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Business paper 1 > Marketing > Flashcards

Marketing Flashcards

1
Q

What is marketing

A

finding out the needs of consumers and demonstrating how a business fulfils those needs so that its sales increase

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2
Q

what factors does a business consider when making a new product

A

finance available
target market - who is it aimed at
location of customers

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3
Q

What are the three main purposes of marketing

A

identifying and understanding customers
informing customers
increasing sales

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4
Q

What is market research

A

the collection of data on customer habits to help decision making in markering

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5
Q

what is a target market

A

a group of customers to whom a business aims to sell its products - they may be another business as well as consumers

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6
Q

What are the 4 P’s of businesses

A

product
place
price
promotion

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7
Q

what are the 4 P’s used for

A

used together to market a product or service

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8
Q

What could market research be used to find out

A

their age
their economic status
their culture
where they are
what they want

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9
Q

how does good market research find out to help a business to be successful

A

the product they want
the price they are willing to pay
the design of the product that will be attractive to the customers
how many they want
how to target customers
where and how to sell it

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10
Q

what is primary research

A

data that is collected first hand - also called field data

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11
Q

what are the main forms of field research (primary research)

A

questionnaire
interview
trialling
focus groups

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12
Q

what is a questionnaire

A

a set of questions sent out to selected people in the post or online

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13
Q

what are the advantages of questionnaires

A

cheap and easy to carry out
easy to target customers

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14
Q

what are the disadvantages of questionnaires

A

people may not understand the questions
people may not be interested so ask dishonestly or not at all

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15
Q

what is an interview

A

a person who asks an individual or a group of people questions and records their answers

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16
Q

what are the advantages of an interview

A

the questions can be explained
it is easy to target certain types of consumers

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17
Q

what are the disadvantages of an interview

A

it is an expensive method
not everybody likes being interviewed

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18
Q

what is trialling

A

a product is sold for a short period of time usually in one region of a country if it goes well the business will go into full production

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19
Q

what are the advantages of trialling

A

a good way to see if the product is what people want
reduces risk in producing large quantities

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20
Q

what are the disadvantages of trialling

A

the people/area tested must be representative of the total market otherwise the findings arent helpful

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21
Q

what is a focus group

A

a small group of people are asked to use a product or think about an advertisement and give their opinion this then helps with re-design

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22
Q

what are the advantages of a focus group

A

the people chosen will be representative of the potential customers

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23
Q

what are the disadvantages of a focus group

A

it is only a small group
it is usually costly to carry out

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24
Q

what is secondary research

A

the collection of data using research and information provided by others - often called desk research

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25
Q

what are the main methods of desk research (secondary research)

A

UK census data
newspapers and magazines
websites
internal data

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26
Q

what is UK census data

A

information collected by the government about every households information - every 10 years

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27
Q

what are the advantages of UK census data

A

information comes from the whole population
already collected and analysed reducing business costs

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28
Q

what are the disadvantages of UK census data

A

information is not collected to the specific needs of the business
the information needs careful interpretation

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29
Q

what is magazines and newspapers

A

articles and publications that describe current interests and fashions

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30
Q

what are the advantages of newspapers and magazines

A

information is up to date and cheap and a source of good ideas

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31
Q

what are the disadvantages of magazines and newspapers

A

information is general and not specific to the business

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32
Q

what is websites

A

information about other companies can be found including what they sell and the prices they charge

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33
Q

what are the advantages of websites

A

cheap and readily available - helps decide what to produce and what price to charge

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34
Q

what are the disadvantages of websites

A

information will need to be carefully interpreted by the business

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35
Q

what is internal data

A

data collected by the business about sales, profits and customer feedback

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36
Q

what are the advantages of internal data

A

cheap to collect
readily available
specific to the business

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37
Q

what are the disadvantages of internal data

A

looks at what has happened not what will happen

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38
Q

What factors are included when deciding which market research to do

A

how much the business can spend
what information is required
location of customers
how quickly the information is needed

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39
Q

What is qualitative data

A

data based on opinions of those asked

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40
Q

what is quantitative data

A

data collected that is based on facts or numbers its usually easier to analyse

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41
Q

whats good about qualitative data

A

helps a business to understand customer what customers want and what they think

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42
Q

what is bad about qualitative data

A

information may only be provided by a limited number of people

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43
Q

what is good about quantitative data

A

its easy to analyse and can be gathered from a lot of people

44
Q

what is bad about quantitative data

A

it limits how much people can say about what they like or dislike

45
Q

What is market segmentation

A

splitting the market for a product or service into different parts or segments

46
Q

what are the 5 segments in market segmentation

A

age
gender
income
location
lifestyle

47
Q

what does a business consider when it targets different segments

A

if it should produce different products for different markets
pricing
how to promote
where to locate shops

48
Q

what is design

A

when a business plans what a product will look like and what it will do

49
Q

what is invention

A

the introduction of a new product or service

50
Q

what is innovation

A

the improvement of a product which already exists

51
Q

what is the product life cycle

A

the life of a product usually shown as a graph divided into four stages

52
Q

what are the four stages in a product life cycle

A

introduction
growth
maturity
decline

53
Q

what is the introduction in the product life cycle

A

when a product or service is first on sale

54
Q

what is growth in the product life cycle

A

when sales are growing strongly as the new product or service becomes known

55
Q

what is maturity in the product life cycle

A

when sales are at their highest level

56
Q

what is decline in the product life cycle

A

when sales are falling as the product/ service is old so customers switch

57
Q

what is it called when you try to increase a products life cycle

A

an extension strategy

58
Q

what does a business consider when setting a price

A

quality of product
how new the product is
number and nature of competitors
how well customers know the product already
what stage of the life cycle
cost of production

