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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

What are the 4 ps

A

Promotion
Place
Price
Product

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2
Q

Promotion

A

Product must be be promoted to remind/reinform customers of business and products

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3
Q

Price

A

Make customer believe it is good value for money

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4
Q

Place

A

Products be sold in a place customers find convient

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5
Q

Product

A

Identify customers needs and wants

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6
Q

Market research

A

Involves finding what a customer wants

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7
Q

Segmentation

A

When businesses within a market are divided into different groups

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8
Q

Why might a business segment

A

Age
Income
Location
Gender

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9
Q

Benefits of market research

A

Useful to understand customers and competitors
Identify customer needs and wants

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10
Q

Drawback of market research

A

Time consuming

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11
Q

Types of market research

A

Primary
Secondary

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12
Q

Examples of primary research

A

Questionnaires
Surveys
Focus groups

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13
Q

Benefits of primary research

A

Higher rate of response
More specific to your business

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14
Q

Drawbacks to market research

A

Expensive
Some people may not respond

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15
Q

Secondary research

A

Looking at others people work

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16
Q

Benefits of secondary research

A

Wide range of date
Quick and easy to find
Low cost

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17
Q

Drawbacks of secondary research

A

Not specific or relevant

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18
Q

What are the two kinds of data and what they mean

A

Quantitative-measuring data with numbers
Qualitative-data expressing peoples feelings and opinions

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19
Q

Product life cycle order

A

Development
Introduction
Growth
Maturity
Decline

20
Q

Benefits of product life cycle

A

Helps a business identify how their product is selling

21
Q

What can you use to analyse product portfolio

A

Boston matrix

22
Q

Four names of Boston matrix ans how much market share and growth

A

Star- high market share high market growth
Cash cow-high market share low market growth
Question mark-low market share high growing market
Dog-low market share low market growth

23
Q

Benefits of devolving new products

A

Increase overall sales
Appeal to new market segment

24
Q

Risks of developing new products

A

Very costly and time consuming
Wasting resources if customers dislike the product

25
Q

Price and demand relationship

A

As one increases so does the other

26
Q

Internal factors affecting cost

A

Business aims and objectives
Internal cost
What stage in product life cycle

27
Q

External factors affecting cost

A

Nature and competition of market

28
Q

Pricing strategies

A

Price penetration
Loss leader
Price skimming
Competing pricing

29
Q

Price penetration

A

Business starts with a low price but once product is established, the business increases market share

30
Q

Loss leader

A

Products are set below cost(business makes no profit on products)but customers will buy other products with it

31
Q

Price skimming

A

Firms start with a high price but lower it when revenue is increased

32
Q

Competitive pricing

A

When a firm charges similar prices to other firms(little profit per unit)

33
Q

Cost plus

A

Business works out total cost and sets a specific profit margin per unit sold

34
Q

Promotion benefits

A

Inform and persuade customers
Create or change image of product
Create or increase sales

35
Q

advertising methods

A

Newspaper
Magazines
Television
Billboards

36
Q

Public relations

A

Communicating with media

37
Q

Sales promotion

A

Short term method to increase sales

38
Q

Types of sales promotion

A

2 for 1 offers
Free samples

39
Q

Benefits of using social media to promote products

A

Quick
Easy
Cheap

40
Q

Wholesalers

A

Buy things in bulk and store them in warehouses

41
Q

E commerce

A

Buying and selling online

42
Q

Benefits of E commerce

A

Allows businesses to reach wider markets
Cheap

43
Q

Drawbacks of E commerce

A

More competition
Specialist needed to crate website
Delivery cost

44
Q

M commerce

A

Buying and selling using hand held devices

45
Q

What is marketing

A

A series of business activities designed to ensure that customers receive the correct products in the correct quantities and at the right time

46
Q

What are customer needs

A

The desires that a customers hopes to satisfy

47
Q

What needs may customers want

A

Value for money
Sufficient information
After sales(or post sales)service

Business (7 decks)

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