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Business Y10 > market research > Flashcards

market research Flashcards

1
Q

market research

A

carrying out research to find out what customers want

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2
Q

why carry out market research

A
  • discover the needs of customers
  • understand structure of market
  • discover whether or not market demand is increasing
  • establish what stage the product is in its life cycle
    -monitor competition
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3
Q

primary research

A
  • field research from a new source especially collected, this info can provide exact and up to date info but it can be expensive and time consuming
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4
Q

primary research - survey examples

A

personal surveys
postal surveys
telephone surveys
internet surveys

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5
Q

primary research examples

A

surveys
interviews
focus groups

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6
Q

focus groups

A

a small, carefully chosen group of people who discuss products

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7
Q

consumer panels

A

tend to be more product orientated, to test a new product

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8
Q

secondary research

A
  • desk research
  • this is info which is already available , this way is the easiest, quickest and cheapest way but it could be out of date
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9
Q

examples of secondary research

A
  • documents
    -letters
    -diaries
    -official statistics
    -internet sites
    -historical data and info
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10
Q

quantitative data

A

is statistical information that includes numbers and values that are measurable

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11
Q

qualitative data

A

is information about opinions and views it cannot be expressed numerically

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12
Q

market segmentation

A

practice of dividing your target market into approachable groups

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13
Q

customer

A

the person buying the product/service from the organisation

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14
Q

consumer

A

the person using the product

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15
Q

marketing department need to understand 3 things

A
  • the size of the market
  • the value of the sales
  • the growth of the market
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16
Q

target market

A

the market segmentation at which a business aims its products

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17
Q

businesses use targetable market segments like?

A
  • age
  • income
  • geographical location
    -lifestyle
    socio- economic group
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18
Q

socio- economic groups

A

A
B
C1
C2
D
E

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19
Q

advantages of market segmentation

A
  • can adapt our products to different segments and make more sales
  • can predict social media so we can target advertise better
    -set price appropriately
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20
Q

4ps

A
  • product
  • price
  • promotion
  • place
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21
Q

product portfolio

A

a collection of such products sold by one business is knows as a ‘product group’ or ‘product range’

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22
Q

why should businesses have product range

A
  • so they can spread the risk
  • a single product may not generate enough returns for a business
    -a range can be sold to different segments
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23
Q

product life cycle

A

represents the stages that a product goes through from the initial development

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24
Q

product life style stages

A
  • development
  • introduction
  • growth
  • maturity
  • decline
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25
Q

development

A

product been designed and created, no sales yet

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26
Q

introduction

A

product is released to the market sales begin and grow slowly
revenue is low at this stage
high costs on materials, promotion and publicity

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27
Q

growth

A

rapid sales

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28
Q

maturity

A

everyones already purchased product, revenue is high growth slowly decreasing, making profit

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29
Q

decline

A

sales growth rapidly slow down , cost may rise in attempt to increase sales

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30
Q

extension strategy

A

this is a way to try and increase sales by either e branding or other things like this

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31
Q

extension strategy examples

A

reducing price of product
rebranding product
increasing marketing activity
repositioning product

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32
Q

cost plus price

A

in cost plus pricing the business calculates all the costs and adds a margin on top

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33
Q

price discrimination

A

this is where people pay different prices for the same services depending on a characteristic

34
Q

loss leader

A

this is when an item is sold at no profit , sometimes even a loss, but the hope is people will buy more when they are in shop

35
Q

psychological pricing

A

this is where a price is set just below a critical point to make it sound better value for money, but this isn’t good option when developing a luxury brand

36
Q

competitive pricing

A

this is where a business set their price similar to their competitors usually used in competitive markets like supermarkets

37
Q

price skimming

A

this is when a business sets a high price at first then drops it over time. this is usually used in technology industries where research costs need to be recovered fast as they are high

38
Q

price penetration

A

when a business launches a new product in a competitive market so in order to ‘get into’ the market they set it low price to get people to try it. they the increase it over time

39
Q

factors influencing price

A
  • stage in product life cycle
    -the other 3ps
  • company/ business objectives
  • competition in the market
  • demand
    -cost
40
Q

place

A

this looks at how a product or service goes from producer to consumer

41
Q

direct route

A

the producer sells directly to customer/consumer, this way is much cheaper and has become more popular due to the use of the internet increasingg

42
Q

retailer route

A

the producer sells to retailer, and the retailer sells to consumer/customer, usually this is with big retailers as they need to be able to store it.