59
Q

what are the 5 pricing methods

A

skimming
cost plus
promotional
competitor
penetration

60
Q

What is competitor pricing

A

when a price is set based on prices charged by competitors for a similar product

61
Q

what is cost plus pricing

A

adding a percentage for profit to the total costs of making a product to form a price

62
Q

what is penetration pricing

A

a price is set lower than the competitors price - often used to break into the market (Short term)

63
Q

what is promotional pricing

A

prices are reduced to give products a boost or to sell off old stock

64
Q

what is price skimming

A

where a new product has a high cost as consumers are willing to pay for the newest technology - because the product is more advanced

65
Q

What is point of sale promotions

A

a benefit the customer will receive when they buy the product

66
Q

what is advertising

A

giving the customer information about the product and persuading them to buy it

67
Q

what are the main methods of point of sale promotion

A

price reductions
competitions
loss leaders
free samples

68
Q

what are price reductions used for

A

used to sell off old stock
business will make less profit

69
Q

what are competitions used for

A

a person who buys the product is entered in a competition to win something

70
Q

what are loss leaders used for

A

goods are sold at a loss to make them repeat purchase and spend more elsewhere

71
Q

what are free samples used for

A

given out to tempt people to buy the product

72
Q

what are the main methods of advertising

A

social media
websites
television
print media
radio

73
Q

what is social media used for

A

a cheap way of communicating with a large audience and can target customers - not everyone uses social media

74
Q

what are websites used for

A

providing information to potential customers - depends on how much business can afford

75
Q

what is television used for

A

advertising reaches a large audience you know which channels potential customers watch - often expensive

76
Q

what is print media used for

A

business can target their market however people often dont read them - includes newspapers magazines and leaflets

77
Q

what is the radio used for

A

suitable for local advertising but product cannot be seen - cheaper than TV

78
Q

what is promotional advertising media

A

the ways in which a company can advertise its goods - social media, websites, print media,television, radio

79
Q

what is physical distribution

A

the distribution of a good or service using physical presence such as a shop or office

80
Q

what are the three channels for physical distribution

A

producer => consumer
producer => retailer => consumer
producer => wholesaler => retailer => consumer

80
Q

what are the advantages of produce to retailer to consumer

A

selling to retailer means the producer can benefit from keeping profit that would be kept by wholesaler, confident that the retailer can market the goods

80
Q

what are the advantages of producer to consumer

A

missing out wholesalers and retailers the producer makes more profit rather than sharing

81
Q

what are the advantages of producer to wholesaler to retailer to consumer

A

the wholesaler can break up bulk stock and offer retailers the goods in quantities they can afford and sell - more retailers are willing to buy the goods

82
Q

What is digital distribution

A

the distribution of goods digitally by downloading from a website

83
Q

what are the advantages of digital disstribution

A

the consumer can buy the product 24/7
doesnt have transport or physical shops costs

84
Q

what are the disadvantages of digital distribution

A

physical goods cannot be distributed this way
competitive market as prices are
compared
customers without devices can’t buy
some customers may not like sharing details online

85
Q

what is the marketing mix

A

the mix of different parts of the marketing campaign - product, price, place, promotion

86
Q

what must the business consider when making decisions about the marketing mix

A

the type of product they are selling
the cost of the product
stage in the product life cycle
target market
funds availble for marketing

87
Q

if you have just introduced a new product what price method should you use

A

price skimming - set a high price because consumers will be willing to pay for it

88
Q

if you are introducing a product where should you sell it

A

sell through exclusive shops to stress products quality

89
Q

if you are introducing a product how should you advertise it

A

use targeted advertising to generate interest in the product

90
Q

if a product is growing what happens to the price

A

it is reduced to maintain sales

91
Q

if a product is growing what happens to place

A

sold through wider range of shops and online to increase customers

92
Q

if a product is growing what happens to promotion

A

advertised widely to stress the benefits to a wider market

93
Q

if a product is maturing what happens to the price

A

maintained at a stable price

94
Q

if a product is maturing what happens to place

A

continued sales through a wide range of outlets

95
Q

if a product is maturing what happens to promotion

A

it is advertised to highlight its differences from the competitors

96
Q

if a product is declining what happens to the price

A

use promotional pricing to extend sales

97
Q

if a product is declining what happens to place

A

it is continually sold to a wide range of outlets but reduced sales in outlets that arent selling many

98
Q

if a product is declining what happens to promotion

A

advertised to raise awareness of price reductions
given special offers to encourage people to buy

98
Q

what is market data

A

information that can help make marketing decisions

99
Q

what is market share

A

the percentage of total sales of a product that the business has made

100
Q

what is a target market

A

a group of customers who the business tries to sell its products to

101
Q

what is the target market used to decide

A

the design of the product
pricing
when and how to advertise it
which retail outlets to use
which promotional offers to use

102
Q

what is the market share used to decide

A

whether to change or to maintain the current marketing mix

103
Q

what is a change in demand used to decide

A

price increase/reduce
advertising - more/less needed
the type of advertising
promotional offers
introduce a new product

Business paper 1 (3 decks)

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