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Marketing Flashcards

1
Q

What is marketing

A

The process of indentifying and satisfying customer needs profitably

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2
Q

Ways of meeting customer needs

A

Suggestion box
Questionnaire
Focus groups
Complaints

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3
Q

What is market segmentation

A

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

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4
Q

Types of segmentation

A

Gender
Age
Location
Income

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5
Q

What is market research

A

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

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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

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7
Q

What does market research gather information

A

Demand
Market share
Competition
Target market

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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

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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

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10
Q

What is primary market research

A

Use data gathered for the first time

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11
Q

What is secondary market research

A

Uses data that has been gathered already

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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

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13
Q

Disadvantages of secondary market research

A

The existing data may not be exactly what the business wants

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14
Q

What is product differentiation?

A

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

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15
Q

4 p’s of marketing mix

A

Price
Place
Promotion
Product

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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

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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

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18
Q

What is price penetration

A

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

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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

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20
Q

Disadvantage of price penetration

A

Lower short-term profits

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21
Q

Disadvantage of price-skimming

A

Slows unit sale growth

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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

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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
What is the product life cycle
A series of stages that a product goes through over its lifetime.
26
Research and developmeng
The before a product has actually been made | Businesses will invest in researching a certain area of the market to discover opportunities
27
Introduction stage
Where a business a introduces or launches the new product to the market. Marketing and advertising are important in this stage
28
Growth stage
Sucessfull products often undergo a period of growth as more and more customers buy the product
29
Maturity stage
The of new customers buying the product has slowed down
30
Saturation stage
The sale of the product have reached its peak and no longer increase but remain steady
31
Decline stage
Changes in fashion, consumer preference, technological advances and new competiton can all cause the decline of a product
32
What is an extension strategy
Try to prevent a product from reaching the stage where sales start to decline
33
Examples of extension strategies
Rebranding or repackaging Advertising New feature Change target market
34
What is a product portfolio
A full range of products and services that a company offers
35
What is the Boston Matrix
A way for firms to analyse their product portfolios. It organises products into 4 categories based on market share and market growth
36
What is a star in the boston matrix?
Products in a portfolio that have a high a market share in a fast growing
37
What are cash cows in the Boston Matrix
Products with a high market share in a slow growing market
38
What is a problem child in the Boston matrix
Low market share in a fast growing market
39
What are dogs in the Boston Matrix
Low market share in a slow growing market
40
How do businesses use the Boston matrix
Help allocate investments so the portfolio is diversified
41
Examples of promotional methods
``` Sponsorship Public relations Advertising Product placements Sales promotion Social media ```
42
What is public relations
PR is all about a business' reputation. PR involves maintaining a good public image
43
What is the aim of public relations
To make sure the information spread by the company is as positive as possible
44
Types of sales promotions
``` Point of sale displays Samples Competition Value for money Free gifts Discount coupons ```
45
What is a sponsorship
Paying athletes, celebrities or other organisations for them to advertise for a business
46
How can firms use social media for promotion
Can use it for paid advertisements as well as creating their own pages to share content
47
What is product placement
When products are clearly fewture in comercial Tv or films
48
What is the promotionsl mix
Combination of different promotional methods that a business uses
49
Factors that influence the promotional mix
``` Target market Nature of product or service Nature of market Competitor actions Finance available ```
50
What is a distribution channel
Describes how the ownership of a prodcut passes from the producer to final customer
51
What is a wholesaler
Buy in large communities from producer and sell to retailers
52
What is an intermediaries
In between producer and consumer
53
Producer -> consumer advantages
Producer keeps all the profit Full control of marketing mix Direct feedback Charge lower price - increased demand
54
Producer -> consumer cons
Responsible for storage, promotion and delivery | Lower sales
55
Pros of producer -> retailer -> consumer
Way to overcome marketing cost and more reacg
56
Cons of producer -> retailer -> consumer
Won't recieve full price
57
Producer - wholsaler - retailler - consumer pros
Lower distribution and logistics costs | Lower marketing costs

Business Studies (5 decks)

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