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Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

What is a Marketing Department for ?

A

A Marketing Department is responsible for the market research of new products, promotions, distribution, pricing and sales.

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2
Q

What does a Marketing Department consist of?

A

A Marketing Department consists of:

1) A Sales Team
2) A Market Research Team
3) Promotion
4) Distribution

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3
Q

What is the role of marketing ?

A

1) Identify the Customers needs
2) Satisfy the Customers needs
3) Maintain Customer needs
4) Gain information about customers to build long term relationships
5) Anticipate Changes in Customers Needs

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4
Q

If the Marketing Department is successful ?

A

The Business will: Increase Revenue and Profit, Increase Market Share, Develop New Products, Raise Customer Awareness, Enter New Markets

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5
Q

Why do Consumer Spending Patterns Change ?

A

1) New Trends Emerge
2) New Technology
3) Change in Incomes
4) Ageing Populations

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6
Q

Why do Markets become more competitive?

A

1) Globalisation- More Products sold worldwide
2) Transport Improvements
3) Internet / E- Commerce

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7
Q

How can Businesses respond to changing Spending Patterns and Increased Competition?

A

1) Maintain Good Customer Relationships
2) Keep Improving Existing Products
3) Bring Out New Products to keep customers interest
4) Keep Costs Low to Maintain Competitiveness

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8
Q

What is a Mass Market ?

A

A Mass Market is where there are very large number of sales for a product (eg shoes)

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9
Q

What are Advantages of a Mass Market ?

A

1) Total Sales are Very High
2) Benefit from Economies of Scale
3) Risks can be Spread across products
4) Due to High Sales, there is opportunity for growth

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10
Q

What are Disadvantages of Mass Market ?

A

1) There is High Competition
2) High Advertising Costs
3) Standardised Products and Services

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11
Q

What are Niche Markets ?

A

Niche Markets are small specialised segments of Larger Markets

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12
Q

What are Advantages of Niche Markets ?

A

1) Small Businesses can sell successfully

2) Needs of Customers can be closely focused on

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13
Q

What are Disadvantages of Niche Markets ?

A

1) Relatively Small so limited sales potential

2) Often specialised in just one product so risks not spread

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14
Q

What is Market Segmentation?

A

When a Market is broken down into sub groups which share similar characteristics

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15
Q

What are Advantages of Market Segmentation ?

A

1) Make Marketing Expenditure Effective
2) Higher Sales and Profit
3) Identifying Segments not fully met, and meeting them to increase Sales

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16
Q

What are ways of Segmenting Markets ?

A

1) SocioEconomic Group ( Income )
2) Age
3) Region
4) Lifestyles
5) By Use of the Product

17
Q

What are Benefits of Segmenting to Businesses ?

A

1) Can Make Different Brands aimed at Different Segments
2) Can Identify Segments whose needs are not fully met, and meet them
( Both increase Sales )

18
Q

What do Segments Influence ?

A

Segments influence how products are packed and advertised, and where they are sold.

19
Q

What Method of Segmentation should be Used ?

A

1) Detailed Analysis of the Market
2) Company and Brand Image
3) Cost of entering each segment

20
Q

What is Market Research For ?

A

To Find Out Would, What and at what price would customers buy the product.

21
Q

What is Product Oriented ?

A

The Main Focus is on the Product.

22
Q

What is Market Oriented?

A

Market Research is carried out to find out what consumers want.

23
Q

What is Primary Research ?

A

Primary Research is when you collect Data by Yourself.

24
Q

What are Benefits of Primary Research ?

A

1) It is up to date and relevant to the Business undertaking it
2) It is First Hand
3) It is most effective to gather information to solve a problem
4) It is Not Available to other Businesses

25
Q

What are Disadvantages of Primary Research?

A

1) It is Expensive

2) It is not immediately available

26
Q

What are Types of Primary Research?

A

1) Questionnaire
2) Focus Groups
3) Online Surveys
4) Interviews

27
Q

What are Advantages of Questionnaires ?

A

1) Detailed Qualitative Information
2) Customers opinions about products obtained
3) Can Be Done Online

28
Q

What are Disadvantages of Questionnaires ?

A

1) Answers may not be accurate
2) Can Cost A-lot of Money, and may take a long time
3) Collecting the Data can be Time Consuming

29
Q

What are Advantages of Online Surveys ?

A

1) Fast, Quicker Response times
2) Cheaper
3) Easy to Collect and Display Data
4) Easy to Participate

30
Q

What are Disadvantages of Online Surveys ?

A

1) Absence of Interviewer to Explain Questions
2) Requires Internet
3) Scope For Fraud- may join just for Benefits

Business Studies (3 decks)

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