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OCR A Level Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Place

A

How product is distributed

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2
Q

Channel of distribution

A

Link between production and consumption

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3
Q

Online distribution

A

Purchased online then delivered to customer

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4
Q

Digital distribution

A

Electronic methods used to deliver goods to customer

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5
Q

Boston matrix parts

A

Stars - low market share products, high investment
Dog - worst product, low market share, discontuining products
Cash - products that generate profit, if market declines then profit may suffer, little or no investment

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6
Q

Promotion

A

techniques to inform + persuade consumers to buy a product or service

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7
Q

Above the line

A

promotion with no direct contact

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8
Q

Below the line

A

promotion with direct contact to potential customer

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9
Q

Ansoff matrix

A

Market penetration
Product development
Market development
Diversification

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10
Q

Above the line strategies

A

Radio
Magazines
Cinema
TV
Sponsor
Newspaper

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11
Q

Price

A

amount of money customer needs to give up to obtain product or service

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12
Q

Competition based pricing

A

Price set based on prices charged by competitors for similar/identical products

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13
Q

Price skimming

A

involves setting high price to maximise profits at the initial stage

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14
Q

Penetration pricing

A

when business is new to a market, price is set lower than competitor business

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15
Q

Marginal pricing

A

setting price higher than variable cost of production

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16
Q

Contribution pricing

A

setting price based on variable cost of producing or buying a product

17
Q

Price elasticity equation

A

% change in quantity demanded/ % change in price

18
Q

Cross price elasticity

A

how sensitive demand of product is over shift of corresponding product price

19
Q

Cross price elasticity equation

A

% change in demand for good X/ % change in demand for good Y

20
Q

Drip marketing

A

automated process that send messages for customers to move them through sales cycle

21
Q

Service marketing

A

how businesses meet customers wants and needs of activity that business does for you

22
Q

Additional 3 p’s

A

people
process
physical

OCR A Level Business (8 decks)

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