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marketing Flashcards

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1
Q

Influences on marketing objectives

A 
External:
- market (economy)
- competitors 
- technology 
- ethics/environmental factors
Internal:
- finance
- HR
- Corporate objectives
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2
Q

Market mapping analysis

A
  • shows gaps in market
  • shows price customers are willing to pay –> help with pricing strategy
  • can show how to reposition declining product
  • however can be biased, matter of opinion
  • doesn’t show the full picture
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3
Q

Reasons for market research

A
  • spot opportunities
  • aid in decision making (launch new products)
  • evaluate success of plans
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4
Q

examples of quantitative research

A

Numerical research
- questionnaires and surveys
Fixed , predetermined responses

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5
Q

Examples of qualitative research

A
  • focus groups

Focus on the opinions of the respondents

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6
Q

Examples of secondary market research

A
  • Internal sources - previous reports
  • ## external sources- government publications reports, marketing agency reports, pressure groups etc
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7
Q

Examples of primary research

A
  • focus groups
  • questionnaires
  • interviews
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8
Q

Sampling in market research

A

Taking a small percentage of the target market to represent the market as a whole.

  • simple random sample
  • stratified sample- population is divided into groups and sample is picked from that group
  • quota sample - people picked who fit a specific category
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9
Q

What is extrapolation

A

Prediction of future sales based upon previous results within the business. Can allow business to set targets

  • useful in fairly stable markets
  • reliance on past trends remaining true
  • doesn’t take into account sudden unexpected events - new tech
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10
Q

What is correlation

A

shows the relationship between two variables.

- external factors NEED to be considered

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11
Q

What are confidence intervals

A

indicate how sure a company is that the data they have collected represents the population as a whole

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12
Q

How is technology used to gather customer information?

A

allows businesses to understand consumer trends in given locations. Allowing them to formulate promotional schemes that are targeting the right people, scaling down the marketing scheme making it cheaper and more effective.
Examples include loyalty cards

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13
Q

Advantages of using software to carry out market analysis

A
  • computers can process more data than people
  • computers reduce the risk of human error
    -businesses can find programs that fit there specific requirements
    -
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14
Q

Downsides of using tech to carry. out data analysis

A
  • requires heavy investment ‘big data’ prevents regular computers being able to process it
  • staff need to be trained to use the software - time consuming and expensive
  • risk of valuing quantity over quality of the information
  • some company computer systems may not be accurately handling the job
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15
Q

Give an example of a company that struggled with tech and marketing analysis

A

Tesco -

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16
Q

Price elasticity of demand formula

A

% change in quantity demand / % change in price

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17
Q

What does a PED of greater than 1 show

A

Price elastic goods - % change demanded is greater than the % change in price

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18
Q

What does a PED of less than 1 show

A

Inelastic goods

% change in demand is less Than the % change in price

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19
Q

What products are price inelastic

A

NECESSARY GOODS - milk.
However if a customer can switch to a competitors product then the good is elastic
swapping from warburtons bread to hovis.
Therefore to prevent this businesses would want to focus on generating strong brand loyalty.

20
Q

Income elasticity of demand formula

A

% change in quantity demanded/ % change in real income

21
Q

Normal goods (YED)

A

positive YED that’s less than 1.

meaning that as incomes rise so too does the demand - but at a slower rate in comparison to incomes

22
Q

Luxury goods (YED)

A

positive YED which is more than 1 . demand for luxury goods grows after than the increase in income

23
Q

Inferior goods YED

A

Cheap ‘value’ products - Tesco everyday value.

NEGATIVE income elasticity of demand, as incomes rise demand falls and demand rises when incomes fall.

24
Q

What are the different ways to segment a population

A
  • demographic
  • geographic
  • income
  • behaviour
25
Q

What are the different ways to segment a population

A
  • demographic
  • geographic
  • income
  • behaviour
26
Q

Why is segmentation useful and what are the drawbacks

A
  • identify new customers, markets and products
  • identify the best way to market products
  • can cause companies to ignore the needs of potential customers
  • ## can be difficult to break the market into obvious segments
27
Q

What is targeting

A

How a business decides which segments to target

  • concentrated marketing = one or two segments - good for small businesses with limited resources
  • differentiated marketing = several segments, 7Ps and Marketing mix adapted to fit each segment, good for large companies
  • Undifferentiated marketing = company tries to reach the entire market with a single product and marketing mix, makes sense for widely used products, advantage of high sales volume and relatively low marketing costs
28
Q

