marketing Flashcards
1
Q
the 4 P’s??
A
- product
- place
-promotion
-price
2
Q
what does a business need to do in every market?
A
identify and satisfy customer needs
3
Q
what is included in a market?
A
- all the sales of particular groups of goods or services
- for example, grocery market, housing market, stock market etc
4
Q
what does identifying and satisfying customer needs do?
A
- provide a product or service that satisfy customer needs and cause them to buy the product or service
- select the correct marketing mix
- avoid costly mistakes
- be competitive and increase sales
5
Q
market segmentation?
A
- allows business to focus on individual groups
- for example, men/women, age groups, levels of income etc
6
Q
advantages of market segmentation?
A
- allows business to focus on customers
- allows business to design better products or services
- allows business to maximise profits from products or services
7
Q
disadvantages of market segmentation?
A
- detailed research will be required- this can be expensive
- very difficult to accurately predict what a customer will like or dislike
- competitors will be aiming to do the same thing, meaning if the business doesn’t do well then the other business will have an advantage over them
8
Q
what does market research collect information about?
A
- demand
- competition
- target market
- primary
- secondary
- quantitative
- qualitative
9
Q
methods of market research?
A
- questionnaires and surveys
- interview
- focus group
- internet research and printed media
10
Q
marketing mix: place
A
refers to the different channels of distribution a business uses to get their products to the customers
- producer
- agent
- retailer
- consumer
11
Q
ways to sell to the buyer?
A
- traditional- shop/office
- modern retail- using technology to improve the process (self scan/checkout)
- telesales- sales made via the phone direct to the customer
- e-commerce/m-commerce- sales via a website or app
12
Q
marketing mix: promotion
A
- advertising
- public relations (eg charity)
- sales promotion (special offers)
- sponsorship (sponsoring sports events)
- social media (interacting with customers via social media)
13
Q
marketing mix: price
A
- skimming= setting a higher price when a product is released
- penetration= setting a lower price than the competition for a short time
- competitive= pricing alongside or similarly to the competition
- loss leader= setting a price for a product means a loss is made on each sale
- cost plus= adding a percentage profit to the cost of producing/ selling a product
14
Q
marketing mix: product
A
- have a unique selling point
- product lifecycle= shows the stage that a product is likely to go through during its lifetime, shows how cash flow falls initially due to high costs of research and development
- extension strategies= adding new features could maintain a products popularity
- boston matrix= tool for analysing a business’ product portfolio- collection of products they offer (when a product appears in the matrix it might help us to decide what to do next to improve our profitability)
15
Q
primary research?
A
- when a business carries out research by themselves
- for example, interviews, surveys, questionnaires, books
