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Business year 1 > Marketing > Flashcards

Marketing Flashcards

1
Q

Roles of Marketing

A

1.Awareness of product/services
2.To build brand awareness and trust
3.To make consumers pay more for a product

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2
Q

What is market oriantation

A

Whena business products are made wholey based on market needs and wants

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3
Q

Advantages of market oriantation

A
  1. Flexible to changes in tastes
  2. Decisions based on effective market research
  3. Meet customer needs
  4. Gain brand loyalty
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4
Q

Disadvantages of market oriantation

A

1.High market research costs
2. Constant change
3. Unpredictical future- staff worry
4. Abandonment of ealier investment

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5
Q

What is product oriantation

A

A business who will sell whatever they can make

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6
Q

Advantages of product oriantation

A

1.Increase in EOS
2.Focus on product developement
3.Focus on quality

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7
Q

Disadvantages of product oriantation

A
  1. Wont respond to changes in market
  2. Fashion taste not accounted for
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8
Q

What is Asset-led marketing?

A

How to best use your assets to match customer needs

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9
Q

Advantages of assest-led marketing?

A

1.Listen to market needs
2.Awareness of weaknesses

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10
Q

What are the 4 factors of marketing mix

A

Price, Place, Product,Promotion

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11
Q

What is a product

A

A good or service that a business supplies

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12
Q

Advantages of branding

A

1.Brand loyalty
2.Differentiates products
3. Increase in price
4.Increase recognition
5.Brand image

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13
Q

Disadvantages of branding

A

1.Cost of advertising
2.Lose brand values
3.Increase competition

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14
Q

What is USP

A

Unique selling point by using factors to differentiate your product to competitiors

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15
Q

Ways to differentiate product

A

1.Promotion
2.Packaging
3.Quality
4.Relibility

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16
Q

What is a businesses product portfolio

A

The range and mix of products that a business sells

17
Q

Advantages of a strong product portfolio

A

1.Increase EOS - spreads costs
2.Wider target market
3.Decrease risk
4. More opportunity for growth

18
Q

What is a product life cyle

A

Shows stages of a products life

19
Q

Stages of product life style

A

1.Introduction
2.Growth
3.Maturity
4.Saturation
5.Decline

20
Q

What is the point of exstention stratigies and give examples

A

To increase product life style
1. Reposition in market place
2.Relaunch product

21
Q

4 sections in the boston matrix

A

Dog, problem child, cash cow, star

22
Q

What is a cash cow (boston matrix)

A

HIgh market share, low market growth.
Very profitable, low advertisement as customers know the product.

23
Q

What is a star (boston matrix)

A

HIgh market share and high market growth.
High potential for profit but high competition but high costs of advertisement

24
Q

What is a problem child (boston matrix)

A

Low market share, high market growth.
Product failing as consumers choose competitiors

25
Q

What is a dog (boston matrix)

A

Low market share low market growth.

26
Q

Advantages of boston matrix

A
  1. Simple to use
    2.Helps decide on strategies
    3.Easy to make
    4.Help know where to allocate resources
27
Q

Disadvantages of boston matrix

A

1.Too simple
2.Assumptions
3. Terms are misleading

28
Q

What is penetrarion pricing

A

Price starts low but increases - short term

28
Q

Market skimming

A

HIgh price at first and then slowly drop as competitors increase

29
Q

Psychological pricing

A

Pricing at a point whre it feels cheaper like 1.99

30
Q

Loss leaders

A

sell at a loss to gain market share

31
Q

Difference between Above and below the line promotion

A

Above the line is to a large mass audience.
Below the line is specific and small to audience

32
Q

Examples of above the line production

A

1.TV
2.Radio
3.Newspaper
4.cinema

33
Q

Examples of below the line production

A

1.Packaging
2.Sales promotion - buy one get one free
3.Public relations
4.Direct mailing

34
Q
A

Business year 1 (10 decks)

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