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management of marketing Flashcards

1
Q

what is the purpose of marketing

A

to help raise awareness of products/services

help raise organisation’s profile on market

encourage customers to buy

target new customers and existing ones

allow an organisation to know what customers want

allow an organisation to meet its strategic objectives eg increase profits, increase market share, extend life of a product

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2
Q

what do different organisations use marketing for

A

private sector businesses would want to increase profitability

charities may want to increase donations/raise awarerness

police would want to raise awareness of certain campaigns

NHS would want to raise awareness if campaigns eg anti smoking

local authorities may want to increase use of certain facilities

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3
Q

what is product led

A

this is where the organisation manufactures the product and then tries to sell it off ti customers. they don’t do any market research. product research and product testing is key

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4
Q

what is market led

A

where the business puts the customers needs at core of business. market research and market testing is key

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5
Q

what are the advantages of market led

A

more likely to produce products that customers want

more able to anticipate and meet changes in customer demands

more able to make changes

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6
Q

what is market segmentation

A

the process of breaking down the market into groups of customers who have similar characteristics

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7
Q

how can you segment a market

A 
into; 
age 
gender 
marital status 
religion
music taste
income 
occupation 
hobbies 
sports
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8
Q

what are the advantages of market segmentation

A

if you know who your target market is then you can use appropriate sampling for market research, which will allow you to finds out effectively tailor your product to their needs/services

the organisation can offer its products/services within an affordable price range for its target audience

be able to use appropriate method of distribution

highlights gaps in the market

segmentation means that organisation doesn’t have to waste money in advertising on promotional activities that don’t reach their audience

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9
Q

what is market research

A

systematic gathering, recording and analysing of data about an organisation’s products/services and its target market

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10
Q

what is the need for market research

A

able to anticipate changes in market

identify changes in customers tastes

identify who is buying the product

help stay ahead of competitors

identify if promotion is appropriate

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11
Q

what are the two types of market research

A

primary (field) research

secondary (desk) research

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12
Q

what are the sources of information

A

internal

external

primary

secondary

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13
Q

what are the advantages and disadvantages of primary information

A

adv

sources are more reliable

carried out for a specific purpose of business therefore more relevant

disadv

time consuming to collect, gather and analyse

expensive as you might need to pay for interviewer and materials

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14
Q

what are the advantages and disadvantages of secondary research

A

adv

more widely available to collect than primary
less cost effective than primary

disadv

collected for another business’s purpose so might not be as relevant
might be biased therefore inaccurate

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15
Q

what are the advantages and disadvantages of internal research

A

unique to org therefore relevant
source is known - reliable

disadv

info may not be up to date therefore unreliable

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16
Q

what are the advantages and disadvantages of external research

A

more info can be accessed through sources

disadv

source might not be known - unreliable
info may be out of date - unreliable

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17
Q

what are the types of information`

A 
written 
oral 
graphical 
pictoral 
numerical
quantative 
qualitative
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18
Q

