Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

What is marketing

A

The process of indentifying and satisfying customer needs profitably

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Ways of meeting customer needs

A

Suggestion box
Questionnaire
Focus groups
Complaints

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is market segmentation

A

Segmentation occurs when a market is divided into different groups of needs and wants.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Types of segmentation

A

Gender
Age
Location
Income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is market research

A

The process of gathering, analysing and processing fata relevant to market decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the purpose of market research

A

Without information on their products, their markets and their competitors a business will be taking major risks and face a lot of unknown

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What does market research gather information

A

Demand
Market share
Competition
Target market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a quantitative data

A

Involves using numbers such as the size of the market, the growth of a market or number of customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is qualitative data

A

Involves views and opinion but does not provide statistically reliable information. Eg talking to a small group of people. It focuses on why people do things

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is primary market research

A

Use data gathered for the first time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is secondary market research

A

Uses data that has been gathered already

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Advantages of secondary market research

A

It can be gathered quickly and cheaply

It can provide information on large section of the population

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Disadvantages of secondary market research

A

The existing data may not be exactly what the business wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is product differentiation?

A

Making your products distinct from competitors and achieve a unique selling point

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

4 p’s of marketing mix

A

Price
Place
Promotion
Product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

4 factors that influence a firms pricing decisions

A

Costs
Product lifecycle - firms may charge higher at the launch of a product
Nature of the product - whether it it luxury or hard to differentiate it
Degree of competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is price skimming

A

A pricing method where a business sets a relatively high initial price and then gradually lower it over time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is price penetration

A

Where a business tries to incease market share by offering a low initial price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are loss leaders

A

Products that are sold by a business at a price where the business makes a loss to attract new customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Disadvantage of price penetration

A

Lower short-term profits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Disadvantage of price-skimming

A

Slows unit sale growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is competitive pricing

A

When a business sets its prices for its products and services based on what other firms are charging

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is cost-plus pricing

A

Pricing strategy where a business charges the customer based on what it costs to produce it

24
Q

What is the design mix

A

Cost
Function
Aesthetics

25
Q

What is the product life cycle

A

A series of stages that a product goes through over its lifetime.

26
Q

Research and developmeng

A

The before a product has actually been made

Businesses will invest in researching a certain area of the market to discover opportunities

27
Q

Introduction stage

A

Where a business a introduces or launches the new product to the market. Marketing and advertising are important in this stage

28
Q

Growth stage

A

Sucessfull products often undergo a period of growth as more and more customers buy the product

29
Q

Maturity stage

A

The of new customers buying the product has slowed down

30
Q

Saturation stage

A

The sale of the product have reached its peak and no longer increase but remain steady

31
Q

Decline stage

A

Changes in fashion, consumer preference, technological advances and new competiton can all cause the decline of a product

32
Q

What is an extension strategy

A

Try to prevent a product from reaching the stage where sales start to decline

33
Q

Examples of extension strategies

A

Rebranding or repackaging
Advertising
New feature
Change target market

34
Q

What is a product portfolio

A

A full range of products and services that a company offers

35
Q

What is the Boston Matrix

A

A way for firms to analyse their product portfolios. It organises products into 4 categories based on market share and market growth

36
Q

What is a star in the boston matrix?

A

Products in a portfolio that have a high a market share in a fast growing

37
Q

What are cash cows in the Boston Matrix

A

Products with a high market share in a slow growing market

38
Q

What is a problem child in the Boston matrix

A

Low market share in a fast growing market

39
Q

What are dogs in the Boston Matrix

A

Low market share in a slow growing market

40
Q

How do businesses use the Boston matrix

A

Help allocate investments so the portfolio is diversified

41
Q

Examples of promotional methods

A 
Sponsorship
Public relations
Advertising
Product placements
Sales promotion
Social media
42
Q

What is public relations

A

PR is all about a business’ reputation. PR involves maintaining a good public image

43
Q

What is the aim of public relations

A

To make sure the information spread by the company is as positive as possible

44
Q

Types of sales promotions

A 
Point of sale displays
Samples
Competition
Value for money
Free gifts
Discount coupons
45
Q

What is a sponsorship

A

Paying athletes, celebrities or other organisations for them to advertise for a business

46
Q

How can firms use social media for promotion

A

Can use it for paid advertisements as well as creating their own pages to share content

47
Q

What is product placement

A

When products are clearly fewture in comercial Tv or films

48
Q

What is the promotionsl mix

A

Combination of different promotional methods that a business uses

49
Q

Factors that influence the promotional mix

A 
Target market
Nature of product or service
Nature of market
Competitor actions
Finance available
50
Q

What is a distribution channel

A

Describes how the ownership of a prodcut passes from the producer to final customer

51
Q

What is a wholesaler

A

Buy in large communities from producer and sell to retailers

52
Q

What is an intermediaries

A

In between producer and consumer

53
Q

Producer -> consumer advantages

A

Producer keeps all the profit
Full control of marketing mix
Direct feedback
Charge lower price - increased demand

54
Q

Producer -> consumer cons

A

Responsible for storage, promotion and delivery

Lower sales

55
Q

Pros of producer -> retailer -> consumer

A

Way to overcome marketing cost and more reacg

56
Q

Cons of producer -> retailer -> consumer

A

Won’t recieve full price

57
Q

Producer - wholsaler - retailler - consumer pros

A

Lower distribution and logistics costs

Lower marketing costs

Business Studies (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions