Marketing Flashcards
What is desk research?
Desk research is when you go online and get information
(Secondary information)
What is field research?
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)
Advantages of desk research?
•cheap to undertake
•quick to takeout
Disadvantages of desk research?
•information already exists so could be out of date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
Advantages of field research?
•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
Disadvantages of field research?
•can be expensive to collect
•can be time consuming
•staff need to be trained which can be expensive
What are methods of marketing research?
•personal interview
•postal survey
•online survey
•telephone survey
•social networking
•hall test
•focus group
•consumer panel
•observation
•EPOS
What are the 7P’s of marketing?
•product
•price
•place
•promotion
•people
•process
•physical
What are the 5 stages of the product life cycle?
•research and development
•introduction
•growth
•maturity
•decline
What happens in research and development?
•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
What is the introduction stage?
•when the product is first launched onto the market
•sales and growth is low
•still running at a loss
What is the growth stage?
•sales increase rapidly
•brand loyal consumers develop
•product starts to become profitable
•competition may start to notice product
What is the maturity stage?
•most profitable stage
•competitors enter the market
What is the decline stage?
•sales and profits begin to drop
•will remain profitable but will decline rapidly to making a loss
What are 6 extension strategies?
•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
What is a star product?
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
What is a cash cow product?
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
What is a ? Product?
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
What is a dog product?
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
What is a product portfolio?
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
What is a diversified product portfolio?
A diversified product portfolio is a group of products made under one brand that target completely different markets
What is market skimming?
Pay a large price for your product only you have access too so can charge premium price
What is cost plus pricing?
A add a margin onto your product so you can make a profit helps ensure total cost of product is covered
What is penetration pricing?
Low price when introduced to market then raise as you gain brand loyal costumers
What is loss leader pricing?
Charge a low price for one product so costumers come in and buy other products at full price
What is destroyer pricing?
Set your price very low so you can steal competition from competitors and eventually knock them out of the market then raise your price
What is promotional pricing?
Can be used at different stages of the product life cycle to gain loyal customers
Ways to enhance public relations
Press conference
Sponsorship
Press releases
Company visits
Product merchandise
Charity donations
Celebrity endorsement
Product placement
What is public relation used to do?
PR is used as a promotional technique to get consumers aware of a brand new product coming to the market
