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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

What is the purpose of marketing?

A
  • to identifying needs
  • to promoting products and services or contributing to brand development
  • set pricing of the brand
  • to promote the brand by various means
  • distributing the brand in the right locations or by appropriate means (online)
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2
Q

Types of marketing objectives?

A
  • sales volume and value
  • market size
  • market and sales growth
  • market share
  • brand loyalty
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3
Q

Internal influences on marketing objectives

A
  • corporate objectives
  • finance
  • capabilities of the workforce
  • resources
  • nature of the product
  • production issues
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4
Q

External influences on marketing objectives

A
  • market factors
  • competition actions
  • technological change
  • suppliers
    -environmental factors
  • ethical factors
  • PEST factors
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5
Q

Benefits of marketing objectives

A

+ specific objectives can be set
+ all members of the department have a common goal
+ objectives can be measurable
+ they can be prioritised
+ can be motivating for staff

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6
Q

Drawbacks of marketing objectives

A
  • external changes are not always easy to predict
  • internal changes affect them
  • marketing objectives could conflict with each other
  • they may be too ambitious
  • the business may not have resources or budget to achieve the objectives set
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7
Q

Definition - market research

A

market research is the collection and analysis of data and information to inform a business about its market

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8
Q

Why should a business conduct market research?

A
  • helps to identify problem areas within a business
  • allows a business to understand the needs of existing and potential customers
  • a business can make well-informed market decisions
  • increases the understanding of a particular subject
  • clearer grasp on competitors
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9
Q

Definition - primary research

A

Can be called field research and involves the collection of data on a first hand basis, this data did not exist previously and is therefore original data

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10
Q

Examples - primary research

A
  • Surveys
  • Questionnaires
  • Interviews
  • Focus groups
  • Observations
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11
Q

Definition - secondary research

A

Can be called desk research, this is research that has already been undertaken by another organisation and therefore already exists

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12
Q

Examples - secondary research

A
  • National and local government e.g. office for national statistics
  • Market research organisations e.g. Mintel
  • Academic organisations e.g. universities
  • Newspapers and magazines
  • The internet
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13
Q

Definition - qualitative research

A

Based on opinions, attitudes, beliefs and intentions

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14
Q

Benefits of qualitative research

A
  • essential for important new project development and launches
  • focused on understanding customers needs, wants, expectations = very useful insights for a business
  • can highlight issues that need addressing e.g. why customers don’t buy
  • effective way of testing elements of the marketing mix e.g. new branding , promotional campaigns
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15
Q

Drawbacks of qualitative research

A
  • expensive to collect and analyse , requires specialist research skills
  • based around opinions , always a risk that sample is not representative
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16
Q

Definition - quantitative research

A

is concerned with data and addresses questions such as “how many?”, “how often”, “who?”, “when?” and “where?

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17
Q

Benefits of quantitative research

A
  • data relatively easy to analyse
  • numerical data provides insights into relevant trends
  • can be compared with data from other sources (e.g. competitors, history)
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18
Q

Drawbacks of quantitative research

A
  • focuses on data rather than explaining why things happen
  • doesn’t explain the reasons behind numerical trends
  • may lack reliability if sample size and method is not valid
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19
Q

Definition - sampling

A

gathering data from a group of respondents whose views or behaviour should be representative of the target market as a whole

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20
Q

What will the value of sampling depend on?

A
  • the sample technique used
  • how the sample was carried out
  • the size of the sample
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21
Q

What factors will the size of the sample depend on?

A
  • the budget available
  • the importance of accuracy
  • degree of confidence in results
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22
Q

Definition - random sampling

A

a sample is selected for study from a population where each individual is chosen entirely by chance and has an equal chance of being selected

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23
Q

Definition - quota sampling

A

the population is first segmented into subgroups before a judgement is made in selecting respondents that are representative of that subgroup

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24
Q

Definition - stratified

A

the population is first segmented into subgroups before respondents are randomly selected form within that subgroup

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25
Q

Benefits of sampling

A
  • can be used flexibly
  • gives a good indication of a whole market
  • reliable info can be gathered of a cross section
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26
Q

Drawbacks of sampling

A
  • may be unrepresentative
  • may be bias in the questions
  • consumer takes constantly change
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27
Q

