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Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

What is marketing?

A

finding the needs of customers and then meeting their needs.

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2
Q

What is the target market?

A

a group of customers who the business aims to sell to.

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3
Q

what are the key objectives of marketing?

A
  1. understanding customer needs
  2. informing customers
  3. increasing sales
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4
Q

what is market research?

A

the collection of data on customer habits to help decisions.

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5
Q

What is primary research?

A

research nobody else has.

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6
Q

What is secondary research.

A

research that another organisation has already collected.

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7
Q

What are examples of primary research?

A
  1. questionnaires
  2. interviews
  3. focus groups
  4. trials
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8
Q

What are advantages of questionnaires?

A
  1. lots of data collected
  2. easy to analyse
  3. can easily be targeted
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9
Q

What are disadvantages questionnaires?

A
  1. not all question answers
  2. low response rates
  3. lowers validity
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10
Q

What are advantages of interviews?

A
  1. richer data
  2. open questions
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11
Q

What are advantages of focus groups?

A
  1. in-depth answers
  2. more opinions
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12
Q

What are advantages of trials?

A
  1. reduces risks
  2. beneficial long term
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13
Q

What are advantages of UK census data?

A
  1. information from lots of people
  2. it is already collected and analysed
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14
Q

What are advantages of websites?

A
  1. cheap to collect
  2. ready available
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15
Q

What are advantages of internal data

A
  1. cheap to collect
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16
Q

What are advantages of Newspapers/ Magazine?

A
  1. cheap
  2. up to date
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17
Q

What are examples of Secondary Research?

A
  1. UK census data
  2. Websites
  3. Internal data
  4. Newspapers/ magazine
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18
Q

What is quantitative data?

A

data that’s numerical or can be turned into numerical data.

19
Q

What is qualitative data?

A

data that evolves thoughts, feelings and opinions.

20
Q

What is market segmentation?

A

splitting the market for a product into separate parts for different audiences

21
Q

What are benefits of market segmentation?

A
  1. Cheaper to target a group of people
  2. better meets customer needs
  3. if you try target everyone you aren’t targeting anyone.
22
Q

What is the marketing mix?

A
  1. Price
  2. Place
  3. Promotion
  4. Product
23
Q

What are the pricing strategies?

A
  1. Cost plus pricing
  2. Competitor pricing
  3. penetration pricing
  4. skimming
  5. promotional pricing
24
Q

What is cost plus pricing?

A

Adding a percentage to the cost of making the product to give selling price

cost item x (1.0%/ 20) = selling price

25
Q

What are the advantages of cost plus pricing?

A
  1. Easy to calculate
  2. ensures profits are made
26
Q

What is competitive pricing?

A

a price is based on what a competitors have charged for a similar product.

27
Q

What are the advantages of competitive pricing!

A
  1. can help grow market share
  2. Useful in competitive markets
  3. Important to price sensitive customers
28
Q

What is promotional pricing?

A

a reduction in price to attract customers to sell off old products.

29
Q

What are the advantages of promotional pricing?

A
  1. attracts customers into shop
  2. customers buy more
  3. breaks brand loyalty with other shops.
30
Q

What is price skimming?

A

a price is set high for a period of time until the price is reduced.

31
Q

What are advantages of price skimming?

A
  1. helps build reputation
  2. high quality products
  3. potential high sales revenue
32
Q

What is penetration pricing?

A

when a price is set lower that competitors for a short term to break customer loyalty

33
Q

What are benefits of penetration pricing?

A
  1. breaks customer loyalty
  2. can be a promotional tool
34
Q

What are features of products?

A

the attributes a product offers that aim to meet customer wants

35
Q

What is quality of products?

A

meeting the needs and expectations of customers.

36
Q

What is invention?

A

the introduction of something totally NEW

37
Q

What is innovation?

A

this is the improvement of an original idea

38
Q

What is the product life cycle?

A

the stages a product goes through from when it starts on market to when it finishes.

39
Q

What are the sections of the product life cycle?

A

1.introduction
2. growth
3. maturity
4. decline
5. extension strategy (depends)

40
Q

What is digital distribution?

A

involves no physical products, the good/service are downloaded digitally.

41
Q

What are examples of digital distribution?

A
  1. audio books
  2. insurance
  3. music
  4. banking
42
Q

What are the advantages of digital distribution?

A
  1. 24/7 access
  2. available quickly
  3. cost saving to business
43
Q

What are the disadvantages of digital distribution?

A
  1. not all good are suitable
  2. good can be sold illegally
  3. not everyone has access to internet.
44
Q

What is physical distribution?

A

getting the product to the consumer.

Business Studies (6 decks)

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