Marketing Flashcards
What are the 4 ps
Promotion
Place
Price
Product
Promotion
Product must be be promoted to remind/reinform customers of business and products
Price
Make customer believe it is good value for money
Place
Products be sold in a place customers find convient
Product
Identify customers needs and wants
Market research
Involves finding what a customer wants
Segmentation
When businesses within a market are divided into different groups
Why might a business segment
Age
Income
Location
Gender
Benefits of market research
Useful to understand customers and competitors
Identify customer needs and wants
Drawback of market research
Time consuming
Types of market research
Primary
Secondary
Examples of primary research
Questionnaires
Surveys
Focus groups
Benefits of primary research
Higher rate of response
More specific to your business
Drawbacks to market research
Expensive
Some people may not respond
Secondary research
Looking at others people work
Benefits of secondary research
Wide range of date
Quick and easy to find
Low cost
Drawbacks of secondary research
Not specific or relevant
What are the two kinds of data and what they mean
Quantitative-measuring data with numbers
Qualitative-data expressing peoples feelings and opinions
Product life cycle order
Development
Introduction
Growth
Maturity
Decline
Benefits of product life cycle
Helps a business identify how their product is selling
What can you use to analyse product portfolio
Boston matrix
Four names of Boston matrix ans how much market share and growth
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
Benefits of devolving new products
Increase overall sales
Appeal to new market segment
Risks of developing new products
Very costly and time consuming
Wasting resources if customers dislike the product
Price and demand relationship
As one increases so does the other
Internal factors affecting cost
Business aims and objectives
Internal cost
What stage in product life cycle
External factors affecting cost
Nature and competition of market
Pricing strategies
Price penetration
Loss leader
Price skimming
Competing pricing
Price penetration
Business starts with a low price but once product is established, the business increases market share
Loss leader
Products are set below cost(business makes no profit on products)but customers will buy other products with it
Price skimming
Firms start with a high price but lower it when revenue is increased
Competitive pricing
When a firm charges similar prices to other firms(little profit per unit)
Cost plus
Business works out total cost and sets a specific profit margin per unit sold
Promotion benefits
Inform and persuade customers
Create or change image of product
Create or increase sales
advertising methods
Newspaper
Magazines
Television
Billboards
Public relations
Communicating with media
Sales promotion
Short term method to increase sales
Types of sales promotion
2 for 1 offers
Free samples
Benefits of using social media to promote products
Quick
Easy
Cheap
Wholesalers
Buy things in bulk and store them in warehouses
E commerce
Buying and selling online
Benefits of E commerce
Allows businesses to reach wider markets
Cheap
Drawbacks of E commerce
More competition
Specialist needed to crate website
Delivery cost
M commerce
Buying and selling using hand held devices
What is marketing
A series of business activities designed to ensure that customers receive the correct products in the correct quantities and at the right time
What are customer needs
The desires that a customers hopes to satisfy
What needs may customers want
Value for money
Sufficient information
After sales(or post sales)service
