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Nat 5 Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

What are the two categories of Market Research?

A
  1. FIELD RESEARCH - this collects PRIMARY information

2. DESK RESEARCH - collects SECONDARY information.

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2
Q

Can you provide examples of FIELD research?

A
  1. Street surveys
  2. Postal survey
  3. Telephone survey
  4. Group discussions (Focus groups)
  5. Hall test
  6. Customer audits
  7. Observation (e.g. CCTV)
  8. Test marketing
  9. Use of technology
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3
Q

Can you provide examples of Desk research?

A
  1. Reference books
  2. Newspapers
  3. Company websites
  4. Government reports
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4
Q

Describe the TYPE of the following Market Research examples, and provide a COST and BENEFIT for each:

Sales records
Internet
Newspapers
Questionnaires

A
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5
Q

Outline the stages of NEW PRODUCT DEVELOPMENT

A
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6
Q

Define an own-brand

A

This is a product sold by a retailer with their own name e.g. Tesco Finest

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7
Q

Describe the COSTS of branding

A
  1. It is expensive to establish a brand
  2. It is easily copied
  3. The celebrity can give the firm a bad name
  4. If the brand is distinctive, it can be difficult to launch different products
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8
Q

Describe the BENEFITS of branding

A
  1. It provides an image of quality
  2. Can charge a higher price
  3. Easier to launch new products
  4. Sets product apart from competition
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9
Q

Describe the COSTS of Packaging

A

It can be expensive

It can be excessive

It can be bad for environment

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10
Q

Describe the BENEFITS of Packaging

A

Protects goods in transit

Gives information about product

Can give image of quality

Sets product apart from competition

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11
Q

Provide examples of PRICING techniques

A 
Premium pricing
Competitive pricing
Low pricing
Skimming pricing
Penetration pricing
Promotional pricing
Discrimination pricing
Loss leaders
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12
Q

Define the following pricing technique: PREMIUM PRICING

A

Premium Pricing - where a high price is set to be perceived as quality

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13
Q

Define the following pricing technique: COMPETITIVE PRICING

A

Where a firm prices in line with competition

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14
Q

Define the following pricing technique: LOW PRICING

A

Where a firm prices lower than the competition

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15
Q

Which factors influence where a business is LOCATED?

A
  1. Competition
  2. Availability of resources
  3. Costs
  4. Government Incentives
  5. Transport links
  6. E-commerce (online)
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16
Q

Describe the following factor to location: COMPETITION

A

The firm will want to avoid competition as it could start a price war.

17
Q

Describe the following factor to location: AVAILABILITY OF RESOURCES

A

Some businesses need to be close to where they get their raw materials e.g. food suppliers near farm

18
Q

Describe the following factor to location: COSTS

A

Firms like to locate where costs are cheaper

19
Q

Describe the following factor to location: GOVERNMENT INCENTIVES

A

Governments may give incentives to encourage firms to locate in areas e.g. where high unemployment

20
Q

Describe the following factor to location: TRANSPORT LINK

A

Many firms aim to locate next to a motorway to deliver their products easily

21
Q

Describe the following factor of location: e-COMMERCE

A

This is when a firm sells over the website

22
Q

Provide a cost and benefit of the following form of promotion: BROADCAST e.g TV, radio, cinema

A

COST: Message is short lived

BENEFIT: High impact with the visuals

23
Q

Provide a cost and benefit of the following form of promotion: PRINT e.g. newspapers

A

COST: No sound so impact is reduced

BENEFIT: Coloured images on the front have high impact

24
Q

Provide a cost and benefit of the following form of promotion: APPS

A

COST: Customers can skip advert

BENEFIT: Cheaper than TV

25
Q

Provide a cost and benefit of the following form of promotion: SMS MESSAGING

A

COST: Can be seen as junk mail

BENEFIT: Cheap to print and send out

26
Q

Describe how the following type of technology can be used by the marketing department: WEBSITE

A

You can update website easily with adverts etc

27
Q

Describe how the following type of technology can be used by the marketing department: DATABASE

A

You can sort customer data to get a good profile of your customers

28
Q

Describe how the following technology can be used by the marketing department: DTP

A

The firm can design and produce their own advert. The firm can update menus.

29
Q

Describe how the following technology can be used by the marketing department: ON-LINE SURVEYS

A

It performs calculations to show percentages.

Cheap for firm as no postal costs.

30
Q

Describe how the following technology can be used by the marketing department: SOCIAL MEDIA

A

Can get adverts out quickly.

Can get quick feedback.

31
Q

Describe how the following technology can be used by the marketing department: QR CODES

A

The customer has instant access to business.

The firm can collect customer data from QR codes

32
Q

Describe how the following technology can be used by the marketing department: EMAIL

A

The firm can communicate with customers quickly.

Very cheap to communicate with many people

33
Q

Describe how the following technology can be used by the marketing department: APPS

A

Open 24 / 7

Easy to update

Can be accessed on multiple platforms

Nat 5 Business Studies (5 decks)

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