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Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

Role of marketing

A

Identify customers
inform customers
increasing sales

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2
Q

Methods of marketing increasing sales

A

Advertising a product or service
reducing price
selling by different methods
selling the products in different places

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3
Q

Market research

A

How a business collects information on whether their product will be bought or not

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4
Q

Methods of primary market research

A

Questionnaires
interviews
trials
focus groups

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5
Q

Questionnaires

A

Question sheet filled in by Customer

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6
Q

Interviews

A

The interviewer asks consumer about the product and notes answers

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7
Q

Trials

A

Tests whether customers will buy a product

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8
Q

Focus groups

A

Small groups of customers who give opinions on products

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9
Q

Primary market research

A

Collecting new information that is ‘firsthand’

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10
Q

Secondary market research

A

Information that has already been collected by another organisation

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11
Q

Methods of secondary market research

A

Census data
internal data
websites
newspapers and magazines

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12
Q

Census data

A

Data collected by the government every 10 years

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13
Q

Internal data

A

Data already within a business based on past performance

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14
Q

Qualitative data

A

Based on the opinions of those who have been asked but can be difficult to interpret

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15
Q

Quantitive data

A

Numerical data which is easier to analyse than qualitative data

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16
Q

Market segmentation

A

Splitting the market for a product into different parts

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17
Q

What are the five categories of segmenting the market

A

Age gender income location lifestyle

18
Q

Marketing mix

A

Price product place promotion

19
Q

What is price affected by

A

Price of competitors
reputation of business
costs
aims and objectives

20
Q

Methods of pricing

A

Competitor
cost-plus
Penetration
skimming
promotional 

21
Q

What is the product life cycle

A

It shows does timespan of a product and reflects the customers taste change

22
Q

Four stages of product life cycle

A

Introduction growth maturity decline

23
Q

How does the marketing department respond in the introduction phase

A

Business will advertise

24
Q

How does the marketing department respond in the Growth phase

A

Advertising will change slightly as the product is more known to customers

25
Q

How does the marketing department respond in the maturity phase

A

Will continue advertising to maintain sales against competition

26
Q

How does the marketing department respond in the Decline phase

A

New products will be developed

27
Q

Methods of extending the product life cycle

A

Readvertising
reduced price
promotional offers
developing new markets

28
Q

Place

A

Where a product sold and how the product gets to the consumer

29
Q

Physical distribution method one

A

Producer ——>consumer

30
Q

Physical distribution method two 

A

Producer —>retailer —>Customer

31
Q

Physical distribution method three

A

Producer —>wholesaler —> retailer —> Customer

32
Q

Digital distribution

A

Products are downloaded digitally and involve no physical product being moved

33
Q

Advantages of digital distribution

A

Customer can access product 24 hours a day
Cost saving to the

34
Q

Disadvantages of digital distribution 

A

Not all goods are suitable for digital distribution
not all customers have access to the internet

35
Q

Promotion

A

How a business informs its customers about a product or service

36
Q

Aims of promotion

A

Inform customers
keep a business ahead of its competitors
maintain or increase sales
create the image of a business

37
Q

Methods of point-of-sale promotion

A

Price reductions
lost leaders
competitions
free samples

38
Q

Advertising media

A

Different places a business will advertise

39
Q

Factors influencing advertising media

A

Cost of the advertising
target market for the product
whether the advertisement is part of a campaign

40
Q

Methods of advertising media

A

Social media
websites
printed media
television
radio

41
Q

Market data

A

Information that will help the business make marketing decisions

42
Q

What would market data include

A

Changes in demand
target market
market share
product change
affect of promotion 

Business Studies (7 decks)

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