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Business GCSE > Marketing > Flashcards

Marketing Flashcards

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1
Q

what are the main purposes of marketing?

A

identify and understanding customers, informing customers, increasing sales

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2
Q

what is the definition of marketing?

A

finding out the needs of consumers and demonstrating how a business fulfils those needs so that its sales increase

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3
Q

what are the 4Ps?

A

price, product, place, promotion

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4
Q

what is the definition of market research?

A

the collection of data on customer habits to help decision making in marketing

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5
Q

what is the definition of a target market?

A

a group of customers whom a business aims to sell its products

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6
Q

what does market research aim to find out?
give 5 examples?

A

information about the target market
age, culture, what they want, economic status, where they are

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7
Q

what does good market research help a business to avoid?

A

making expensive mistakes

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8
Q

what is the definition of primary research?

A

data that is collected first hand

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9
Q

what are 4 methods of primary research?

A

questionnaires, interviews, trialling, focus groups

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10
Q

advantages of questionnaires?

A

cheap to carry out, easy to target customers

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11
Q

disadvantages to questionnaires?

A

people may not understand the questions, people may not be interested in the product so may answer dishonestly or not at all

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12
Q

advantages of interviews?

A

the questions can be explained, it is easy to target certain types of customers

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13
Q

disadvantages of interviews?

A

it is costly, not everyone likes being interviewed

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14
Q

advantages of trialling?

A

a good way to see if the product is what people want, reduces the risk of producing large quantities

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15
Q

disadvantages of trialling?

A

the people or area must be representative of the total market, otherwise it wont help the business

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16
Q

advantages to focus groups?

A

the people chosen will be representative of potential customers

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17
Q

disadvantages to focus groups?

A

it will only be a small group, it is usually costly

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18
Q

what is the definition of secondary research?

A

the collection of data using research and information provided by others

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19
Q

what are 4 methods of secondary research?

A

UK Census data, newspapers and magazines, websites, internal data

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20
Q

advantages to collecting data from UK Census data?

A

information comes from a lot of people, it is already collected and analysed

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21
Q

disadvantages to collecting data from UK Census data?

A

information has not been collected to meet the specific needs of the business, information will need careful interpretation

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22
Q

advantages to collecting data from newspapers and magazines?

A

information is up to date, cheap

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23
Q

disadvantages to collecting data from newspapers and magazines?

A

information isn’t specific to the business

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24
Q

advantages to collecting data from websites?

A

cheap and readily available

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25
Q

disadvantages to collecting data from websites?

A

will need careful interpretation by the business

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26
Q

advantages to collecting internal data?

A

cheap, readily available, specific to the business

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27
Q

disadvantages to collecting internal data?

A

is historical, looks at what has happened not what will happen

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28
Q

what are questionnaires?

A

a set of questions sent out to selected people in the post or asked online

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29
Q

what is trialling?

A

a product is sold for a short period, usually in one region of a country

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30
Q

what are focus groups?

A

a small group of people are asked to use a product or think about an advertisement and to give their opinion

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31
Q

what is the UK Census data?

A

the national census finds out information about all UK households every 10 years

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32
Q

what is internal data?

A

data collected by the business about, for example, its past sales and profits as well as customer feedback

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33
Q

what is qualitative data?

A

data based on the opinions of those being asked

34
Q

what is quantitative data?

A

data collected that is based on facts or numbers

35
Q

advantages to qualitative data?

A

it helps a business to understand what customers are thinking and what they want

36
Q

disadvantages to qualitative data?

A

information may only be provided by a limited number of people

37
Q

advantages to quantitative data?

A

it is easy to analyse, can be gathered by a lot of people

38
Q

disadvantages to quantitative data?

A

limits how much people can say about what they like or dislike

39
Q

what is the definition of market segmentation?

A

splitting the market for a product or service into different parts or segments

40
Q

what are five ways you can segment a market?

A

age, gender, lifestyle, location, income

41
Q

what are the 4 stages of the product life cycle?

