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business a level > marketing > Flashcards

marketing Flashcards

1
Q

product differentiation

A

unique items, performance, could also be brand image

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2
Q

product portfolio

A

width and depth
range of products a business sells to meet needs of diff customers

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3
Q

boston matrix

A

star - advertise/ promote it ( high market growth and share)
cash cow - no increase but still market share (high market share low growth)
dog - remove from portfolio (low market growth and share)
problem child - has issues needs fixed (low share and growth)

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4
Q

ansoff matrix

A

decision making tool
market penetration
product development
market development
diversification

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5
Q

product lifecycle

A

> development - making product + market research
launch
growth - sales increase, growing market share
maturity - begins to steady out
saturation - peak of sales
decline - decrease sales

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6
Q

extension strategies

A

price reductions, new models, new market same product

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7
Q

marketing

A

selling right product, right place, right price using right methods of promotion which is found through market research

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8
Q

market research

A

gathering research about data about target markets and competitors

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9
Q

primary data

A

not been gathered before
questionnaires interviews etc
+ suits your bus
- time consuming

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10
Q

marketing budget

A

allocated amount of finance given to a department

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11
Q

marketing department

A

finding out customer needs and wants through market research

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12
Q

market research data

A

understand needs and wants and the best way to market the product

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13
Q

secondary data

A

information that has already been collected
census, websites etc
+ available to everyone
- not suit your bus

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14
Q

internal data

A

research produced by an employee
+ understands the bus
- no expertise

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15
Q

external data

A

another organisation will do the research

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16
Q

qualitative data

A

in depth open questions

17
Q

quantitative data

A

closed questions. rating. numbers can be presented

18
Q

market share

A

% of the market that the business owns
your sales/ total sales in market x 100

19
Q

market dominance

A

over 50% of the market

20
Q

market leadership

A

business with the largest market share

21
Q

market growth

A

an increase in demand for a product or service
new - old/ old x100
analyse full market not just yours

22
Q

Price (4ps)

A

how much the business sells products or services for

23
Q

cost plus pricing

A

cost of producing a single product and adding a bit on top
+ garanteed to make a profit
- can make it very expensive

24
Q

competitor pricing

A

based pricing on competitors, aims to have lowest price to attract customers
+ gain more market share
- prices are too low

25
Q

promotional pricing

A

sales/ special offers. increase short term sales to get rid of stock or gain customers
+ get rid of stock
- not a high profit

26
Q

loss leaders

A

sells product as cost price to gain market share then raise the price to make a profit
+ gain market share
- a loss at first

27
Q

destroyer pricing

A

low prices to gain customers from competitors and eliminate other businesses
+ eliminate competitors
- may make a loss

28
Q

penetration pricing

A

entering market at a low price then when demand goes up the price does too
+ gains customers
- demand may not increase

29
Q

price skimming

A

entering into the market at a really high price then slowly decreasing it
+ extension strategy
- people may not pay original price

30
Q

price discrimination

A

selling products at different prices based on peoples differences eg age
+ attracts youngers
- unfair

31
Q

price elasticity of demand

A

how much demand will go down if price goes up
% change in demand/ % change in price
elastic = more then one

32
Q

income elasticity of demand

A

% change in demand/ % change of income

33
Q

AIDA model

A

attention, interest (above the line promotion)
desire, action (below the line, more specific promotion)

34
Q

marketing objectives

A

what the business wants to achieve through its marketing
e.g. brand loyalty, increase quality

business a level (7 decks)

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