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business. > Marketing > Flashcards

Marketing Flashcards

1
Q

Before starting a business, what may you do? List 5 things.

A

> research on start up costs.
research on similar businesses and look at their path to success.
research on equipment you may need.
research on staff requirements and qualifications so you make the right choices on employees.
research on how loans work.
research on best locations for you own business.
research on what competitors are missing or gaps in the market.

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2
Q

What are the reasons for a business doing market research?

A

> identify market opportunities.
gain an insight into competition.
inform business decisions (make decisions).
identify and understand customer needs.

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3
Q

What are the 4 factors of market research?

A

> demand.
market share.
competition.
target market.

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4
Q

What is primary research?

A

Also known as field research, it is data collected first-hand for a specific research purpose that a business undertakes itself.

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5
Q

What are some examples of primary research?

A

> questionnaires.
surveys.
interviews.
focus groups.

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6
Q

What are the advantages of primary research?

A

> specific to the business.
provides detailed information.
relevant and up to date.
can gather a mixture of quantitative and qualitative data.

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7
Q

What are the disadvantages of primary research?

A

> time consuming.
expensive.
sometimes difficult to collect.

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8
Q

What is secondary research?

A

Also known as desk research, its when existing data is gathered that has already been produced by someone else.

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9
Q

What are some examples of secondary research?

A 
> internet research.
> market reports.
> government reports.
> newspapers.
> sales figures.
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10
Q

What are the advantages of secondary research?

A

> quick and easy to gather.
can provide industry specific information.
often easy to analyse.

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11
Q

What are the disadvantages of secondary research?

A

> not specific to the business.
could be out of date.
may be biased or inaccurate.

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12
Q

What are 3 things about market size?

A

> can be measured by the value or volume of sales.
the volume of sales refers to the total number of units sold.
the value of sales refers to how much the total sales are worth in the market.

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13
Q

What is the formulae for market value?

A

Number of units sold x selling price per unit.

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14
Q

What is the formulae for percentage change?

A

difference or change/original x 100

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15
Q

What is market share?

A

The percentage share of the total market that is owned by a particular business, product or brand.

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16
Q

What is the formulae for market share?

A

business or product sales / total sales in the market x 100.

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17
Q

What is a focus group?

A

Where a group of people are asked questions or given scenarios and asked about their opinions on a service or product. This can take place in person or online.

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18
Q

What is an interview?

A

When a researcher directly asks a series of questions to one or more interviewees.

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19
Q

What is quantitative data?

A

> it is usually numerical data.
is gathered through the use of closed questions.
can be generally expressed in a graph or chart.

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20
Q

What is qualitative data?

A

> is usually expressed as opinions.
includes descriptive information.
is gained using open-ended questions.

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21
Q

What is the market segment?

A

The market is divided into groups of consumers who have similar needs.

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22
Q

What are the 4 market segmentations?

A

> gender.
age.
income.
geographical location.

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23
Q

What is product differentiation?

A

The attempt by firms to convince buyers that their products are different from those of other firms in the industry.

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24
Q

Why is a Boston Matrix used?

A

To analyse a businesses products to decide if they should introduce new products and helps them review all of their products/brands.

25
Q

What does the Product Life Cycle consists of?

A

> introduction.
growth.
maturity.
decline.

26
Q

What are some examples of extension strategies?

A

> modifying the product.
reducing the price.
adding a feature.
promoting to a different market sector.

27
Q

What are the factors that influence pricing decisions?

A

> costs.
nature of the market.
competition.

28
Q

What are the pricing strategies?

A 
> price skimming.
> price penetration.
> competitive pricing.
> loss leader.
> cost plus.
29
Q

What is Price Skimming?

A

The practice of selling a product at a high price, usually during the introduction of a new product when the demand is high.

30
Q

What is Price Penetration?

A

The practice of initially setting a low price for goods or services with the intent of entering a market with high competition.

31
Q

What is Competitive Pricing?

A

Setting the price of a product or service based on what the competition is charging.

32
Q

What is Loss Leader?

A

A product or service at a price that is not profitable but is sold or offered in order to attract new customers or to sell additional products and services to those customers.

33
Q

What is Cost-Plus Pricing?

A

The cost of making the products plus a percentage for profit mark up.

34
Q

What is meant by Public Relations (PR)?

A

Often free publicity which can either be good or bad but the outcome is the same; helps a business get their name well known.

35
Q

What are examples of Sales Promotions?

A 
> point of sales displays.
> 2 for 1 offers.
> free gifts.
> samples.
> coupons.
> competitions.
36
Q

What is a Sponsorship?

A

Where a business will sponsor an event, team or individual in order to build brand awareness.

37
Q

What is a Promotional Mix?

A

A businesses combination of promotional activities.

38
Q

What is meant by the term “place” in marketing?

A

The process of moving products from the producer to the intended user.

39
Q

What is E-commerce?

A

The buying and selling of goods and services using an electronic network such as the internet.

40
Q

What is M-commerce?

A

The buying and selling of goods and services through wireless handheld devices such as mobile telephones and personal digital assistants.

41
Q

What is Market Research?

A

The data collected about existing and potential markets.

42
Q

What is a Quota Sample?

A

Where people are selected on the basis of certain characteristics as a source of information for market research.

43
Q

What is a Random Sample?

A

Where people are selected at random as a source of information for market research.

44
Q

What is a Target Market?

A

A group of people for whom a particular product is designed.

45
Q

What is Targeted Sampling?

A

A specific age, gender or socio-economic group is identified for sampling.

46
Q

What is Branding?

A

Identifying a product by giving it a unique brand name and making it special in the eyes of the consumer by giving it a brand image that distinguishes it from the competitors.

47
Q

What is Product Differentiation?

A

Making products different.

48
Q

What is Product Range?

A

The different types of product that a firm produces to try to reach different parts of the market.

49
Q

What is packaging?

A

The physical container or wrapping for a product also used for promotion.

50
Q

What are Trademarks?

A

A symbol, name or logo which is registered and protected by law.

51
Q

What is Point of Sale?

A

POS

The actual place where the product is being sold.

52
Q

What is a retailer?

A

An outlet selling goods directly to the consumer.

53
Q

What is a Wholesaler?

A

A business that buys in bulk from the manufacturer and sells in smaller quantities to retailers or direct to consumers.

54
Q

What is Disposal Income?

A

The money available for use by a consumer after taxes, national insurance and other deductions have been made.

55
Q

What is Predator Pricing (Destroyer Pricing)?

A

Setting a price low enough to drive competitors out of the market.

56
Q

What is Price Leader?

A

The major firms in the market set the price most others follow.

57
Q

What is AIDA?

A

The process of successful promotion.

awareness - information - desire - action.

58
Q

What is Above the Line Promotion?

A

Using the media to advertise products and services such as Tv, radio and websites.

59
Q

What is Below the Line Promotion?

A

Promoting the product without the media such as special offers and sponsorships.

business. (23 decks)

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