24/7
120
Q

What is a disadvantage of online retailers?

A

Customers can’t try or touch the product before buying

121
Q

What are discount stores?

A

Stores that sell products for rock-bottom prices

122
Q

What is one advantage of discount stores?

A

Products are sold for rock-bottom prices, attracting value-seeking customers

123
Q

What is a disadvantage of discount stores?

A

Limited product range compared to other retailers

124
Q

What are department stores?

A

Stores that sell a huge variety of items from clothing to home furnishings

125
Q

What is one advantage of department stores?

A
  • Many target markets can be catered for
  • Central locations attract customers
126
Q

What is a disadvantage of department stores?

A

More department stores are closing due to high rents

127
Q

What are wholesalers?

A

Businesses that sell goods to smaller retailers or direct to customers

128
Q

What is one advantage of wholesalers for manufacturers?

A
  • Packaging and displaying of goods is carried out by the wholesaler
  • Wholesalers buy in bulk, saving on delivery costs
129
Q

What is a disadvantage of wholesalers for manufacturers?

A

Manufacturers make less profit as a cut is taken by wholesalers

130
Q

What is one advantage of wholesalers for retailers?

A
  • Retailers can save on storage facilities by buying smaller quantities
  • Retailers can benefit from promotion offered by wholesalers
131
Q

What is a disadvantage of wholesalers for retailers?

A

It is more expensive than going directly to manufacturers

132
Q

What are into the pipeline promotions?

A

Sales promotions offered by the manufacturer to encourage retailers to purchase products

133
Q

What is one method of into the pipeline promotions?

A
  • Trade Credit
  • Point of Sale materials
  • Sale or return
  • Dealer loaders
  • Staff training
134
Q

What is trade credit?

A

Manufacturers offer retailers credit to pay for goods at a later date

135
Q

What is one advantage of trade credit?

A

No cash is required to stock products

136
Q

What is a disadvantage of trade credit?

A

This could lead to bad debt if retailers are unable to sell the goods

137
Q

What are out of the pipeline promotions?

A

Sales promotions offered by the retailer to encourage customers to purchase products

138
Q

What is one method of out of the pipeline promotions?

A
  • Special offers
  • Free Gifts
  • Vouchers/coupons
  • Loyalty Schemes
  • Interest free credit
  • Free trials/sample packs
  • Competitions
  • Trade shows and events
139
Q

What are special offers?

A

Short term promotions on selected items

140
Q

What is one advantage of special offers?

A

Encourages customers to try new products

141
Q

What is a disadvantage of special offers?

A

Customers may feel pressured into buying more than they need

142
Q

What is public relations?

A

The act of controlling the image of a business that is perceived by the public

143
Q

What is one advantage of press conferences?

A

Businesses can send a message or update to a wide audience while keeping control

144
Q

What is a disadvantage of press conferences?

A

Could have to face difficult questions and be put on the spot

145
Q

What is a press release?

A

Media are provided with a written account of a business’s noteworthy activities or events

146
Q

What is one advantage of a press release?

A

Can be used to counteract bad publicity

147
Q

What is a disadvantage of a press release?

A

Businesses can send out messages or updates without being subject to further questions

148
Q

What is a press release?

A

A written account of a business’s noteworthy activities or events, which may include updated mission statements.

Press releases can counteract bad publicity and allow businesses to communicate without further questioning.

149
Q

What is an advantage of press releases?

A

Can be used to counteract bad publicity.

Businesses can send out messages or updates without being subject to further questioning.

150
Q

What is a disadvantage of press releases?

A

Can take a long time to ensure wording is perfect if under pressure due to a mistake.

The timing of the release is crucial in crisis situations.

151
Q

What are the advantages of donating to charity?

A
  • Promotes CSR aims of the business
  • Can make the business seem ethical
  • Helps achieve a positive image

Donations can be anonymous or used for PR events.

152
Q

What is a disadvantage of donating to charity?

A

Some shareholders may prefer money invested in growing the business.

153
Q

What is sponsorship?

A

Paying to sponsor an event, team, or venue, popular in the sporting industry.

Sponsorship can enhance brand visibility and customer popularity.

154
Q

What are the advantages of sponsorship?

A
  • Benefit from the successes of those sponsored
  • Become popular with customers supporting the event

Sponsorship can create a positive association with successful events.

155
Q

What is a disadvantage of sponsorship?

A

It can be costly to sponsor big events.

Negative associations can arise if the sponsored entity has bad PR.

156
Q

What are company visits?

A

Opening factories to the public for a limited time.

This allows customers to see how the business operates.

157
Q

What is an advantage of company visits?

A

Customers get a sense of what the business is like and how it is run.