Definition - extrapolation

A

uses trends established from historical data to forecast the future

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28
Q

Benefits of extrapolation

A
  • A simple method of forecasting
  • Not much data required
  • Quick and cheap
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29
Q

Drawbacks of extrapolation

A
  • Unreliable if there are significant fluctuations in historical data
  • Assumes past trend will continue into the future – unlikely in many competitive business environments
  • Ignores qualitative factors (e.g. changes in tastes & fashions)
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30
Q

Definition - correlation

A

a statistical technique used to identify the strength of a relationship between two variables

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31
Q

Definition - independent variable

A

the factor that causes the dependent variable to change

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32
Q

Definition - dependant variable

A

the variable that is influenced by the independent variable

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33
Q

Definition - positive correlation

A

the 2 variables move in the same direction
e.g. as temperature goes up ice cream sales go up

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34
Q

Definition - negative correlation

A

the 2 variables move in opposite directions
e.g. as road tax prices go up the sales of new 4x4s goes down

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35
Q

Definition - zero correlation

A

there is no relationship between the factors
e.g. average rainfall and sales of textbooks

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36
Q

Definition - strong correlation

A

means that there is little room between the data points and the line

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37
Q

Definition - weak correlation

A

means that the data points are spread quite wide and far away from the line of best fit

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38
Q

Definition - confidence levels

A

the probability that the research findings are correct

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39
Q

What do confidence levels depend on?

A
  • size of sample
  • population size
  • how the sample was carried out
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40
Q

Definition - confidence interval

A

the plus or minus figure used to show the accuracy of statistical results arising from sampling
helps a business evaluate the reliability of a particular estimate

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41
Q

Examples of confidence intervals

A

Quality management - percentage reliability of machines
Market research - statistical estimates for sales forecasting
Risk management and contingency planning - risks of sales forecast not being achieved
Budgeting and forecasting - sales forecasts to support new product launches

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42
Q

Definition - elasticity

A

measures the responsiveness of demand to a change in a relevant variable – such as price or income

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43
Q

Price elasticity of demand

A

measures the responsiveness of demand after a change in a product’s own price

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44
Q

Definition - price elastic

A

means that a change in price will lead to a change in demand i.e. demand is sensitive to price changes

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45
Q

Definition - price inelastic

A

means that a change in price will lead to a less than proportional change in demand i.e. demand is not so sensitive to changes in price

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46
Q

Calculate - PED (price Elasticity demand)

A

% change in quantity demanded / % change in price

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47
Q

Calculate - YED (income elasticity of demand

A

% change in quantity demanded / % change in income

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48
Q

Definition : income elasticity of demand

A

Responsiveness of quantity demanded to changes in consumer incomes

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49
Q

What does a negative YED show

A

Demand falls as income rises

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50
Q

What does a positive YED show

A

Demand rises as income rises

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51
Q

Definition : target market

A

Set of customers sharing common needs and wants that a decides to target

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52
Q

Definition : market segmentation

A

Dividing up the market into distinct groups

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53
Q

4 segmentation methods

A
  • demographic
  • geographic
  • income
  • behavioural
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54
Q

Benefits of market segmentation

A

+ advertising can be targeted at specific market segments so advertising spends are more effective
+ most and least profitable customers can be identified
+ helps a firm improve existing products and customers service

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55
Q

Drawbacks of market segmentation

A
  • companies can ignore the needs of potential customers
  • difficult to break the market into segments
  • difficult to find ways of marketing to specific demographics
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56
Q

What influences targeting

A
  • missions and objectives
  • degree of competition
  • nature of product
  • understanding the needs and wants of a specific segment
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57
Q

Definition : niche marketing

A

When a firm targets a small subsection of a market

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58
Q

Advantages of a niche market

A

+ less competition as large companies aren’t attracted to small markets
+ cost effective as they do not produce as many varieties of products
+ tailor made products to meet the specific needs of customers
+ easier to target customers as there are less of them

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59
Q

Disadvantages of a niche market

A
  • lower profits as they don’t sell a lot of products
  • can be vulnerable to changes in demand
  • larger businesses may be attracted into the market if interest from customers is high
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60
Q

Definition : mass marketing

A

When a firm targets the whole of a market rather than specific segments

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61
Q

Advantages of mass marketing

A

+ large scale production can reduce costs as they bulk buy
+ high revenues as they sell large range of products
+ allows for research and development
+ increases brand awareness

