Marketing

Question 1

What is desk research?

Answer 1

Desk research is when you go online and get information
(Secondary information)

Question 2

What is field research?

Answer 2

Field research is when a business gathers information by themselves that will be up to date and relevant to what they want to find out about
(Primary information)

Question 3

Advantages of desk research?

Answer 3

•cheap to undertake
•quick to takeout

Question 4

Disadvantages of desk research?

Answer 4

•information already exists so could be out of date
•information could be biased
•information may not relate to what you need
•information is available to all your competitors

Question 5

Advantages of field research?

Answer 5

•will be up to date
•collected first hand at the time
•information is confidential
•will be accurate information as staff have been trained to gather it

Question 6

Disadvantages of field research?

Answer 6

•can be expensive to collect
•can be time consuming
•staff need to be trained which can be expensive

Question 7

What are methods of marketing research?

Answer 7

•personal interview
•postal survey
•online survey
•telephone survey
•social networking
•hall test
•focus group
•consumer panel
•observation
•EPOS

Question 8

What are the 7P’s of marketing?

Answer 8

•product
•price
•place
•promotion
•people
•process
•physical

Question 9

What are the 5 stages of the product life cycle?

Answer 9

•research and development
•introduction
•growth
•maturity
•decline

Question 10

What happens in research and development?

Answer 10

•Costs are high to create a design for the product

•no sales and high costs=market loss

•some products will not go beyond this stage

Question 11

What is the introduction stage?

Answer 11

•when the product is first launched onto the market
•sales and growth is low
•still running at a loss

Question 12

What is the growth stage?

Answer 12

•sales increase rapidly
•brand loyal consumers develop
•product starts to become profitable
•competition may start to notice product

Question 13

What is the maturity stage?

Answer 13

•most profitable stage
•competitors enter the market

Question 14

What is the decline stage?

Answer 14

•sales and profits begin to drop
•will remain profitable but will decline rapidly to making a loss

Question 15

What are 6 extension strategies?

Answer 15

•lower the price of product
•change the place where product is sold
•develop new variation of the product
•rebrand the product
•change the packaging
•changing the use of the product

Question 16

What is a star product?

Answer 16

High market share and high market growth require constant investments in marketing as competitive in order to sustain growth can allow businesses to become market leader usually become cash cows or question marks overtime

Question 17

What is a cash cow product?

Answer 17

High market share in low growth market, generate cash that a business can milk as long as possible, usually require less/little marketing due to little competition, funds/cash generated can be used to further strengthen store

Question 18

What is a ? Product?

Answer 18

Low market share but high market growth potential, investment due to that position in the promising market, need a strong development, investment and marketing mix to turn up to stars

Question 19

What is a dog product?

Answer 19

Low market share and low market growth, is less popular in declining technology industries, dogs affect the project and should be removed from the market

Question 20

What is a product portfolio?

Answer 20

A product portfolio is having a range of products on sale. A product line is a group of similar products made under one brand usually closely related and sold to similar groups of costumers

Question 21

What is a diversified product portfolio?

Answer 21

A diversified product portfolio is a group of products made under one brand that target completely different markets

Question 22

What is market skimming?

Answer 22

Pay a large price for your product only you have access too so can charge premium price

Question 23

What is cost plus pricing?

Answer 23

A add a margin onto your product so you can make a profit helps ensure total cost of product is covered

Question 24

What is penetration pricing?

Answer 24

Low price when introduced to market then raise as you gain brand loyal costumers

Question 25

What is loss leader pricing?

Answer 25

Charge a low price for one product so costumers come in and buy other products at full price

Question 26

What is destroyer pricing?

Answer 26

Set your price very low so you can steal competition from competitors and eventually knock them out of the market then raise your price

Question 27

What is promotional pricing?

Answer 27

Can be used at different stages of the product life cycle to gain loyal customers

Question 28

Ways to enhance public relations

Answer 28

Press conference
Sponsorship
Press releases
Company visits
Product merchandise
Charity donations
Celebrity endorsement
Product placement

Question 29

What is public relation used to do?

Answer 29

PR is used as a promotional technique to get consumers aware of a brand new product coming to the market