Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

A level Business > Marketing > Flashcards

Marketing Flashcards

1
Q

What is marketing

A

Finding the needs of the customer and showing how the business can meet those needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

How does a business use marketing to fulfil their objective of increasing sales

A

1 identifying and understanding the customer - know who they are trying to sell to through market research
2 Informing customers about the product
3 increasing sales through advertising, increasing range of products available, reducing price, sell in different places

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does a business need to think about when it decides to market a product

A

1 who marketing is aimed at
2 location of customers
3 understand and identify customer neede
4 customer habits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is analysis of a market

A

It identifies who customers are likely to be - age, gender, disposable income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Who are the target market

A

The people the business aims its goods at

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Why is it useful to understand the target market

A

It helps the business to segment its market and aim its different products at different groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is market research

A

How a business collects information about if their product will be bought and avoids unnecessary investment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the 2 categories of market research

A

Primary and secondary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is primary research and what is it also known as

A

Also known as field research and it is collecting new information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is secondary research and what is it also known as

A

sometimes called desk research and it involves looking at research and information collected by others,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Which methods of primary research will businesses use

A

Questionnaires, interviews, trials, focus groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What bare the advantages of questionnaires

A

1 cheap
2 can target particular consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Disadvantages of using a questionnaire

A

a difficult to predict how many will be completed
2 people may not understand the questions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the advantages of interviews

A

1 questions can be explained by interviewer
2 customers can be easily targeted

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the disadvantages of interviews

A

1 can be expensive
2 customers can be uncomfortable being stopped in the street

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How can trials be useful

A

As they can determine if there is a demand for the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

How does a trial work

A

A product is sold for a short period of time as a test to see if it is popular

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the advantages of trials

A

1 can save a business money if they find out the product is not popular

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the disadvantages of trials

A

1 trials can be costly
2 often carried out in one area which may not be representative of population

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are focus groups

A

Small groups of people carefully selected to represent the target market. They are given information and asked questions and their answers are analysed to provide data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are the advantages of a focus group

A

usually accurate and reliable data as groups are showed to represent the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What are the disadvantages of focus groups

A

groups are small and this makes collection expensive and time consuming

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Give some examples of secondary research

A

census data, websites, internal data, newspapers and magazines

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is a census

A

Every person living in Britain is questioned about how they live, income and other information useful to a business. Collected every 10 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

How does a business use census information

A

Useful information about age of population, could help plan future needs eg if night clubs would be popular in years to come

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

How are are websites useful for businesses

A

Many companies put information on about themselves which could be used by competitions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is internal data

A

Many companies have their own secondary data eg past sales figures, profits from departments which can be used to make future decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

How can magazines and newspapers be useful form of secondary data

A

They are full of information that could be useful to a businesses trends in fashion ad interests that could be used to develop new products

29
Q

List the advantages of secondary research

A

1 much cheaper usually than primary
With the internet there is now a wide range of info available

30
Q

List the disadvantages of secondary research

A

1 information may not be exactly what the business wants
2 Data may not be up to date
3 data may not be in the form that a business can analyse

31
Q

What is qualitative data

A

collected when customer opinion is needed
Usually collected by primary research

32
Q

Disadvantages of qualitative data

A

can be hard to interpret opinions eg
People may say they don’t like a product but buy it for someone else

33
Q

What is quantities date

A

Facts and numbers, can be collected using primary or secondary and the data is easy to analyse

34
Q

What does market research find out

A

1 what customers want
2 what they are willing to pay
3 where and how to sell
4 the design that will be attractive
How many products customers will buy

35
Q

What is market segmentation

A

Splitting the market for a product into different parts eg clothing into men’s women’s children’s and teen fashion

36
Q

Why is segmentation helpful

A

People in different segments want different types of products business will target different products at needs of customers in a segment Helps to identify target market effectively and looks at the different types of customer that might buy a product

37
Q

Give examples of hoe a market could be segmented

A

by age gender income location lifestyle

38
Q

Give an example of how age is a segment
Gender - different colours
Income - certain watches show wealth
Location - different parts fo the country have different needs city small car country 4x4
Lifestyle different hobbies this also connects to location and income

A

Different ages buy different products technology is aimed at the young

39
Q

what is the marketing mix

A

4 ps price product place promotion

40
Q

State factors affecting price of products

A

1 look at price charged by competitors
2 if a new business price lower to entice customers
3 consider costs as well as profit

41
Q

List the different pricing strategies

A

1 competitor pricing - looking at what competitor charges to indicate what you should charge
2 cost plus - look at cost to make and add profit
3 penetration - reduce price to tempt customers away from established names
4 skimming - selling a high end product at high price at its introduction and prices falls later
5 promotional - reduce to attract customers to existing product or to sell off old products

42
Q

What considerations should be made about a product

A

1 make a product customers will want to buy at a price that will make profit - through market research
2 Image and design and style - does it need updating
3 design innovation - try to develop something new - technology plays big part here, there is a large financial investment
4 plays an important part in success eg desingning the smallest mobile phone
5 branding - linked to design and image often linked to a logo which will indicate a certain quality eg budget, high end
6 product life - most products have a life span, tastes change and products must keep up with this.

