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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
Psychological pricing
Triggers emotional response eg £9.99 + customers may round price down - rational customers wont fall for it
26
Boston matrix
What a business uses if they have a range of products to allocate efficiently Question marks, stars, dogs, cash cows
27
Stars
High market growth products with high market share
28
Cash cows
Low market growth products with high market share
29
Question marks
Low market share in high growth markets
30
Dogs
Low market share in low growth markets
31
3 aspects to value analysis
Function, cost of production, aesthetics
32
Ansoffs matrix
Market penetration, product development, market development, diversification
33
Above the line promotion
Uses media, no direct contact with potential customer
34
Below the line promotion
Directly contact potential customer
35
Product life cycle
Describes the stage that a product goes through over time Introduction, growth, maturity, decline
36
Product positioning
Plotting grid where each product sits on scales based on two important features of market
37
Above the line promotion examples
Radio, magazines, cinema, sponsorship, newspapers
38
Personal selling
Direct link between customer and salesperson
39
Personal selling advantages
More personal Direct to target audience Better relationship with customers Easier to find info Knowledgable sales people
40
Personal selling disadvantages
Time consuming Expensive Limited
41
Below the line examples
Leaflet distribution Email Telesales Product sampling Trade fairs
42
B2B business to business
Another business sells to another business - personal selling, trade fairs, trade magazines
43
B2C - business to consumer
Business sells to customer or consumer
44
Niche marketing
Targeting smaller section of market, customers have specific needs and wants
45
Niche marketing + -
+Less competition +Clear focus -lack of EOS -over dependancy
46
Mass marketing
Selling into largest part of market, many similar products on offer
47
Market segmentation
Market split into different groups with different characteristics and needs
48
Types of market segmentation
Age, location, gender, income, occupation, religion, interests/tastes
49
Why is it important for businesses to segment market
Take advantage of new opportunities for growth Cost effective advertising Customers differ Maximise profits
50
Limitations of market segmentation
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
Impulse purchase
Unplanned decision by consumer to buy a product, irrational and emotional
52
Planned purchase
Rational decision, carefully weighing necessity of the item
53
Consumer and buyer behaviour =
Impulse and planned purchases
54
Customer orientation
Business responds to customer needs and wants - designs product accordingly
55
Product orientation
Business develops products based in what it is good at doing
56
Customer orientation + -
+ customer retention + well matched to needs and wants -market research needed -time consuming -costly
57
Product + -
+Leads to innovation -need to find customers to sell to
58
Price elasticity of demand PED
% change in Demand / % change in Price
59
Cross elasticity of demand
% change in Demand of good A / % change in price of good B
60
Income elasticity of demand
% change in demand / % change in income
61
Standard deviation
More accurate mes sure of spread, how far away individual measures are from mean
62
Standard deviation calculation
Find average Each Value - average Square the answers Find average Square root answer
63
Simple random sampling
Every individual within population is equally likely to be selected, randomly chosen
64
Systematic sampling
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
Quota sampling
Divide population into subgroups, choice then left up to interviewer. Potential bias.
66
Stratified sampling
Population divided into sub groups or strata. Random sample is then taken. More accurate representation. No bias. Takes time.
67
Convenience sampling
Using individuals who come to hand most easily
68
Cluster sampling
Divide population into natural groups, then randomly select sample of clusters
69
Market analysis
Quantitative & qualitative assessment of a market factors considered Factor considered: size of market, customer segments, buying pattern, competition
70
Marketing objectives
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
SWOT
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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