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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing

A

Meeting the aim of increasing sales

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2
Q

Place

A

How the product is distributed

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3
Q

Channels of distribution

A

Link between production and consumption

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4
Q

5 distribution channels

A

Producer - consumer

Producer - agent - consumer

Producer - retailer - consumer

Producer - wholesaler - consumer

Producer - wholesaler - retailer - consumer

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5
Q

Types of retailer

A

Multiples
Department stores
Convenience stores
Independents
Franchises

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6
Q

Agents

A

Negotiates between producer and buyer
Reduce marketing costs for producers

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7
Q

Online distribution

A

Tangible product purchased online and delivered

+ geographical reach increased
+ lower overheads
+ open at all times

  • complicated and costly shipping and returns
  • high initial investment
  • security problems
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8
Q

Digital distribution

A

Electronic purchase

+ 24/7 purchases
+ cost saving
+ no storage costs

  • not suitable for physical products
  • relies on internet access
    -ongoing costs
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9
Q

Social media advantages

A

More cost effective than other mediums
Boost traffic to website
Reach target audience
Personal customer interaction

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10
Q

Social media disadvantages

A

Dedication to creating content and responding
Brand recognition managed by inappropriate posts, failing to respond
Negative effects from influencer controversy

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11
Q

Brand

A

Name, sign, symbol, design, slogan linked to particular product/service in order to differentiate from competition

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12
Q

Drip marketing

A

Automated processes that send messages to customers to move them through the sales cycle

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13
Q

Viral marketing

A

Use of social media to increase brand awareness

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14
Q

Service marketing

A

Type of marketing for services, contains 3 extra Ps - people, process, physical

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15
Q

People

A

People who make content with customers in delivering the service

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16
Q

Process

A

Systems and processes that deliver a service to a customer

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17
Q

Physical

A

The elements of the physical environment the customer experiences

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18
Q

Advertising elasticity of demand (AED)

A

% change in demand / % change in advertising spend

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19
Q

Cost plus pricing

A

% added on to cost of making the product to give the selling price

+ straightforward and easy to calculate
- ignores the concept of elasticity

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20
Q

Competitor pricing

A

Prices are set based on the prices that rivals are charging. Prices usually set lower.
+ prevents loss of customers
- discourages businesses to focus on non price differences

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21
Q

Marginal pricing

A

Setting price based on the variable cost to produce an extra unit of output
+ useful for selling excess capacity
- wont gain loyal customers

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22
Q

Contribution pricing

A

When the price charged is based on the variable costs of production
+ creates a focus on costs
-not necessarily competitive

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23
Q

Price skimming

A

Price set high because customers are willing to pay more to own product
+ indicates high quality to customer
- competitors enter and apply pricing pressure

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24
Q

Penetration pricing

A

Price is set low when business is new to market
+ encourages word of mouth promotion
- customers expect permanently low prices

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25
Q

Psychological pricing

A

Triggers emotional response eg £9.99
+ customers may round price down
- rational customers wont fall for it

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26
Q

Boston matrix

A

What a business uses if they have a range of products to allocate efficiently
Question marks, stars, dogs, cash cows

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27
Q

Stars

A

High market growth products with high market share

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28
Q

Cash cows

A

Low market growth products with high market share

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29
Q

Question marks

A

Low market share in high growth markets

30
Q

Dogs

A

Low market share in low growth markets

31
Q

3 aspects to value analysis

A

Function, cost of production, aesthetics

32
Q

Ansoffs matrix

A

Market penetration, product development, market development, diversification

33
Q

Above the line promotion

A

Uses media, no direct contact with potential customer

34
Q

Below the line promotion

A

Directly contact potential customer

35
Q

Product life cycle

A

Describes the stage that a product goes through over time
Introduction, growth, maturity, decline

36
Q

Product positioning

A

Plotting grid where each product sits on scales based on two important features of market

37
Q

Above the line promotion examples

A

Radio, magazines, cinema, sponsorship, newspapers

38
Q

Personal selling

A

Direct link between customer and salesperson

39
Q

Personal selling advantages

A

More personal
Direct to target audience
Better relationship with customers
Easier to find info
Knowledgable sales people

40
Q

Personal selling disadvantages

A

Time consuming
Expensive
Limited

41
Q

Below the line examples

A

Leaflet distribution
Email
Telesales
Product sampling
Trade fairs

42
Q

B2B business to business

A

Another business sells to another business
- personal selling, trade fairs, trade magazines

43
Q

B2C - business to consumer

A

Business sells to customer or consumer

44
Q

Niche marketing

A

Targeting smaller section of market, customers have specific needs and wants

45
Q

Niche marketing + -

A

+Less competition
+Clear focus

-lack of EOS
-over dependancy

46
Q

Mass marketing

A

Selling into largest part of market, many similar products on offer

47
Q

Market segmentation

A

Market split into different groups with different characteristics and needs

48
Q

Types of market segmentation

A

Age, location, gender, income, occupation, religion, interests/tastes

49
Q

Why is it important for businesses to segment market

A

Take advantage of new opportunities for growth
Cost effective advertising
Customers differ
Maximise profits

50
Q

Limitations of market segmentation

A

Lack of info and data
Difficulty measuring and predicting consumer behaviour
Hard to reach customer segments once identified
Over-segmenting will have reverse effect

51
Q

Impulse purchase

A

Unplanned decision by consumer to buy a product, irrational and emotional

52
Q

Planned purchase

A

Rational decision, carefully weighing necessity of the item

53
Q

Consumer and buyer behaviour =

A

Impulse and planned purchases

54
Q

Customer orientation

A

Business responds to customer needs and wants - designs product accordingly

55
Q

Product orientation

A

Business develops products based in what it is good at doing

56
Q

Customer orientation + -

A

+ customer retention
+ well matched to needs and wants
-market research needed
-time consuming
-costly

57
Q

Product + -

A

+Leads to innovation
-need to find customers to sell to

58
Q

Price elasticity of demand PED

A

% change in Demand / % change in Price

59
Q

Cross elasticity of demand

A

% change in Demand of good A / % change in price of good B

60
Q

Income elasticity of demand

A

% change in demand / % change in income

61
Q

Standard deviation

A

More accurate mes sure of spread, how far away individual measures are from mean

62
Q

Standard deviation calculation

A

Find average
Each Value - average
Square the answers
Find average
Square root answer

63
Q

Simple random sampling

A

Every individual within population is equally likely to be selected, randomly chosen

64
Q

Systematic sampling

A

Every ‘nth’ individual from the list is selected from a randomly selected starting point. Not give equal chance for each individual
need to be aware of hidden patterns in the list

65
Q

Quota sampling

A

Divide population into subgroups, choice then left up to interviewer. Potential bias.

66
Q

Stratified sampling

A

Population divided into sub groups or strata. Random sample is then taken. More accurate representation. No bias. Takes time.

67
Q

Convenience sampling

A

Using individuals who come to hand most easily

68
Q

Cluster sampling

A

Divide population into natural groups, then randomly select sample of clusters

69
Q

Market analysis

A

Quantitative & qualitative assessment of a market factors considered
Factor considered: size of market, customer segments, buying pattern, competition

70
Q

Marketing objectives

A

Set out what a business wants to achieve form marketing activities, needs to be consistent with overall aims & objectives of the business.

Eg, increase market share
Launch products in new market
Increase sales to 30-40 year olds by 10%
Improve customer service

71
Q

SWOT

A

Help business to asses its current position in order to make best decisions for its future strategy.

Strengths
Weaknesses
Opportunities
Threats

Business (8 decks)

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