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62
Q

Disadvantages of mass marketing

A
  • high fixed costs
  • vulnerable to changes in demand
  • high competition
  • difficult to appeal directly to individual customers because the products are designed to suit all customers
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63
Q

Definition : positioning

A

A marketing strategy that positions the product in relation to rivals in order to appeal to target segments, can be achieved by changing elements of the marketing mix

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64
Q

What is positioning influenced by

A
  • budgets
  • creativity and innovation
  • degree of competition
  • state of the economy
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65
Q

Definition : market mapping

A

Illustrates the range of positions that a product can take in a market, depending on features that are important to customers

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66
Q

Why use market mapping

A
  • analyse customers buying habits and preferences
  • can identify what segments of the market are under provided for and look at producing a product to fill that gap
  • products can be compared to competitors
  • gives a firm the insight into the competition in the same market
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67
Q

Advantages of market mapping

A

+ clearly displayed
+ shows the whole market
+ y and x axis are adaptable
+ simple and visual
+ shows how competitors are doing in contrast to you

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68
Q

Disadvantages of market mapping

A
  • not accurate / specific
  • based on opinions
  • no time basis
  • easy to misinterpret
69
Q

Definition : marketing mix

A

Combination of marketing elements to enable a business to meet the needs and expectations of customers

70
Q

What are the 7 marketing P’s

A
  • place
  • price
  • promotion
  • product
  • people
  • process
  • physical environment
71
Q

Features of an effective marketing mix

A
  • achieves marketing objectives
  • meets customer needs
  • balanced and consistent
  • creates a competitive advantage
  • consistent with the chosen target market and positioning
72
Q

Definition : product

A

A good or service - anything that is capable of satisfying customer needs

73
Q

Examples of consumer products

A
  • convenience
  • shopping
  • specialty products
74
Q

What are convenience products

A
  • bought frequently
  • little planning to buy them
  • low customer involvement
75
Q

Features of convenience products

A
  • price = lower
  • place = widespread distribution
  • promotion = mass promotion
76
Q

What are shopping products

A
  • Bought less frequently
  • Customers are more cautious
77
Q

Features of shopping products

A
  • Price = higher
  • Place = selective distribution
  • Promotion = advertising by producers and resellers
78
Q

What are specialty products

A
  • Unique characteristics or brands
  • Buyers make a special effort to
79
Q

Features of specialty products

A
  • Price = high
  • Place = exclusive distribution
  • Promotion = carefully targeted
80
Q

What are the two types of products

A
  • consumer
  • industrial
81
Q

What are industrial products

A
  • bought for further processing or for use in conducting a business
  • bought by businesses not consumers
82
Q

Examples of industrial products

A
  • materials and parts
  • capital items
  • supplies and services
83
Q

Examples of capital items

A
  • industrial products, IT systems, buildings infrastructure
84
Q

Definition : product portfolio

A

Range of products a business sells

85
Q

Why do large companies have a large product portfolio

A
  • Spreads the risk
  • Helps a business to collect revenue from different markets
86
Q

Benefits of a large product portfolio

A
  • product innovation
  • identify/fill market opportunities
  • gives regular cash flow
87
Q

Drawbacks of a large product portfolio

A
  • increased research and development costs
  • bad publicity of one product may affect sales of all products
  • high marketing and advertising costs
88
Q

The Boston matrix

A
  • used to analyse product portfolios
  • shows product market share and growth
  • helps with marketing decisions
89
Q

Cash cows (Boston matrix)

A
  • high share of a slowly growing market
  • mature stage of product life cycle
  • little potential for growth
  • positive cash inflow
90
Q

Rising stars (Boston matrix)

A
  • high share in rapidly growing market
  • require high marketing spending
91
Q

Problem children (Boston matrix)

A
  • low share of growing market
  • cash flow is negative
  • have potential but future is uncertain
92
Q

Dogs (Boston matrix)

A
  • products have failed or in decline phase
  • low share, slow growing market
  • no potential
93
Q

Definition : product life cycle

A

a theoretical model which describes the stages a product goes through over its life

94
Q

Uses of the product life cycle

A
  • forecast future sales trends
  • help with market targeting and positioning
  • help analyse and manage the product portfolio
95
Q

