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Marketing Flashcards

1
Q

What is marketing

A

Marketing involves identifying consumers needs and wants and meeting them in such a way that the producer makes a profit

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2
Q

Marketing is just advertising true or false

A

False

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3
Q

Explain internal/external customers

A

Internal customers are inside the business while external customers are outside the business

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4
Q

Explain what product led is

A

Product led is when a firm invents a product without finding out if it’s what consumers want

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5
Q

Explain what market led is

A

Market led is when forms use market research to find out what consumers want then they make it
The product made is usually useful and successful as they have listened to what the customers want

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6
Q

2 examples of market led businesses

A

Tesco
Greggs
Costa
Primark
Adidas

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7
Q

2 examples of product led businesses

A

Dyson
Apple
Tesla
Gucci

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8
Q

Explain market research

A

In order to be successful you need to know what your customers want
To find this we use market research

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9
Q

Name the 2 types of market research

A

Field research
Desk research

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10
Q

Explain field research

A

Field research involves gathering primary information ( first hand informed)

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11
Q

How can you find primary information (conduct field research)

A

To find primary sources we can use
Surveys
Observations
Consumer panels
Focus groups
Test marketing
Interviews

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12
Q

Name 2 advantages of field research

A

It is specific to your needs
It is accurate
It is up to date

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13
Q

Name 2 disadvantages of field research

A

Time consuming to collect
Expensive to collect

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14
Q

Explain desk research

A

Desk research involves gathering secondary information which is gathered from an external source

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15
Q

How do you find secondary information
(Conduct desk research)

A

Secondary information can be gathered through
Newspapers
The internet (eg competitors website)
Government statistics
Market research agencies (eh mori)

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16
Q

Name 2 advantages of desk research

A

Less time consuming
Less expensive
Wide range of sources

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17
Q

Name 2 disadvantages of desk research

A

-Information is not specific to your needs
-Cannot be sure about accuracy
-Information may be out of date
-May not be objective

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18
Q

Describe a personal interview

A

A personal interview is a face to face discussion between two or more people where the interviewer will ask questions

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19
Q

Name 2 advantages of a personal interview

A
  • the interviewer can encourage the respondent to anwser questions
  • the interviewer can ask the person to clarify statements
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20
Q

Name 2 disadvantages of a personal interview

A
  • it is time consuming and expensive to carry out
  • the interviewer will need training
  • it is unlikely that the same number of responses will be received compared to a survey
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21
Q

Explain a focus group

A

A focus group is a discussion between multiple people, the people taking part will be asked questions about the product to encourage a discussion about these things

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22
Q

2 advantages of a focus group

A
  • The feelings and views of people can be observed as well as their body language
  • points that are not understood can be clarified
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23
Q

2 disadvantages of a focus group

A
  • it is time consuming and expensive to carry out
  • information can be difficult to analyse
  • The sample of people used in the focus group may not represent the views of the world
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24
Q

Describe a postal survey

A

A postal survey is a list of questions sent to people through post, they will be asked to complete the survey and post it back to the business

