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Higher business > Marketing > Flashcards

Marketing Flashcards

1
Q

7ps

A

Price
Product
Promotion
Place
People
Physical evidence
Process

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2
Q

Types of market

A

Consumer
Industrial

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3
Q

Consumer market

A

Where individuals buy goods and services for their own personal use.

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4
Q

Industrial market

A

Where organisations purchase products to produce and provide other products.

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5
Q

Product led businesses

A

Where a business focuses on manufacturing the best product, rather than what the consumer wants.

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6
Q

Market lead businesses

A

Businesses which look at consumer needs and base their product off these needs.

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7
Q

Features of product lead businesses

A

Based of a product concept
In a market with low competition
No market research
Unresponsive to external factors

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8
Q

Features of market lead

A

Based off of consumer needs
In a market with high competition
Extensive market research
Responsive to external factors and consumer behaviour.

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9
Q

Undifferentiated marketing /mass marketing

A

Where a business sells their product to everyone.

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10
Q

Differentiated marketing /target marketing

A

Where businesses sell products to a specific group of the population.

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11
Q

Market segmentation

A

Where the business splits the population up based on different types of consumer within the population.

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12
Q

Types of market segmentation

A

Geographic
Demographic
Behavioural
Psychographic

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13
Q

Geographic market segmentation

A

Customer location
Region
ACORN classification
Whether it is rural or urban

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14
Q

Demographic market segmentation

A

Age
gender
Occupation

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15
Q

Behavioural market segmentation

A

Rate of usage
Loyalty status
Readiness to purchase

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16
Q

Psychographic

A

Personality
Lifestyles
Attitudes

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17
Q

Niche marketing

A

Identifying a gap in the market.

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18
Q

Consumer behaviour

A

The study of how individuals act when purchasing products, why customers purchase one product and not another.

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19
Q

Types of consumer behaviour

A

Habitual/ routine
Informed
Impulsive

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20
Q

Habitual /routine behaviour

A

Low customer involvement
Made automatically
Purchased often

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21
Q

Informed behaviour

A

Buyer takes time to investigate product
Alternatives are considered
Done when purchasing long lasting expensive items, therefore done infrequently

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22
Q

Impulsive behaviour

A

The customer purchases without planning
Influenced by point of sale

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23
Q

Advantages of market research

A

Business can gather feedback on how to improve products
Reduced risk on spending large amounts on unsuccessful products
Can gather information on consumer needs
Create a link between business and customers, enhancing business reputation.

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24
Q

Types of market research

A

Field and desk

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25
Q

Desk research

A

Where a business gathers secondary information from existing sources.

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26
Q

Field research

A

Where a business gathers primary information for a specific purpose by collecting their own data.

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27
Q

Methods of field research

A

Telephone survey
Postal survey
Online survey
Personal interview
Hall tests
Focus groups

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28
Q

Hall tests

A

Where a product is given to consumers so they can provide feedback

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29
Q

Focus groups

A

Where a group of customers is brought together to answer and discuss questions put forward by a market researcher, about the product.

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30
Q

Methods of desk research

A

Website
Government statistics
Newspapers
Books/ textbooks

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31
Q

Field research advantages

A

The information is complete
The information is up to date
The information is gathered for the business specific purpose
Not available to competitors

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32
Q

Field disadvantages

A

Not necessarily reliable due to consumers not being truthful
More time consuming than desk
More expensive than desk since it needs trained professionals

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33
Q

Desk advantages

A

Gather information quickly
Gather info cheaply -Doesn’t need trained professionals
The information is easy to look up and readily available.

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34
Q

Desk disadvantages

A

The information can be used by competitors
Not gathered for specific purpose
Information could be unreliable.
Could be out of date.

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35
Q

Sampling types

A

Random
Quota

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36
Q

Random sampling

A

Where the business doesn’t target any specific market segment and these people are used for their sampling no matter what.

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37
Q

Quota sampling

A

Where a business targets a specific market segment, by finding individuals within selected market, and carrying out their sampling on them until they have reached a specific target.

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38
Q

Product lifecycle

A

Product development
Introduction
Growth
Maturity
Saturation
Decline

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39
Q

Product development

A

Where the product is being designed and manufactured, these is no sales and a loss of profit

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40
Q

Introduction

A

The product is released to the public, it has no profit and low sales.