43
Q

What are the 4 stages of product life cycle

A

Introduction
Growth
Maturity
Decline

44
Q

Describe the introduction stage

A

1 product launched following investment and market research
2 business may advertise as currently product is unknown by consumers
3 sales should start to rise

45
Q

Describe the growth stage

A

1 sales rise rapidly, no need for special offers as product is in high demand

46
Q

Describe maturity and decline stages

A

1 sales at highest but declining
2 may need further advertising or offers to maintain sales - successful business will already have developed a new product to replace this one

47
Q

State the methods a business uses to extend the life of a product

A

1 advertising more widely as anew or more improved product or modernising packaging
2 reduce price
3 product exported-different target market

48
Q

In businesss what does product place refer to
What ar the 2 main methods

A

Where the product is sold how goods reach a customer
Physical and digital distribution

49
Q

How is product place changing

A

Businesses used to sell to public from shops on the high street, this is more out of town shopping now and high street shops are closing

50
Q

What is distribution channel and how is this changing

A

method of distribution changing because of the growth in technology enabling digital distribution has grown

51
Q

What is physical distribution and give examples

A

Movement of goods we can see. Goods made in a factory sent to a shop, food grown by a farmer sent to shop, products mined from the ground and sent to be made. Usually movement is by road or air

52
Q

Outline 3 physical distribution methods

A

1 producer distributing directly to customer
Small businesses selling to another business where number of customers is small
2 producer sells to a shop who then sells to a customer- common with electrical goods
3 producer sells to wholesaler to to RDC who have storage

53
Q

What is the role of a wholesaler

A

Buy in bulk from producer and sell in smaller amounts to retailer, can give credits to retailers ‘trade credit’ and will deliver to retailer

54
Q

What is role of RDC

A

Storage facility owned by retailer to send to their shops later

55
Q

What is digital distribution give examples

A

No physical movement of goods, they are downloaded although don’t have to be paid for digitally. Music books insurance banking

56
Q

How is digital distribution different to e commerce

A

there can be a physical product with e commerce

57
Q

What are the advantages of digital distribution

A

1 24 hour access
2 goods quickly available
3 cost savings for businesses

58
Q
A
59
Q

Disadvantages of digital distribution

A

1 not suitable for all goods
2 business may feel forced into it to keep up with competitions
3 not all customers have internet
4 it is now easier to illegally copy and distribute for free

60
Q

What is promotion

A

How a business informs a customer about their product and persuades them to buy it

61
Q

What are the aims of a promotion

A

1 inform customer about a product
2 keep ahead of competitors
3 create an image change for a product
4 maintain or increase sales

62
Q

What are the 2 categories of promotion

A

Point of sales and advertising

63
Q

Give examples of point of sales

A

1 price reduction - to sell off old sock or boost sales when a product would not usually sell eg Christmas cards in January
2 loss leaders - form of price reduction, reduce to point where shop gets little profit but it attracts customers into the shop who buy other things
3 competitions - customers enter into monthly draw
4 free samples - allow customers to try products if reluctant to buy full size product

64
Q

give examples of advertising

A

1 advertising media reaching wide audience
2 websites -can include video links
3 printed media - ideal for low cost advertising only reach local target
3 leaflets
4 tv - wide audience can target a group by choosing programme expensive
5 radio - cheaper than tv product can’t be seen

65
Q

What is an advertising campaign

A

series of adverts using different types of media

66
Q

Explai. How the 4 aspects of the marketing mix work together

A

A business must have a PRODUCT customers want to buy. It has to be distributed and sold in a PLACE customers are happy with. PRICE of product must be acceptable and to attract interest the goods must be PROMOTED

67
Q

Is one aspect of the mix ever more important than another aspect - explain

A

yes a new product will need more advertising. A new cafe on a high street may charge lower prices

68
Q

What is market data

A

Information that helps a business make marketing decisions

69
Q

What information might market data include

A

1 changes in demand

A level Business (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions