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Business Studies Revision 2023 > Marketing > Flashcards

Marketing Flashcards

1
Q

Market

A

All the customers and potential customers for a product.

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2
Q

Marketing

A

The bringing together of buyers and sellers to exchange goods and
services.

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3
Q

Target market

A

The specific group of potential buyers that the firm aims to sell to.
(eg. age-group? Living where? Male/female? High-end or budget
buyers?)

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4
Q

The marketing mix

A

The essential elements of a good marketing strategy – the
combination of product, place, price and promotion.

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5
Q

Define the 4Ps

A

Product, place, price and promotion

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6
Q

Product

A

The features of the good or service being sold

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7
Q

Place

A

The distribution channel which gets the product to the customer (eg.
retail store, online catalogue, Trade Me)

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8
Q

Promotion

A

Increasing the awareness of the product to potential customers to
persuade them to buy. (eg. branding, advertising, sponsorship)

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9
Q

Price

A

What a buyer must pay to purchase the good or service. (The price
includes the cost of producing it and a mark-up for profit.)

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10
Q

Cost-plus pricing

A

Where the price is the cost of making the product plus a profit
mark-up.

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11
Q

Competitive pricing

A

Where the price is the same as, or just below, what competing firms
are charging.

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12
Q

Price skimming

A

Where the price is set high because it’s a new product so it has
‘novelty value’.

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13
Q

Penetration pricing

A

Where the price is set well below competitors prices in order to enter
a new market.

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14
Q

Promotional pricing

A

Where the price is set very low for a short time only.

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15
Q

Phsycological pricing

A

Using numbers and decimals to make the customer believe the
product is cheaper than it really is.

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16
Q

Dynamic pricing

A

Where businesses charge different prices for their products depending on which customers are buying them or when the products sell.

17
Q

Price competition

A

Where the firm lowers the price of its product to encourage customers
to buy it.

18
Q

Examples of price competition

A

Discount or sale, interest-free terms, Buy one-get one free, using loss leaders

19
Q

Price war

A

When a group of competing firms all reduce their prices to try and have the lowest price (even if it causes a loss for a short time.)

20
Q

Non-price competiton

A

When a firm tries to increase sales by any method APART FROM
reducing the selling price

21
Q

Examples of non-price competition

A

Gift with the purchase, loyalty programmes, great service, location,
branding, advertising, packaging, sponsorship

22
Q

Loyalty programme

A

Offering special deals for customers who continue to purchase from
the firm, or group of firms eg. Fly Buys, BP petrol card

23
Q

Service

A

Extra help the firm provides to support customers using its goods or services eg. online trouble-shooting advice

24
Q

Location

A

The site of the business. Having free parking or being near a motorway
is a non-price advantage.

25
Q

Branding

A

Where colours, images or a logo are used to represent a business or
its product eg. McDonalds golden arches, Cadbury purple, St Cuths
Black Watch tartan, Nike tick

26
Q

Advertising

A

Paying a 3rd party to communicate details of your product or business to potential customers.

27
Q

Packaging

A

The container in which the good is sold; how it is presented. eg. Coca
Cola glass bottles often have a distinctive shape, some florists use
plain brown paper for their flower arrangements.

28
Q

Sponsorship

A

Paying to have the name or brand of your product associated with a
particular sport or organisation eg. Vodafone Warriors, ANZ and NZ
netball, Hubbards Cereals and Outward Bound

29
Q

Revenue

A

Money the firm earns from sales.
Profit = Revenue MINUS Costs
so to increase profits, the firm can increase its sales AND/OR reduce
its costs.

30
Q

Loss leaders

A

Pricing a product below the cost of production to attract customers to
spend more on other products.

Business Studies Revision 2023 (3 decks)

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