Benefits and drawbacks of operating in a niche market

A
  • charge premium pricing
  • brand loyalty
  • less competition
  • difficult to gain customer base
  • limited growth
  • strong marketing needed
29
Q

What is positioning

A

Creating an image of a brand or product in the mind of the target customer
How a business can covince consumers that your product has benefits for them and to differentiate it from the competition in a way that is relevant to them

30
Q

Influences on positioning

A
  • state of the market, economy recession = positioning to be better value for money, boom= great quality and environmentally friendly
  • companys current products - if pre-existing products are seen as reliable and cheap they would want new products to be seen this way too
  • attributes of the company - innovative business = focus on unique, cutting edge products
31
Q

influences on the marketing mix

A
  • competitors: price would likely need to be competitive, focus on promotional schemes, people within the business must provide good quality service
  • target market segment: wealthy consumers will be less price sensitive, different markets will have access to different media marketing outlets,
  • where the company wants to position the products - well trained knowledgable staff, selling expensive products, exclusive stylish stores, fitting a brand wanting to have a more high end appeal
  • business location would impact their ability to provide specific thing (PROCESS- companies in Alaska wouldn’t be able to provide products next day
  • type of product - pormotion and physical environment aren’t as important for cheap products
  • product life cycle, product mix
32
Q

How business resource affect marketing mix

A
  • marketing and corporate objectives, airport wants to increase brand loyalty - offer discounts to frequent customers, promotions on prices
  • financial state of the business
  • suppliers for small businesses less able to offer credit or discounts - only able to produce small quantities - impacting price and process
  • brand image
  • knowledge and skills of employees- justification for increasing prices.
33
Q

How can changing the marketing mix make a business more competitive

A

Need to fit the consumer trends and changes in order to remain profitable,
need to stay up to date with technology advances that can allow the consumers experience to be better (McDonalds - automated order system)
Social factors - increased number of pensioners= development of product and how it is promoted
New laws - impact products, promotion (fags can’t be advertise on TV), process, place (pandemic, social distancing)

34
Q

Question marks (problem chlildren Boston matrix)

A
  • new products
  • small market share but high market growth
  • ## HEAVY marketing needed
35
Q

Cash cows (Boston matrix)

A

high market share but LOW market growth.
Maturity stage of the product life cycle
bring in a lot of money

36
Q

Stars (Boston matrix)

A
  • high market share high market growth
  • profitable growth stage
  • spend a lot of money promoting as competitors ALSO take advantage of high market growth
  • money needs to be spent to increase business capacity
37
Q

Dogs (Boston matrix)

A

low market share and low market growth
allows business to harvest profits in the short term
- sold off if not making any profit

38
Q

why would businesses want to develop new products

A
  • new customers
  • competitive advantage
  • maintain balanced product portfolio
39
Q

state the stages of the product life cycle

A
  1. development phase
  2. introduction phase
  3. growth phase
  4. maturity phase
  5. decline phase
40
Q

Development stage product life cycle:

A 
Heavy Research and development 
market research 
costs are high , no profits 
high failure due to lack of demand and lack of ability to produce cheaply enough to make profits
- focus on product and price
41
Q

Introduction phase

A
  • promotes heavily
  • need for resources and capacity to meet demand
  • initial high pricing to fund promotional costs (price skimming)
  • lack of distribution outlets for new product
  • competition MAY be limited
  • focus on place and promotion- training people in business
42
Q

Growth phase

A

New customers and repeat customers
fast growing sales
increased comp as they are attracted to the market
- product development/ improvement
- access to more distribution outlets
- people and physical environment and process focus
-

43
Q

Maturity phase

A
  • sales reach peak
  • increased profitability - fixed costs paid off
  • potential for market saturation leading to drop in sales
  • competition becomes intense
44
Q

Decline phase

A
  • product doesnt appeal to customers
  • sales fall
  • may stay profitable if promotional costs are reduced
  • product withdrawn or sold (divestment)
45
Q

What are extensions strategies and examples

A
  • prolong the life of a product by changing the marketing mix
  • product development - improving product through redesign, special editions
  • Market development - find new markets or new uses for existing products, aim products at new segment of market
    Change distribution of the product - selling on the internet, selling through supermarkets, different countries
  • change price of product
  • promotion of product

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