158
Q

What is a disadvantage of company visits?

A

A dedicated staff member or team will have to show visitors around, affecting productivity.

159
Q

What is promotional merchandise?

A

Giving out free items like stationery, key rings, or golf balls with company branding.

This is a method to increase brand awareness.

160
Q

What are the advantages of promotional merchandise?

A
  • Customers are reminded of the company
  • Free gifts enhance customer loyalty
  • Can lead to repeat exposure through shared items

Items like pens can be passed on to others.

161
Q

What is a disadvantage of promotional merchandise?

A

Merchandise can be expensive to provide and has no immediate return.

162
Q

What does product endorsement involve?

A

Using celebrities to promote products.

This strategy leverages celebrity influence to boost sales.

163
Q

What are the advantages of product endorsement?

A
  • Increases likelihood of purchase among fans
  • Free advertising when celebrities use products
  • Positive media coverage enhances product visibility
  • Higher prices can be charged
  • Brand loyalty can be created

Celebrity endorsements can create exclusivity.

164
Q

What are the disadvantages of product endorsement?

A
  • Negative publicity can harm the product’s image
  • Can be expensive to secure endorsements
  • Poor celebrity performance can lower sales

Endorsements can backfire if the celebrity’s reputation falters.

165
Q

What is product placement?

A

Paying for products to appear in films, TV shows, or video games.

This method generates awareness through entertainment.

166
Q

What are the advantages of product placement?

A
  • Generates worldwide awareness
  • Subliminal advertising allows for unobtrusive promotion
  • Characters can create positive associations with products
  • Can lead to merchandise spin-offs

Successful placements can significantly boost product sales.

167
Q

What are the disadvantages of product placement?

A
  • Exposure time can be very short
  • Can be costly due to bidding wars
  • Negative associations can deter customers

Poorly timed placements may not resonate with audiences.

168
Q

What factors affect methods of promotion?

A
  • Target market
  • Finance available
  • Marketing mix
  • Ethical practices

Each factor plays a critical role in determining promotional strategies.

169
Q

What does the ‘People’ element of the extended marketing mix refer to?

A

Who is representing a business or brand, particularly customer-facing staff.

170
Q

What are methods to ensure the ‘People’ element is successful?

A
  • Train staff well
  • Regularly update staff on developments
  • Ensure rigorous selection methods
  • Monitor staff performance
  • Provide effective after-sales service

Training and monitoring are key to maintaining a positive customer experience.

171
Q

What does the ‘Process’ element of the extended marketing mix refer to?

A

How a customer receives a service, such as booking or purchasing.

172
Q

What are methods to ensure the ‘Process’ element is successful?

A
  • Well-staffed outlets and call centers
  • Live chat or FAQs on websites
  • Empower customer-facing staff
  • Regularly assess processes
  • Introduce latest technologies

Streamlining processes enhances customer satisfaction.

173
Q

What does ‘Physical evidence’ refer to in the extended marketing mix?

A

What customers see that gives them clues about a business’s image.

174
Q

What are methods to ensure the ‘Physical evidence’ element is successful?

A
  • Modern and clean premises
  • Ambiance matching product/service
  • Promote customer feedback and testimonials
  • Careful website design

Physical evidence can greatly influence customer perceptions.

175
Q

How is technology used in marketing?

A
  • Market information from surveys
  • Online advertising
  • E-commerce for sales
  • Social media for interaction
  • Databases for customer information
  • Apps for engagement
  • SMS for promotions
  • Digital displays for ads
  • 3D in advertisements

Technology enhances outreach and customer engagement.

176
Q

What are the advantages of using social media for businesses?

A
  • Direct contact with the target market
  • Immediate updates on promotions/products
  • Targeted marketing based on user data
  • Consumer feedback for product improvement
  • Free to use

Social media allows for dynamic communication with customers.

177
Q

What are the disadvantages of using social media for businesses?

A
  • Difficult to engage new customers
  • Time-consuming to manage effectively
  • Negative feedback can deter potential customers

Managing a social media presence requires dedicated resources.

178
Q

What are the advantages of using apps for businesses?

A
  • Targeted promotions based on user behavior
  • Users can share experiences on social media
  • Integrated services enhance usability
  • E-commerce capabilities increase sales potential
  • Quick updates on products and offers
  • Engaging content like games and videos

Apps can create an interactive experience for users.

179
Q

What are the disadvantages of using apps for businesses?

A
  • Requires mobile signal for use
  • Limited information due to screen size
  • Development costs can be high
  • Short shelf life for many apps
  • Security concerns regarding purchases

App usage can be limited by technical and financial barriers.

Higher Business (5 decks)

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