Weaknesses of product life cycle

A
  • shape and duration varies for each product
  • decisions can change the cycle
  • difficult to recognise the exact position of product
  • length cannot be reliably predictable
  • decline is not inevitable
96
Q

Features of development stage (PLC)

A
  • research phase of product before introduced to marker
  • no income for business
97
Q

Features of introduction stage (PLC)

A
  • first time that customers are introduced to product
  • sales are usually low unless in high demand
98
Q

Features of growth stage (PLC)

A
  • consumers start to take action
  • increased amount of sales
99
Q

Features of maturity stage (PLC)

A
  • competition is high as rivals have had time to introduce and develop their products
  • sales slow
100
Q

Features of decline stage (PLC)

A
  • original need and want is diminished because other product innovation is on market
  • sales have dropped
101
Q

Extension strategies in product life cycle

A
  • reduce price
  • rebrand product
  • reposition product
  • increase market activity
  • promotion
102
Q

Factors affecting pricing decisions

A
  • other marketing factors e.g. during heavy promotion price may be reduced
  • costs of the business, the price needs to cover them
  • must be acceptable to customers
  • the stage of the life cycle the product is in
  • price has to be in line with businesses objectives
  • level of competition in the market
103
Q

Pricing strategies

A
  • penetration pricing
  • price skimming
  • cost plus pricing
  • competitor pricing
  • contribution pricing
  • psychological pricing
104
Q

Definition : penetration pricing

A

When they price the product lower than the initial price and increase the price slowly over time

105
Q

Advantages of penetration pricing

A

+ win customers from competition
+ build brand loyalty
+ can adopt product in market

106
Q

Disadvantages of price penetration

A
  • poor expectation
  • poor brand image
  • inefficient in long term
107
Q

When could you use penetration pricing

A
  • gym member (first 3 months free)
  • subscription
108
Q

How is cost plus pricing produced

A

Product cost + profit margin = selling price

109
Q

Which industry uses cost plus pricing

A

Retail companies

110
Q

Strength and weakness of cost plus pricing

A

+ guaranteed a profit

  • doesn’t consider market influences or competition prices
111
Q

Definition : price skimming

A

Set price high when first launched as demand is high and competition is low

112
Q

Advantages of price skimming

A

+ high profits cover research and development costs
+ maximise profits

113
Q

Disadvantages of price skimming

A
  • only works with inelastic products
  • doesn’t work if you have competition in the market
114
Q

What happen in the long term with price skimming

A

Price reduces as demand falls

115
Q

What is psychological pricing

A

When the cost appears lower

116
Q

An example of psychological pricing

A

Trainers being sold at £114.99 instead of £150

117
Q

Definition : contribution pricing

A

Setting the price based on variable costs

118
Q

Benefits of contribution pricing

A

+ allows flexibility in pricing
+ demand factors can be taken into account

119
Q

When can contribution pricing be used

A

When the business needs to generate profit

120
Q

Definition : competitor pricing

A

Set prices based on what competitors are charging

121
Q

Strengths and a weakness of competitor pricing

A

+ increased market share
+ customer satisfaction

  • limiting products
122
Q

How may a business lose money with competitor pricing

A

If their prices aren’t unique in a market then customers may choose another business who has better customer service or better quality products

123
Q

Why is place important

A

can be used as part of the strategy to establish a certain brand identity

124
Q

Factors that influence the ‘place’

A
  • convenience
  • accessibility
  • cost of access
  • reputation
  • localisation
125
Q

Examples of point of sale

A
  • similar products being places together
  • brightly coloured, attractive displays
  • impulse buys being placed by the checkout
  • popular products being given greater shelf space
  • daily essentials being placed at eye level
  • complementary products being placed in close proximity
126
Q

Definition : distribution

A

how to get goods to the customer

127
Q

Traditional distribution channel

A

Produce - wholesaler - retailer - consumer

128
Q

Modern distribution channel

A

Producer - retailer - consumer

129
Q

Direct distribution channel

A

Producer - consumer

130
Q

Definition : multi channel distribution

A

a business using more than one type of distribution channel

131
Q

Benefits of a multi channel distribution

A
  • allows more target market segments to be reached
  • customers increasingly expect products to be available view more than one channel
  • enables higher revenues e.g. if retail outlets have no stock customer can buy online
132
Q

Drawbacks of a multi channel distribution

A
  • potential for channel conflict e.g. competing with retailers by also selling direct
  • can be complex to manage
  • danger that pricing strategies becomes confused in the eye of the consumer
133
Q

Definition : internet marketing

A
  • many business have a large amount of products for sale online and in store with services such as ‘click and collect’
  • some only sell online
134
Q

Benefit : internet marketing

A

+ can offer low costs for businesses and markets to sell worldwide

135
Q

Definition : promotion

A

To ensure that customers are aware of existence and positioning of products

136
Q

Influences on promotional decisions

A
  • Stage in product life cycle
  • nature of product
  • competition
  • marketing objectives and budget
  • target market
137
Q

Definition: informative promotion

A

Intended to increase consumer awareness of the product and its features

138
Q

Definition: persuasive promotion

A

intended to encourage consumer to purchase the product, usually through messages that emphasise its desirability

139
Q

Main types of promotion

A
  • branding
  • advertising
  • sales promotion and merchandising
  • personal selling
  • public relations / publicity / sponsorship
  • direct marketing
  • viral marketing / social media
140
Q

What is branding

A

The process of developing a product with a unique character, design or image that is well recognised

141
Q

Advantages of branding

A
  • Higher prices
  • retailers want to stock high selling brands
  • customer loyalty
142
Q

Disadvantages of branding

A
  • Large amount of work and time in personal brand
  • increased stress and pressure
  • potential invasion of privacy
143
Q

An example of a business that uses branding

A

McDonald’s: everyone recognises their logo

144
Q

What is advertising

A

When a business draws attention to a product or service

145
Q

Types of advertising methods

A
  • TV and radio
  • newspapers
  • magazine
  • cinema
  • social media
  • billboards
146
Q

Advantages of advertising

A
  • Wide coverage
  • effective for building brand awareness
147
Q

Disadvantages of advertising

A
  • Expensive
  • lacks flexibility
  • consumers see loads of adverts every day so it’s hard to be noticed
148
Q

Examples of businesses that use advertising

A

McDonald’s: use billboards
Sephora: Instagram adverts

149
Q

What is sales promotion and merchandising

A

A tactical point of sale promotion to stimulate purchases
Usually a short-term incentive to increase sales

150
Q

Advantages of sales promotion and merchandising

A
  • Effective at achieving a quick boost to sales
  • encourage customers to trial a product
151
Q

Disadvantages of sales promotion and merchandising

A
  • Effects may be short-term
  • customers may expect further promotion
  • possible damage to brand image
152
Q

Examples of businesses that you sales promotion and merchandising

A

McDonald’s: monopoly
Cream egg: the white egg

153
Q

What is personal selling

A

Promotion on a person to person basis

154
Q

What does personal selling involve

A

Meeting with potential customers to disclose a sale by telephone, at meetings and by knocking on doors

155
Q

Advantages of personal selling

A

+ high customer attention
+ adaptable
+ message is customised

156
Q

Disadvantages of personal selling

A
  • can only reached a limited number of customers
  • high cost
157
Q

Examples of businesses that use personal selling

A

Car sales person meeting with a potential customer to show different car models

158
Q

What is PR / Publicity / sponsorship

A

Aims to achieve favourable publicity about the business

159
Q

Advantages of PR / Publicity / sponsorship

A

+ increases reputation
+ builds brand image

160
Q

Disadvantages of PR / Publicity / sponsorship

A
  • little control
  • difficult to measure
  • no guaranteed results
161
Q

Examples of a business that uses PR / Publicity / sponsorship

A

Dove - beauty campaign

162
Q

What is direct marketing

A

Promotional material directed by mail, email, social media or phone to individual businesses

163
Q

Advantages of direct marketing

A

+ focus limited resources on promotion
+ can personalise the message to maximise interest

164
Q

Disadvantages of direct marketing

A
  • response rates vary
  • consumers could see it as junk email creating a bad brand image
165
Q

Examples of businesses that use direct marketing

A

Amazon
Kitkat
Most food companies

166
Q

What is viral marketing / social media

A

Strategy that relies on individuals to spread a message

167
Q

Advantages of viral marketing / social media

A

+ cost effective
+ requires minimal investment

168
Q

Disadvantages of viral marketing / social media

A
  • unpredictable

Business (6 decks)

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