Marketing Flashcards
Describe out of the pipeline promotions or short term promotions that are offered by the retailer to the end customer.
Providing discounts eg 10% for new customers
Competitions eg chance to win a holiday
2 for 1 offer in order to shift unwanted/excessive stock
Free samples to encourage purchasing the main product.
Describe into the pipeline/short term promotions used by the manufacture to the retailer
Staff training to ensure that the people representing the product has the product knowledge
Dealer loader which is an extra unit of product for free
Sale or return which is any unsold units can be returned to the manufacturer for a refund.
Point of Sale which is a professional way to showcase the product and encourage sales
Distinguish between random sampling and quota sampling
Random sampling is when respondents are picked randomly where as quota is picked from a group of people with specific characteristics
Random uses pre-selected respondents who must be interviewed where as Quota allows researcher to find respondents who fit the characteristics required.
Name 3 benefits and 2 costs of having a varied portfolio
Benefits-to reduce risk of failure
to appeal to a variety of market segments
may mean launching a new product is easier
Costs-training of staff for each product may be time consuming
costs may be high in terms of advertising /promotion
What are the differences between Market-led and Product-Led
Market Led have organisations which are customer focussed/driven where as Product Led is product/specification driven.
Market Led invests significantly in Market research where as Product Led invests significantly in R&D innovation.
Market led is when the market is saturated whereas in Product Led, the market has little competition.
Describe the types of consumer behaviour(3)
Routine-Regular purchases are made with little decision making effort
Impulsive-Purchases made with no decision making effort from the customer (on the spot)
Informed-Purchases are made with significant decision making effort from the customer.
What is the order of the boston matrix and where is market share and market growth
Question mark ,star ,Dogs ,Cash cow with market share on the bottom and market growth on the left.
