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Marketing Flashcards

1
Q

What are advantages of desk research (2)

A
  • cost effective- does not require trained staff to gather

- timely- quick to gather as it already exists

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2
Q

What are disadvantages of desk research (3)

A
  • not concise- may have to read over lots to get what’s needed
  • unreliable- may be out of date or may need to amend to fit the company
  • available to other companies and may not be fit for purpose
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3
Q

What is field research

A

Field research is gathering brand new information

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4
Q

What is desk research

A

Desk research is research and analysing information already gathered

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5
Q

What is advantages of field research (3)

A
  • Accurate, gathered for a specific purpose
  • complete, up to date and the info will have no missing parts
  • accurate discussion and clarification during info collection
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6
Q

What are disadvantages of field research (2)

A
  • timely, staff needs to be trained which is costly and time consuming
  • expensive , requires paid interviewers and expensive research companies
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7
Q

What are differences of field and desk research (4)

A
  • field takes a long time to gather as you have to gather it yourself where as desk is quick to gather as already researched
  • field fully answers specific question as you collect for the question whereas desk may not fully answer the question
  • field is more accurate as it is more detail from interviewee whereas desk may be bias and not accurate to what is said
  • field is appropriate and relevant to your research whereas desk is not always appropriate to what you require
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8
Q

Describe price skimming

A

Little competition on the products so the proce can be set high. Creates high profit margin but once more competition comes, price will begin to be be lowered

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9
Q

Describe pricing of penetration

A

There is lot of competition so the price is set low

Help customer loyalty as they will appreciate the low prices

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10
Q

What’s the use of technology for marketing? (7)

A
  • word- can write to potential customers and type about press releases
  • social media- can share adverts
  • internet- use for market research eg on,one survey
  • data bases- keep details on customers addresses and emails etc
  • spreadsheet- collecting data of success of marketing
  • email- email to potential customers
  • monile phones amd apps- send notifications about promotions to customers
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11
Q

What are the 7ps of marketing mix?

A
  • product- a business can adjust the features, appearance and packaging of a product to create a competitive advantage
  • price- production costs, competition and demand can all affect the pricing strategy
  • place- a business needs to decide where is the best place to distribute a product
  • promotions- use of promotion methods to make customers aware of their products and services
  • people, any member of staff who is in contact with a customer of the business
  • process, the systems and procedures that are put in place to deliver a product or service to a customer
  • physical evidence- the physical experience of the customer
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12
Q

What is product portfolio

A

It is the range of products and services that a company offers/ sells

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13
Q

What are advantages of product portfolio? (4)

A
  • avoids seasonal fluctuations and newer products replace the older products
  • Range of products to spreads risk of failure
  • increases sales and profits as can appeal to different segments of the market
  • easier to launch new products
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14
Q

What are disadvantages of product portfolio? (3)

A
  • high costs of research and development due to the number of products
  • increased marketing costs due to the range of products
  • bad publicity for one product may be reflected in others
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15
Q

What are advantages and disadvantages of Boston matrix product portfolio (4 advantages and one disadvantage)

A
  • cash cows can fund riskier ventures
  • stars allow a business to be the market leader, creating a good brand image
  • question marks gives opportunities for growth
  • dogs can be divested to reduce losses
  • dogs can drain the business if profits unless they are divested
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16
Q

What are some methods of market research and define them (5)

A
  • personal interview- conducted personally from a interviewer and respondent
  • postal survey- mail in the form of a questionnaire
  • telephone survey- contacting customers over the phone and asking questions
  • social Networking- gaining feedback from places like Facebook
  • EPOS- information gathered when purchasing eg. loyalty cards
17
Q

What are advantages and disadvantages of a personal interview? (3 advantages 2 disadvantages)

A

Advantages

  • two way communication- get good sense of communication
  • researcher can encourage respondents to answer
  • mistakes and misunderstanding can be cleared up right away

Disadvantages
Expensive, have to source the staff to give the interview
- time consuming - research have to be selvted and trained

18
Q

What are advantages and disadvantages of postal surveys (1 A 2D)

A
  • inexpensive as no interview training needed
  • questions must be simple and easy to answer
  • response rate slower and sometimes incentives needed
19
Q

What are advantages and disadvantages of telephone surveys?(2A 1D)

A
  • can reach a large geographical area
  • inexpensive as don’t need a premisses
  • response rate may be slow as people view it as a nuisance call
20
Q

What are advantages and disadvantages of social networking(2 A 1 D)

A
  • large numbers reach
  • 2 way communications and questions posted and answered quickly
  • customers may ignore as may not be truthful
21
Q

What are advantages and disadvantages of EPOS 2 each)

A
  • large quantities of info, factual that’s not just opinions
  • can link to advertisement and promotion
  • expensive to set up
  • no opportunity for opinions
22
Q

Differences in price skimming and penetration

A
  • penetration is set low due to the amount of competition whereas skimming is set high from not a lot of competition
  • penetration can create customer loyalty as they have a chance to ‘try’ the products at reasonable pricing whereas skimming won’t have as much customer loyalty as the prices don’t give the chance to ‘try’ the product
  • penetration prices can begin to rise once loyalty has been established whereas skimming prices have to be lowered when more competition comes into the market
23
Q

What are some technology in marketing 5)

A

Word- used to type sake reports and press releases

  • social media- used to interact with customers from larger distances
  • internet- can be used for market, desk research
  • email- message customers and potential customers
  • mobile phones- send notifications to customers
24
Q

Benefits of product portfolio (4)

A
  • cash cows don’t require much marketing and makes lots of profits, fund riskier ventures
  • new products can replace older products, avoiding seasonal fluctuations
  • may appeal to different target segments, increases overall brand awareness
  • stars allow to be market leader, creates a better brand image, increasing sales and profits

Business (7 decks)

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