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41
Q

Growth product lifecycle

A

Where there is medium sales and medium profit due to an increase in brand recognition.

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42
Q

Maturity

A

Where there is maximised sales and maximised profit

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43
Q

Saturation

A

Where the business product begins to become less popular, and so profit and sales start to slowly decrease.

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44
Q

Decline

A

Where sales and profit rapidly decrease due to a product going out of fashion.

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45
Q

Extension strategies

A

Changing the price of the product
Changing the place of the product
Changing the method of promotion
Rebranding and repackaging the product.

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46
Q

Branding

A

Where a business or product is given a unique feature to make it more memorable and stand out from competition.

47
Q

Advantages of branding

A

Seen as higher quality
Makes the product distinguishable from competitors
Makes products more memorable and increases brand loyalty.

48
Q

Disadvantages of branding

A

Tarnish whole reputation with one product
Expensive to maintain brand image

49
Q

Product portfolio

A

The range of different products a business sells

50
Q

Types of product portfolio

A

Diversified product portfolio
Product line portfolio

51
Q

Product line portfolio

A

Where a business has a variety of similar products on sale

52
Q

Diversified product portfolio

A

Where the business sells a range of products over different markets.

53
Q

Advantages of selling a range of products /diversified product portfolio

A

Increased brand awareness
Easier to launch new products
Spread risk across markets
Increased profits
Cope with seasonal fluctuation

54
Q

Disadvantages of diversified product portfolio

A

High advertising costs
Increased R + D
whole product portfolio can be tarnished by one single failed product.

55
Q

Boston matrix

A

A method of analysing products within a product portfolio.

56
Q

Types of products in Boston matrix

A

Cash cows
Stars
Dogs
Question marks

57
Q

Cash cows

A

Low market growth
High market share
Maturity stage of PL

58
Q

Stars

A

High market growth
High market share
Growth stage of PL

59
Q

Question marks

A

Low market share
high market growth
Introduction stage of PL

60
Q

Dogs

A

Low market growth
Low market share
Decline stage of PL

61
Q

Factors affecting price

A

Target market
Demand
Objectives of business
External factors
Cost of production

62
Q

Pricing strategies

A

Cost plus
Price skimming
Penetration
Price discrimination
Destroyer
Loss leader
Promotional
Psychological

63
Q

Cost plus

A

Where a business adds a markup to a manufacturing price, so the business knows exactly how much gross profit they make

64
Q

Price skimming

A

Where a business starts off with a premium price and over time drops the price over time.

65
Q

Penetration pricing

A

Where a business starts their product at a low price and increases it once it has a loyal customer base.

66
Q

Price discrimination

A

Where a business charges different prices based on different consumers who purchase the product.

67
Q

Destroyer pricing

A

Where the business sets their price unprofitably low, in order to decrease competition within a market.

68
Q

Loss leader

A

Where a business sets their price low on one product in order to attract customers and make a profit on other products.

69
Q

Promotional pricing

A

Where a business uses sales promotional strategies such as a discount sale to pressure consumers into purchasing the product

70
Q

Psychological pricing

A

Where a business sets their price to just below a round number to trick customers into believing the product costs less than it actually does.

71
Q

Channels of distribution

A

Manufacturer to wholesaler to retailer to customer
Manufacturer to wholesaler to customer
Manufacturer to retailer to customer
Manufacturer to customer

72
Q

Wholesalers

A

A business which buys in large bulk from manufacturer and breaks the product down into smaller quantities by selling them onto retailers and customers.

73
Q

Retailers

A

A business which sells products to the public in small quantities for personal use.

74
Q

Advantages of wholesalers

A

Saves the manufacturer from making lots of smaller deliveries , decreasing delivery costs
Manufacturer can distribute large quantities of stock, meaning it doesn’t have to store this stock.

75
Q

Wholesalers disadvantages

A

Less profit for manufacturer due to high economies of scales and not selling directly to a consumer.
Manufacturer loses control over the product after selling it.

76
Q

Retailers advantages

A

Located close to customers
May promote the product and make a product more attractive to purchase
Large retailers can buy in bulk shifting stock
May employ sales assistants in order to shift stock, and buy more stock from manufacturer

77
Q

Dsv retailers

A

Retailers may take a cut of the profit the manufacturer makes
Retailers can alter the price to make a larger profit, meaning that less units sell
Products will face competition from other products stocked by a retailer.
Lose control of a product after it is sold to a retailer.