what are the advantages and disadvantages of written

A

kept for future reference
facts can be passed onto oral

disadv
may be unable to obtain clarification

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19
Q

what are the adv and disadv of oral

A

immediate response given
questions can be asked
body language can be monitored

disadv
points misinterperted
requires careful listening skills

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20
Q

what are the advantages and disadvantages of pictoral

A

info presented attractively
sig points - highlighted

disadv
complex info - not communicated
factual info not communicated easily

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21
Q

what are the advantages and disadvantages of graphical

A

comparisons made easily
complex info communicated effectively

disadv
user needs to be able to interpret info easily

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22
Q

what are the advanatages and disadvantages of numerical

A

financial info easily calculated
calculations can be carried out

disadv
requires numeracy skills

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23
Q

what are the advantages and disadvantages of quantative

A

info can be compared and measured

disadv
doesnt take into account internal and external factors

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24
Q

what are the advantages and disadvantages of qualitative

A

can provide deeper info for user

disadv

can be difficult to measure two people’s opinions

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25
what is secondary research
carried out by a researcher using secondary info in form of published sources originally produced by someone else other than researcher
26
what is the advantages of secondary research
wide range of info that can be accessed - making decisions more informed info is cost effective to collect comp's information is available saves a lot of time compared to field research
27
what are the disadvantages of secondary research
info not unique info can be out of date difficult to test accuracy of info info may be biased `
28
what is primary research
carried out by a researcher for a specific purpose. first hand information researcher goes out to conduct research themself
29
what are the advantages of primary
info is reliable - collected first hand info more relevant as you have collected it for specific purpose up to date
30
what are the disadvantages of primary
can be expensive to carry out as you might have to pay for interviewer can be very time consuming as it has ti be created, generated and analysed
31
what is a personal interviewer
face to face interview | can be held in street or home
32
what are the advantages and disadvantages of personal interviews
two way communication researcher can encourage respondent to answer mistakes and misunderstandings can be clarified disadv can be expenisve low response rate
33
what is a focus group
involves specially selected groups of people | led by experienced chair person
34
what are the adv and disadv of focus group
qualitative information in form of opinions feelings and attitudes gained disadv can be difficult to analyse qualitative info
35
what are telephone surveys
involves market researcher phoning home numbers
36
what are the adv and disadv of telephone surveys
cheap to undertake response immediate disadv many people think of these as an intrusion and so don't respond
37
what is a postal survey
involves market researcher sending questionnaires through post
38
what are the adv and disadv of postal surveys
inexpensive as it doesn't require trained interviewer disadv questions must be simple and easy to answer response rate - low
39
what is a customer audit
certain customers issued a diary and asked to record some/all purchases monitored by market research company
40
what are the adv and disadv of customer audit
accurate info can be gained if diaries kept properly info can indicate customer trends disadv can be expensive method as participants usually recieve payment can be inaccurate/incomplete
41
what is sampling
a group of customers selected from population who participate in market research
42
what are the 3 types of sampling
random quota stratified random
43
what is random sampling
respondents are picked at random from list interviewer must interview all people who are on the list can be time consuming as all on list must be interviewed
44
what is quota sampling
set number of people with certain characteristics must be interviewed researcher must find people who meet criteria
45
what is stratified random sampling
sample divided into segments based on how population is divided up and then respondents are randomly selected from each sub group researchers able to obtain sample which represent the population as a whole gives better representation of population therefore returns more accurate results
46
what is included in the marketing mix
``` product place price people process physical evidence promotion ```
47
what is product
sales levels at research, introduction, growth, maturity, saturation, decline phases at a product's life cycle
48
what do extension strategies do
used to enhance products sales and profits
49
what is incluxed in the development stage
idea generation, design product, produce prototype, test product, conduct test marketing and apply for trademark
50
what are the stages of the product life cycle
research and development, introduction, growth, maturity, saturation, decline
51
whats the development stage
r and d of prod no sales/profits high costs
52
what is the introduction stage
``` product launched heavy advertising sales being to rise sales low costs high revenue used to pay R+D costs so no profit ```
53
what is the growth stage
product gained customer awareness and sales begin to grow at faster rate. profits grow at faster rate
54
what is the maturity stage
sales move toward a peak, rate of sales growth slows | high sales and high profits
55
what is the saturation stage
sale growths levels out neither increase/decrease | profit and sales are at highest point
56
what is the decline stage
still making sales but they are falling, eventually leading to withdrawal from market profits fall with sales - losses are incurred
57
what are extension strategies
these are to help stop the product from falling into the decline stage eg improve the product change the packaging change channel of distrubution
58
what is the product portfolio
firm produces what is known as the product portfolio. a successful business will have a varied product portfolio as: it can appeal to different market segments spreads its risk dominate the market can increase potential sales revenue
59
what is the boston matrix
used to plot range of products that an organisation offers. can help identify where products might need to be introduced/changed
60
what is each quadrant in terms of the product life cycle
dog - introductory stage problem child/???? - growth star - maturity/saturation cashcow - decline
61
what do star products have
high market share in a fast growing market
62
what do cashcow products have
high marketshare in slow growing market
63
what do problem child products have
low market share in fast growing market
64
what do dog products have
products low market share in slow growing market
65
what are the disadvantages of a varied product portfolio
costs of promoting and advertising lots of different products therefore could impact profit if one product has a bad rep, then it could impact rep of other products maintaining varied product portfolio will involve a cost of R+D staff require training on various features of products which can be time consuming and expensive
