Marketing Flashcards

1
Q

Field research

A

. 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

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2
Q

Advantages and disadvantages of a questionnaire

A

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

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3
Q

Advantages and disadvantages of an interview

A

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

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4
Q

Advantages and disadvantages of hsll tests

A

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

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5
Q

Advantages and disadvantages of focus groups

A
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
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6
Q

Desk research

A

. Can be researched at a desk cost-effective
. Old information
. May not be specific to your needs
. Can be bias

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7
Q

Advantages and disadvantages of written research

A

Advantages
. Can be kept for future reference
. More accurate than relying on memory

Disadvantages
. Unable to obtain clarification
. Must be illiterate 

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8
Q

Advantages and disadvantages of oral research

A

Advantages
. Instant response and clarification
Disadvantages
. No evidence of not recorded

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9
Q

Advantages and disadvantages of pictorial research

A

Advantages
. Information is attractive and easily understood
Disadvantages
. Not suited to all information

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10
Q

Advantages and disadvantages of graphical research

A

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

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11
Q

Advantages and disadvantages of numerical research

A

Advantages
. Clear information and easily understood
. Comparisons can be made easily
Disadvantages
. Requires numeracy skills
.May not have meaning if not explained properly

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12
Q

What is a product portfolio

A

The different products and organisation chooses to sell

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13
Q

Disadvantages of a product portfolio

A

. 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

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14
Q

Advantages of a product portfolio

A

. 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

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15
Q

What is meant by skimming pricing strategy

A

The prices say hi to begin with and laws overtime

Short term strategy

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16
Q

Advantages of skimming

A

. Lack of competition allows maximum prices to be changed
. Higher return on investment
. It’s segments the market

17
Q

Disadvantages of skimming

A

. Prices skimming attracts competitors

. You may end up with excess inventory of skimming fails

18
Q

Penetration

A

Price set low to begin with and increases over time

Used in a highly competitive market 

19
Q

Advantages of penetration

A

. Encourages customers to try new products

. More brand loyalty

20
Q

Disadvantages of penetration

A

. Potential price wars

Short-term it will make a loss or very low profit

21
Q

How is technology used within a business

A

Used to interact with customers, marketing opportunities and strong brand image