A

introduction, growth, maturity, decline

42
Q

what happens at introduction in the product lifecycle?

A

the product is new, sales are just beginning

43
Q

what happens at growth in the product life cycle?

A

sales grow quickly

44
Q

what happens at maturity in the product life cycle?

A

sales reach their peak

45
Q

what happens at decline in the product life cycle?

A

sales begin to fall

46
Q

what is the definition of decline?

A

when sales are falling as the product or service is seen by customers to be old and they switch to new products or services

47
Q

what is the definition of design?

A

an important element in a number of different products

48
Q

what is the definition of growth?

A

when sales are growing strongly as the new product or service becomes known

49
Q

what is the definition of innovation?

A

the improvement of an original idea

50
Q

what is the definition of invention?

A

the introduction of a totally new product or service

51
Q

what is the definition of maturity?

A

when sales are at their highest level

52
Q

what are 5 pricing methods?

A

skimming, cost-plus pricing, promotional pricing, competitor pricing, penetration pricing

53
Q

what is the definition of skimming/creaming?

A

where a new product is more advanced than that of its competitors, a price is set high as consumers are willing to pay higher prices to own the newest technology

54
Q

what is the definition of cost-plus pricing?

A

a pricing method that adds a percentage for profit to the total costs of making a product

55
Q

what is the definition of promotional pricing?

A

prices are reduced to give products a boost or to sell off old stock

56
Q

what is the definition of competitor pricing?

A

a price is set based on prices charged by competitors for a similar product

57
Q

what is the definition of penetration pricing?

A

a price is set that is lower than those of competitors, often a short term strategy

58
Q

what is the point of sale production?

A

a benefit the customer will receive when they buy a product

59
Q

what is the point of advertising?

A

giving the customer information about the product and persuading them to buy it

60
Q

what are the 4 point of sale promotions?

A

price reductions, competitions, loss leaders, free samples

61
Q

what is price reduction in point of sale promotions?

A

to sell off old stock, business will make less profit or even a loss

62
Q

what is competitions in point of sale promotions?

A

a person who buys a product is also entered into a competition

63
Q

what is loss leaders in point of sale promotions?

A

some goods are sold at a loss to tempt people to do all their shopping there

64
Q

what is free samples in point of sale promotions?

A

given to tempt people to buy the product

65
Q

what are the 5 types of advertising?

A

social media, websites, television, print media, radio

66
Q

social media when it comes to advertising?

A

cheap way to communicate with large numbers of people

67
Q

websites when it comes to advertising?

A

a lot of information can be provided to customers

68
Q

television when it comes to advertising?

A

often expensive, but can reach a wide audience

69
Q

print media when it comes to advertising?

A

newspapers, magazines, leaflets. easy to target their market by the type of magazine. many people don’t read them anymore

70
Q

radio when it comes to advertising?

A

cheaper the TV, usually suitable for local advertising but products cant be seen

71
Q

what is the definition of physical distribution?

A

the distribution of a good or service using a physical presence such as a shop or office

72
Q

what physical distribution channel does farmers usually use?

A

producer > consumer

73
Q

what physical distribution channel do goods sold by electronic companies to big retail chains usually use?

A

producer > retailer > consumer

74
Q

what physical distribution channel do many packaged food companies use?

A

producer > wholesaler > retailer > consumer

75
Q

what is the definition of digital distribution?

A

the distribution of goods and services digitally by downloading from a website

76
Q

advantages to digital distribution?

A

can buy the product 24/7
without the costs of physical shops or transport

77
Q

disadvantages to digital distribution?

A

physical good cannot be distributed
competitive market

78
Q

what is the marketing mix?

A

the mix of different parts of the marketing campaign (price, product, place, promotion)

79
Q

what is the definition of market data?

A

information that can help marketing decisions

80
Q

what is the definition of market share?

A

the percentage of total sales of a product that a business has made

81
Q

what is the definition of a target market?

A

a group of consumers to whom a business tries to sell its products

Business GCSE (7 decks)

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