66
what is branding
name, logo, symbol that sets the business's product apart from competitors
67
what are the advantages of branding
easier to launch new products with an established branded name higher prices can be charged customers become brand loyal brand manufacturers can save money on marketing
68
what are the disadvanatages of branding
can be susciptable to fakes one product reputation could affect all other products advertising and R+D costs can be high
69
what is public relations
concerned with managing communication between an organisation and its stakeholders.
70
what are some examples of better public relations
improving product image and image of organisation supporting and promoting charity sponsoring sporting cultural events
71
what is the advertising standards authority
ASA is organisation that monitors all advertising sales, promotions and direct marketing to ensure they operate at the correct standard
72
what is the trades description act
this act states that a product must be advertised in an honest way which is not misleading to customers
73
what is people in the marketing mix
company's employees are important in marketing because they are the ones who deliver the service. Thorough research is important to discover whether there are enough people in your target market that is in demand for certain types of products/services
74
what is process
systems and processes of organisation affect execution of service tweaking and enhancements can come later to 'tighten up' a business to minimise costs + max profity
75
what is physical evidence
physical presence of business and establishment concept is branding your immediately know what their presence is in market place as they usually marketleaders and have established physical evidence as well as psychological evidence in their marketing
76
what is own labels/own brands
own label/brand refers to a retailer's own product which may be the retailer's own name eg tesco value, asda smart price
77
what are the advantages of own brands
requires little advertising | tend ti be cost effective
78
what are the disadvantages of own brands
seen to be inferior qualities to branded quality
79
what is price
these are the pricing strategies and factors that influence an org to use these strategies
80
what are the pricing strategies
``` cost - based loss leaders skimming penetration promotional destroyer premium competitive discrimination ```
81
what are the factors influencing price
``` competitors prices cost of production where product is sold market segment state of economy profit expected ```
82
what is cost based pricing
cost of making each unit is considered before adding a % as profit. covers cost of production and ensures a profit on each unit sold
83
what is competitive pricing
price lower than competitors, so it entices customers to buy their product instead of competitors
84
what is skimming pricing
high price is charged when product is launched into market . after a while they will lower price to match competitors. large profits can be made due to lack of competiton in area
85
what is penetration pricing
low price is charged when product is just launched. After a while business raises price to be in line with competition. allows prod to gain attention and loyalty before increasing
86
what is promotion pricing
firm lowers price for limited period of time then raises it again to previous level. helps to attract customers and loyalty before raising price
87
what is discrimination pricing
different price offered for product as times change. Allows firm to take advantage of higher profits at different times
88
what is destroyer pricing
large companys drop price so low that competitors cant compete with, so then those businesses fall out of the market. after this happens, then the company raises price to make profit. tis illegal
89
what is loss leader pricing
firms lower certain prices so low that they are making a loss on each unit of output. Entices customers to buy other products at a higher price. Hopefully gains customer loyalty and allow business to off set loss by making higher profits
90
what is place concerned with
how product gets from manufacturer to customer
91
what are the 3 channels of distribution
direct selling, retailer function, wholesaler function
92
what does the channel of distribution depend on
product being sold finance of busines desired image of product product's life cycle
93
what is the wholesaler function
buy large quantaties off manufacturuer than sell in bulk to retailer sometimes directlu to customer
94
what are the adv and disadv of wholesaler
storage costs reduced as you buy in bulk may label and package goods which also reduces cost dont have to worry about excess stock not selling therefore reduced risk disadv manufacturer loses control over presentation of product relationship with customer hard to develop difficult to notice buying patternd less profit for manufacturer as they need to sell at lower price to allow for wholesaler/reatiler to make profit
95
what is the retailer function
retailer has own distribution network and buy straight from manufacturer. big supermarkets use this function
96
what are the adv and disadv of retailer
established customer base across country - saves you effort n distribution established online presence will deal w/ after sales service disadv lose out on profoits as they have to buy it off you at a cheaper price lose direct relationship with customer lose control of presentation of product
97
what is direct selling
carried out in number of ways - e tailing, s tailing, personal selling, direct mail, mail order
98
what are the adv and disadv of direct
get to keep all of profits keep control of how product is presented easier to track buying patterns close relationship with customer disadv expenisve for holding all stock incurr all packaging costs
99
what is promotion
3 aims - persuade people to buy inform customers reminding product exists
100
what are the 2 types of promotion
above line - tv newspapers to reach mass audience lot of waster below line - directly controlled by business sales promotion
101
what is above the line
different ways org use adverts
102
what are the examples of above the line
informative adverts - use to persuade customers to buy product /service and to inform people of service product placement - firm pays its product to be used in films/tv product endoresemennts - celebrities paid to use product
103
what is below the line
into and out of pipeline
104
what is into pipeline
promotions manufacturer will offer to retailer/wholesaler to sell stock
105
what is outof pipeline
retailer offers promotions to encourage consumer to purchase products
106
what are examples of into pipeline
point of sale material - display material given to retailer such as posters and stands to make it more attractive sale/return - distributor will take back any unsold stock/ reduces costs and risk staff training - particularly with tech and machinery so retailer feels confident dealing w/ customers
107
what are examples of out of pipeline
free samples - allow customers to try product before committing to larger purchase loyalty schemes - to entice return custom where customers can work towards something free. vouchers - can entice customers to return special offers - bogof or short term reductions in price.

Higher business (11 decks)

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