marketing Flashcards
How does a business segment their customers?
- age
- gender
- socio-economic group
- education level
- income
How is Target Marketing beneficial to businesses?
- The business can produce goods and services specifically for the group they are targeting.
- It can more closely meet the needs of those customers, and so is more likely to make a sale.
- The marketing can be targeted at those who are most likely to want to pay for the product, so costs can be reduced.
What are the two types of Market Research?
- Desk Research — looking at existing information, usually drawn up by someone else do their own purpose, e.g. government statistics, internet websites and blogs, trade magazines etc.
- Field Research — going outside the business to gather the information the business needs, e.g. postal surveys, online surveys and street surveys.
What are the Advantages and Disadvantages of each method of Market Research?
Desk Research
Advantages
- relatively cheap
- quicker and easier to obtain
Disadvantages
- information may not be up-to-date
- originally collected for another purpose
- available to competitors
Field Research
Advantages
- information is up-to-date
- is collected for the exact purpose required
- it is not available to competitors
Disadvantages
- can be costly
- may take time to collect
What are the 4 P’s/ the Marketing Mix?
Product - the goods and services that the organisation provides for customers
Price - the amount charged by the organisation to the customer
Place - the location where the customer can buy the product
Promotion - informing and persuading customers of the products or services on sale
What are the stages of the Product Life Cycle?
- Development
- Launch
- Growth
- Maturity
- Decline
What are the Methods of Distribution?
- Road
- Rail
- Sea
- Air
What are the Advantages and Disadvantages of each Method of Distribution?
Road
Advantages
- door-to-door service
- can make multiple stops
Disadvantages
- petrol is expensive
- roadworks can cause delay
- cannot transport large loads
- not environmentally friendly
Rail
Advantages
- quicker than road
- can transport large loads
Disadvantages
- not door-to-door
- have to make other arrangement to get to the destination (e.g. road)
Air
Advantages
- quickest method
- can transport large amounts
Disadvantages
- expensive
- not door-to-door
- have to make other arrangement to get to the destination (e.g. road)
Sea
Advantages
- can transport large amounts of
- more environmentally friendly than other methods
Disadvantages
- not door-to-door
- have to make other arrangements to get to destination (e.g. road)
- slow method
What are the Factors to Consider when choosing a Location?
- competition
- availability of resources
- costs
- government incentives
- transport links
What are the Types of Promotion?
- celebrity endorsement
- DVD’s/Films
- product placement
- advertising
- exhibitions and fairs
- competitions
- loyalty card
- direct mail
What is the use of Technology in Marketing?
- internet for e-commerce
- e-mail for customer feedback
- word processing for advertising posters or mail shots
- EPOS (electronic point of sale) for market research
- database for customer information