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business > marketing > Flashcards

marketing Flashcards

1
Q

what are the stages of marketing

A

understanding
identifying/predicting
produce
satisfy requirment

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2
Q

what is the main role of marketing

A

converting wants into needs

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3
Q

how wants are turned into need

A

promotional activities

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4
Q

what is the result when wants are turned to needs

A

increase sales
increase profit

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5
Q

what should be done

A

decide if it is able to satisfy those needs by producing good or services

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6
Q

what should be done after satisfying

A

customer loyalty

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7
Q

how customer loyalty is built

A

maintaning loyalty

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8
Q

what should be done after customer base

A

build customer relationship

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9
Q

what is building customer relationship involved of

A

collecting information about each induvidual customer then the information issued to better identifying and satisfy customer needs

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10
Q

what are the role of marketing

A

identifying and satisfying customer needs
customer loyalty
building customer relationship

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11
Q

what is customer base

A

the group of customer a business sell its product to

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12
Q

define target market

A

induvidual/org
identified
consumer/customer

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13
Q

define customer

A

induvidual
buy
good service

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14
Q

define consumer

A

induvidual
uses
good and service

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15
Q

define consumer market

A

market
bought
other business
production

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16
Q

define business enviroment

A

combination
external internal
influence
operation

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17
Q

what are the factor that influence customer spending pattern

A

price of product
price of competitor good
change in size popullation and structure
taste and fashion
change in consumer income
advertising and promotional activities

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18
Q

explain price of product

A

higher the price less demand
lower the price more demand

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19
Q

explain the price of competitors product

A

if the product of business are very simillar then consumer likely to buy the product that has the lowest price

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20
Q

explain change in consumer income

A

if the consumer have less money they will buy what they need for living

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21
Q

explain change in population

A

if country population grow in size then this increase the size of the market

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22
Q

expalin advertising and promotional activities

A

promotional activities of business are aimed at persuading consumers to buy their product instead of competitors [product spend money on advertising create brand image and consumer often pay high because of the brand image

23
Q

why some market become more competitive

A

goverment intervation
. legal control
. DEREGULATION
. privatisation
. providing fnancial assistance
free trade between countries
development of e-commerce
social media network

24
Q

what is legal control

A

preventing induvidual market from dominating the market

25
Q

how legal control increase competition

A

Competition law does this by making the market as competitive as possible in order to prevent any firm from dictating prices.

26
Q

what is privatisation

A

selling of goverment owned business to private sector

27
Q

how privatisation make competition

A

policies to allow more firms to enter the industry and increase the competitiveness of the market. It is this increase in competition that can be the greatest spur to improvements in efficiency.

28
Q

what is deregulation

A

removal of goverment control from an industry

29
Q

how deregulation make competition

A

eliminates restrictions for new businesses to enter the market, which increases competition. Since there is more competition in the market, it improves innovation and increases market growth as businesses compete with each other.

30
Q

what is providing financial assistance

A

providing a source of finance to new, small to medium size business

31
Q

what is free trade

A

no barrirer exist that might prevent trade between different countries

32
Q

whta is free trade between countries

A

regional free trade agreement remove or reduce barrires to trade between countries

33
Q

how free trade between countries make market competitive

A

Free trade agreements are contracts between countries to allow access to their markets. FTAs can force local industries to become more competitive and rely less on government subsidies.

34
Q

how development of e commerce make market competive

A

many business have developed website to sell there products in other region this has increased the size of the business market and greatly increased the level of competition in the market

35
Q

how social media network make the market more competitive

A

social media network like face book insta help promote their product and customer can have access to the information about supplier of product while this has increased consumer choice it has also increased competition within the market

36
Q

define niche market

A

developing product for a small segment of the market

37
Q

what doe niche market identifies

A

the needs of the small part of the whole market and then develop product to satisfy those needs

38
Q

waht does niche market sell

A

high priced and high status good however some may target niche market where the product is not particularly high status or high priced

39
Q

what is mass market

A

selling the same product to the whole market

40
Q

why businesses see the benifit of dividing market and providing a slightly different product to each segment

A

this recognise that consumers do not all want the same product

41
Q

what are the benifit to niche market

A

able to survive and earn profit
less competition
consumers pay more for a high status product

42
Q

limitation to niche market

A

opportunity to earn high profit might attract competitors and this woll reduce price and future profit
dosent benifit economies of scale
consumer spending patter have effect

43
Q

benifit to mass market

A

benifit economies of scale
has potential for high sale and profit
change in consumer spending pattern has no effect

44
Q

what are the limitation for mass market

A

more competition
not all market is large enough to support a mass marketing aproch
reduce scope for mass marketing

45
Q

what is market segment

A

a part of the whole market in which consumers have specific charactaristics

46
Q

what is market segmentation

A

dividing the whole market into segment by consumer charactaristic and then targeting different product to each segment

47
Q

what are the method of market segmentation

A

geographic segmentation
demographic segmentation
psychographic segmentation

48
Q

what is geographic segmentation

A

dividing consumers in the market by geogrophic area

49
Q

what is demographic segmentation

A

dividing consumers in the market by factors such as age gender income ethnic background and social class

50
Q

what is psychographic segmentation

A

dividing consumers in the market by lifestyle personalitie and attitude

51
Q

how geographical segmentation is made

A

different region within the same country
different region of the world different countries of the world

52
Q

what is the benefit of segmentation

A

help identify customer needs and wants
good and services can be desinged to meet specific purpose of consumer
small firms can servive easily and compete in the whole market
reduce wastage
help change higher price for similar product

53
Q

segmentation leads to

A

niche market

business (5 decks)

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