43
Q

wholesaler route

A

producer sells to wholesaler like costco or bookers, as they buy in bulk, then the retailers buy products of them to sell the consumer/customer, usually smaller shops

44
Q

mail order

A

the sale and ordering of goods by post

45
Q

tele sales

A

focuses on the direct sales of products or services to customer over the phone

46
Q

e-commerce/ m-commerce

A

method of buying and selling goods and services online

47
Q

multi channel of distribution

A

very few businesses just use one channel of distribution, they often opt for more than one, this helps them reach a wider audience and so should increase sales and market shares

48
Q

advantages to multi channel of distribution

A
  • reach more customers
  • more convenience for customers
  • boost sales
49
Q

disadvantages to multi channel of distribution

A
  • may lead to one channel no longer being used
  • prices may vary
  • complex to manage
50
Q

untargeted promotion

A

above the line advertising like, tv, radio and internet

51
Q

targeted promotion

A

below the line advertising
direct mail

52
Q

advertisement

A

an advert is a paid for message designed to influence consumer purchases

53
Q

advantage of advertisement

A
  • great way to stay ahead of competitors
  • can be memorable
  • can reach a wide audience
54
Q

disadvantage of advertisement

A
  • very expensive
  • viewers may not watch
55
Q

sales promotion

A

used to encourage customers to buy more of a product or to increase sales

56
Q

advantages of sales promotion

A
  • can encourage people to buy more
  • make people want to go the the shop
  • offer customers better value
57
Q

disadvantage of sales promotion

A

-limits revenue
- competitor retaliation

58
Q

personal selling

A

the ability of staff to contribute to the promotion of sales, known as upselling

59
Q

advantages of personal selling

A

-builds trust
- customer satisfaction
- more influence

60
Q

disadvantages of personal selling

A

-high cost
-deception

61
Q

direct marketing

A

marketing and selling products and services directly to customers

62
Q

advantages of direct marketing

A
  • increasing customer numbers
63
Q

disadvantages of direct marketing

A
  • takes alot of marketing
    -expensive
64
Q

public relations

A

promotion of a business through news stories, sponsorship

65
Q

pop ups

A

temporary retail stores that open for a short period of times in order to take advantage of seasonal demand

66
Q

social media

A

the platforms on which users build social networks and share information to build a companys brand

67
Q

social media analytics

A

the ability to gather and find meaning in data, gathered from social channels to supports business decisions

68
Q

search engine adverts

A

a form of online advertising who businesses pay to have their ads displayed on google etc

69
Q

blogs

A

a platform for content marketing where you publish articles, news and info about a businesses products or services

70
Q

digital adverts

A

marketing through online channels such as websites etc

71
Q

primary research advantages

A
  • up to date, gathered by researcher
  • specific to a business own needs (accurate)
  • provides answers to exact questions that a firm may be interested in
72
Q

primary research disadvantages

A
  • can be very expensive to collect
    -can be very time consuming, market may change
    -can have problems of bias
73
Q

secondary research advantages

A

-it is inexpensive to collect and quick to obtain
- enables cost effective analysis

74
Q

secondary research disadvantages

A

-often out of date
- might not be available
- problems of interpretation

75
Q

the sales process

A

a series of steps that helps businesses make sure they maximise sales to potential customers and encourage customers to return to the business to make repeat purchases

76
Q

the actual sales process

A
  • preparing though good product knowledge
  • identify sales opportunities
    -understanding needs and wants f customers
  • informing customers of the features and benefits of product
  • closing the sale
  • following up after sales
77
Q

customer service

A

the support that a business gives to its customers this takes place before, during and after a customer has bought a product

78
Q

good customer service can result in..

A
  • loyal customers
    -repeat purchases
  • good reputation
  • new customers
  • increased spending
79
Q

poor customer can result in..

A

-loosing customers
- gaining a bad reputation

80
Q

customers expect a certain level of customer care

A
  • the product or service quality and reliability
    -information about the product
  • sales process
  • dealing with complaints
    -delivery
    any communication

Business Y10 (4 decks)

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