78
Q

Direct selling definition

A

Where a business sells from the manufacturer straight to the consumer.

79
Q

Methods of direct selling

A

Personal- sales members sell to a customer going door to door
Direct mail- posting letters and leaflets to potential customers to purchase a product
Mail order - selling through a catalogue
Tv shopping channels
Telephone selling
E-commerce

80
Q

Factors affecting channels of distribution

A

Finance
Desired image of product
Shelf life
Legal restrictions
Stage of the product lifecycle

81
Q

Personal sales advantage

A

The sales assistant can demonstrate how to use the product.

82
Q

Personal sales disadvantage

A

The sales assistant will have to be paid wages, increasing the cost of wages.

83
Q

Direct mail advantage

A

Can cheaply print off leaflets to customers
The business can target specific market segments
Can target large geographic areas.

84
Q

Direct mail disadvantage

A

Leaflets could be considered junk mail and thrown away, making them a waste

85
Q

E commerce advantages

A

No need for retail property cutting costs
Customers can be reached 24/7
Can deliver product directly to the customer

86
Q

Disadvantages of e commerce

A

Expensive to set up a professional website
Time consuming to set up a professional website
Customers are more likely to send products back if disappointed or the wrong size

87
Q

Mail order advantages

A

Credit facilities are often provided
Customers can browse for products at home
Mail order companies dont have to staff shops

88
Q

Mail order dsv

A

May be tossed away as junk mail.

89
Q

Into the pipeline promotion

A

Where manufacturer businesses encourage retailers to purchase their product.

90
Q

Into the pipeline promotion techniques

A

Point of sale materials
Dealer loader
Dealer competition
Staff training
Extended credit
Sale or return

91
Q

Point of sale materials

A

Where the manufacturer business gives the retailer extra resources such as a poster to sell the product.

92
Q

Dealer loader

A

Where a special offer is given to the retailer by the manufacturer to entice them to purchase their product (9 for price of 10)

93
Q

Dealer competitions

A

Where a manufacturer promises a prize to their most successful retailer.

94
Q

Staff training

A

Where a manufacturer gives them training about the product to make them more knowledgable about the product.

95
Q

Extended credit (into pipeline )

A

Where a business manufacturer lets a retailer buy now and pay later.

96
Q

Sale or return

A

Where a manufacturer allows any unsellable stock to be refunded by the business.

97
Q

Out of the pipeline promotion

A

Promotion from the retailer encouraging customers to purchase a product from them

98
Q

Out of the pipeline promotion

A

Special offers
Free samples
Credit facilities
Vouchers and discount coupons
Loyalty schemes
Competitions

99
Q

Special offers

A

Where a retailer uses a short term pricing strategy to drop the price of the product to increase sales.

100
Q

Free samples / free trials

A

Where a retailer allows the business to try the product before they purchase

101
Q

Credit facilities (out of pipeline)

A

Where a retailer allows a customer to buy the product now and pay later.

102
Q

Vouchers and discount coupons

A

Slips of paper which Allows customers to get money off purchases in the future

103
Q

Loyalty schemes

A

Where a business gives customers points for making purchases, which they can then spend their points for discounts and free products

104
Q

Public relations

A

A business department which aims to create a positive image of the organisation to the public and build brand awareness.

105
Q

PR activities

A

Press conference
Press release
Donations
Sponsorship
Product endorsement

106
Q

Press release

A

Where a business uses media to convey a written message to customers and the press about upcoming business events

107
Q

Press conference

A

Where members of the press are invited to watch a presentation which is given by the business in order to impart information about the business

108
Q

Sponsorship

A

Where a business pays to have their brand associated with another business.

109
Q

Product endorsement

A

Where a celebrity is paid to promote a business product.

110
Q

People

A

All the business employees who are in contact with the business customers, who are representing the brand.

111
Q

Methods of customer satisfaction

A

Train staff
Customer care strategy
Customer complaints procedure
After sale service
Deliver product to customers

112
Q

Process

A

The system put in place to deliver a product or service to customers. (Delivery and communication)

113
Q

Physical evidence

A

The physical features of a business that the customer can see, reassuring them they are purchasing from a high quality business.

114
Q

Technology in marketing

A

Social media
Websites
Email
Database

Higher business (20 decks)

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