Marketing Flashcards
Field research
. When someone goes out and collect information
. Primary source of information and this firsthand
. Information is new and up-to-date but expensive
.Time consuming process
. Gives businesses a competitive advantage as competitors do not have access to this information
Advantages and disadvantages of a questionnaire
Advantages
. Relatively inexpensive method
. People can be targeted in a large areas
Disadvantages
. Not always a high response level
. Clarification can’t always begin so questions may be skipped
Advantages and disadvantages of an interview
Advantages
. Clarification can happen of questions are not understood
. Information is obtained instantly
Disadvantages
. Time consuming
.Expensive as interviews need to be paid on analysis will need to be done manually and can take a long time
Advantages and disadvantages of hsll tests
Advantages
. Diverse groups can be asked
. First-hand information
Disadvantages
. People may feel like they need to give positive feedback
. Can be expensive to make changes to products
Advantages and disadvantages of focus groups
Advantages . First-hand information is gathered . Lots of opinions will be gathered   Disadvantages . People may feel like they can’t disagree so false information is gathered
Desk research
. Can be researched at a desk cost-effective
. Old information
. May not be specific to your needs
. Can be bias
Advantages and disadvantages of written research
Advantages
. Can be kept for future reference
. More accurate than relying on memory
Disadvantages
. Unable to obtain clarification
. Must be illiterate 
Advantages and disadvantages of oral research
Advantages
. Instant response and clarification
Disadvantages
. No evidence of not recorded
Advantages and disadvantages of pictorial research
Advantages
. Information is attractive and easily understood
Disadvantages
. Not suited to all information
Advantages and disadvantages of graphical research
Advantages
. Comparisons can be made easily and presented clearly
Disadvantages
. Requires skills to create graphs
. Information is to be understood for graph to be valuable
Advantages and disadvantages of numerical research
Advantages
. Clear information and easily understood
. Comparisons can be made easily
Disadvantages
. Requires numeracy skills
.May not have meaning if not explained properly
What is a product portfolio
The different products and organisation chooses to sell
Disadvantages of a product portfolio
. Cost of promoting and advertising different products that are different segments will be expensive
. Everyone product has a bad reputation this may have an impact on the rest of the portfolio
. Research and design costs can be high to maintain the success of variety of products
. Staff may require training which is time-consuming and expensive
Advantages of a product portfolio
. To spread the risk of failure – if sales of one product fail another could be growing
. The chances of success with the new products are enhanced because loyal customers
. Increase customer sales
What is meant by skimming pricing strategy
The prices say hi to begin with and laws overtime
Short term strategy
Advantages of skimming
. Lack of competition allows maximum prices to be changed
. Higher return on investment
. It’s segments the market
Disadvantages of skimming
. Prices skimming attracts competitors
. You may end up with excess inventory of skimming fails
Penetration
Price set low to begin with and increases over time
Used in a highly competitive market 
Advantages of penetration
. Encourages customers to try new products
. More brand loyalty
Disadvantages of penetration
. Potential price wars
Short-term it will make a loss or very low profit
How is technology used within a business
Used to interact with customers, marketing opportunities and strong brand image