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25
2 advantages of a postal survey
- It is fairly cheap to send the survey to lots of people over a large geographical area - People can complete the survey at their own pace
26
2 disadvantages of a postal survey
- people need to open the survey and send it back, they may not do this - Can take time to get the information back - No opportunity for the respondents to clarify anything they don't understand -the survey has to be made carefully so it isn't misinterpreted
27
What is segmentation?
Segmentation is the differentiation of product to appeal to different consumers
28
Name the 7 segments
Religion Gender Profession/class Disposable income Martial status Age Socio economic
29
Name 3 reasons for segmentation
- to achieve their objectives (sales and profits) To expand their market share ( reach new customers) To reduce waste, targeting the correct customers means that only people who want the product will buy it (less sales returns) To build the relationship with the customer - through social media and groups customers will give important feedback about the product To improve reputation ( will be known for producing a good product)
30
Name the 4 ps
Product Price Place Promotion
31
Explain branding
A brand is a product with a unique and instantly recognisable name or image
32
Explain the benefits of strong branding
A strong branding means that the firm can charge a higher price because the product is perceived as high quality it also has high visibility due to the amount of advertising and brand loyalty
33
Explain own brand goods
Own brand good tend to be lower priced than branded goods Often supermarkets use similar packaging to branded goods
34
Why is packaging important?
Packaging is important to attract customers, the product must be well presented to the consumers
35
What does packaging allow
Packaging allows the product to be Kept fresh and hygienic Stored easily on shelves Attractive
36
Cons of packing
Packaging can be expensive and create waste which isn't environmentally friendly
37
Explain the product life cycle
The product life cycle is the cycle of products in relation to sales over time
38
Explain introduction (product life cycle)
Introduction is when the product is launched onto the market, advertising and promoting begins and sales are slowly increasing
39
Explain growth (product life cycle)
Growth is when the product is becoming well know through word of mouth and sales are increasing rapidly
40
Explain maturity (product life cycle)
Maturity is when sales reach their peak and being to level off
41
Explain decline (product life cycle)
Decline is when sales start to fall as demand decreases
42
Explain extension strategies (product life cycle)
A company can extend the lifecycle of a product by injecting new life into it, these are extension strategies
43
How can the 4ps be used to extend product life cycle
Product - altering packaging, new features Price - changing the price Promotion - new promotion, special offers Place - Changing the location sold ( eg internet)
44
Explain how consumers look at pricing
Consumers look at pricing in 2 ways 1) if it is too low they think that the quality is poor 2) if the price is high they will think it is not worth the money
45
Explain the pricing strategy- high price
Price set above the competition to give an impression of high quality
46
Explain the pricing strategy - market price
Prices set at the same as competitors and they compete on other factors
47
Explain the pricing strategy - Low price
Price set below competition to offer customers value for money
48
Explain the pricing strategy - penetration
Price set below competition initially once customer base has been established price is than raised
49
Explain the pricing strategy- skimming
Price set high initially while no competition exists. Price gradually dropped as competition enters the market
50
Explain the pricing strategy - destroyer
Large companies set price artificially low (loss leader) to eliminate competition and gain more market share, once competition is gone the price can be raised
51
Explain the price strategy - Cost Plus
This is simply calculated by working out the cost per item and then adding on a percentage for profit
52
Name the 3 main types of promotion
Advertising Sales promotion Public relations
53
What does advertising aim to do
Advertising aims to be either informative or persuasive
54
Name the types of advertising
Print - newspapers/ magazines Broadcast - TV/radio/cinema Outdoor - billboards Social media
55
What is sales promotion
Sales promotion are methods employed for a bit of time to increase consumer demand
56
Name the methods of sales promotion
Buy one get one free Discounts Competitions Free gifts Product trials Point of sale advertising
57
Explain direct mail
Direct mail is a form of mail delivered to your address promoting a Product or service often referred to as junk mail
58
Explain personal selling
Personal selling involves sales men coming to homes to sell a product it may be something that requires demonstrating or explanation
59
Name other (miscellaneous) types of promotion
Product placement (products appear on TV/film) Product endorsement (a celebrity promotes it) Sponsorship ( of a sport or TV programme)
60
Explain public relations
The pr department will aim to enhance the organisation image
61
What does the pr deal with
Press Government Public
62
What activities do the pr department take in
Press statements Charitable donations Customer care
63
What is place?
Place is where the product/service is available for sale
64
Explain the direct selling Chanel of distribution
This goes directly from manufacturer to customer this leads to closer realtions with the customers
65
Explain the whole selling Chanel of distribution
This goes from manufacturer to wholesaler to retailer than to the customer This means the price is highest for the customer this benefits the wholesaler and retailer
66
Explain the retailing Chanel of distribution
This goes from manufacturer to the retailer to the customer This leads to the retailer having close relations with the customer which leads to accurate feedback
67
Explain the fourth Chanel of distribution
This goes from manufacturer to wholesaler to customer This means the wholesaler is buying in bulk which leads to customer discount

Business Management (16 decks)

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