Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business manangement > Marketing > Flashcards

Marketing Flashcards

1
Q

Define marketing

A

Marketing is the management process responsible for identifying, anticipating and satisfying consumers’ requirements profitably.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Where are the three distinct meanings of marketing?

A
  1. place where buyers sellers come together
  2. a market location (geographic locations)
  3. a type of product
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Distinguish between product orientation and market orientation

A

product orientation: inward-looking approach, innovative and good quality products will be purchased

market orientation: The needs of the customers are the priority. market research is the center of all decision-making.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are 3 advantages and disadvantages of product orientation

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are 3 advantages and disadvantages of market orientation

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

State three marketing and corporate objectives

A
  1. sales market
  2. market share (as % of the market)
  3. brand awareness
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

State the formula for market share percentage by sales values

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

state the market share percentage by the sales volume

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

State the market growth formula

A

  • depends on th business’s size and competitors
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Marketing mix

A

A document outlining an organization’s marketing objectives and the marketing strategies to be used to achieve these objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are 3 disadvantages and advantages in the marketing mix

A

Advantages:
* direction and purpose, motivation.
* identity potential problems
* help marketing manager to align their markeing plans and marketing strategies with the rest of the organization
* better financial decision making

Disadvantage:
* Opportunity cost
* might not be realist for smaller firms to use due to their very lmiited marketing budgest
* outdated quickly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Distinguish between niche market and mass market

A

**Niche marketing **occurs when a business focuses on a relatively small segment of
the market.

Mass marketing occurs when a business targets all the customers in the market
rather than specific segments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Market segmentation

A

identifying different segments within a market and
targeting different products or services to them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the 4 most common bases for segmentation

A
  • Geographic
  • Demographic
  • Socio-economic
  • Psychographic
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define Geographic Segmentation

A

Geographic segmentation divides consumers according to their location

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define Demographic
Segmentation

A

Family life cycle = a
predictable pattern. This pattern allows marketers
to make predictions about
consumers’ spending patterns.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Define socio economic segmentation

A

classifies consumers according to their income, profession
or education.

18
Q

Psychographic
segmentation

A

Psychographic
segmentation divides the
population according to
lifestyle and personal interests.

19
Q

Target market

A

Target market chosen after market segment have been identified.
* measurable
* accesible
* profitable

20
Q

Product positioning

A

market has been segmented and target market identified a business has
to ‘position’ its product.

21
Q

Product positioning maps

A

visual representations of how the various
competitors attempt to position their brands in the eyes of the consumer.
These maps typically display two attributes
along the axes; price, quality, age, etc.

22
Q

Unique selling point

A

feature of a product that makes the product stand
out from its competition and gives them competitive advantage. Any area of the marketing mix can lead to a unique selling point. The best USPs are those that add value to the consumer

23
Q

First mover advantage

A

competititive edge that is first to market a new product or service. Unqiue selling point

24
Q

method of differentiation

A
  1. product
  2. price
  3. place
  4. promotion
  5. peple
  6. processes
  7. physical enviorment
  8. packing
25
Q

Market reasearch

A

primary or seocondatry market research for marketing acitives designed to determine the opnions, beliefs and feeling of existing and potential customers (wants and need). Information is gathered through an **systematic process **

26
Q

why do business conduct market research

A
  1. gather infomration of cutomers taste and purchasing behaviour, market change
  2. Determine the likelihood of customers buyding products for product innovatin
  3. improve marketing mix and dudgetary variances
  4. price elasticity, gaugin cutomers reaction to prices changes
27
Q

Primary market research

A

secpmd jamd data
tailored to a company
● fieldwork so is often referred to as field research.
● surveys, interviews, focus groups, and observations.

28
Q

Secondary market research

A

collection of data and information that have already been collected by another source
general to all companies
* desk research
* market analyses, academic journals, government
publications, and media articles

29
Q

What are 4 methods of primary research

A
  1. survey
  2. intervoew
  3. focus grou
  4. observation
30
Q

what are three advatages and disadtvantages of survey

A

Advantages of using surveys
● They can enable researchers to gather a large amount of data relatively quickly.
● With online surveys, it is also relatively cheap to collect and collate data over a short period of time.
● Surveys are less expensive and time consuming than other methods of data collection, such as interviews and observations.
● They can be used to collect data and information for a broad range of research purposes.
Disadvantages of using surveys
● Surveys conducted face-to-face can be expensive and time consuming, especially when trying to obtain a large sample
that is representative of a target market.
● They can suffer from selection or interviewer bias and/or poorly worded questions, thus generating unrepresentative
results.
● Questions in a survey can be poorly worded, so the results are inaccurate or misleading.
● As surveys can be time-consuming to complete, participants may be reluctant to fill out questionnaires or they might do
so in a hurry, without giving considered responses to questions (especially if they are open-ended questions).
● Answer choices (options) used in closed questions on a survey may not represent how the survey participants actually
feel.
● Even with well-designed surveys and questions, participants may not be entirely truthful due to strategic reasons.

31
Q

what are three advatages and disadtvantages of interview

A

Adavantages:

Interviews are specifically designed to meet the needs of the individual organization.
● They can help the business to gain large amounts of qualitative data.
● Clarification of questions or responses can take place as the researcher can ask follow-up questions. This helps
to resolve potential biases in the answers.

Dis advantages:
As only a small number of respondents are involved, the findings might not be representative of the opinions of
the market.
● Potential interviewer bias might occur, thereby distorting the findings or analysis of the responses.
● Interviews can be very time-consuming and are therefore a costly method of market research. Interviews may
take a large amount of time to complete, so interviewees may be offered a financial incentive to take part.

32
Q

what are three advatages and disadtvantages of interviews

A
33
Q

what are three advatages and disadtvantages of interviews

A

conusmer pael

34
Q

Distinguish between marketing strategy and marketing mix

A

Marketing stragety: long term plan that defines the overall goals and object of business. It shows the market value, value proposition, the positioning and the differentiation of a business.
**Marketing mix: ** set of controllable variables that a business can use to influence the demand and satisfaction of its target
market.

35
Q

PRODUCT

A

good or service that serves to satisfy the needs and wants of customers.

36
Q

Tangible attributes

A

refer to a product’s physical aspects, such as how it looks and feels.

37
Q

Consumer Products

A

purchased by private individuals for their personal use.

38
Q

Branding

A
  1. giving business name or identity
  2. Create orginal idenitity, differentitate, build brand awareness, brand loyalty, coporate image, brand development, brand value
39
Q

Brand development

A
  • market research
  • target market/market segmentation
  • brand name, logo, and slogan
  • unique selling point (USP)
  • brand in realtion to the overall business strategy
  • focused marketing mix
  • takes time and experties
40
Q

Brand loyalty

A
  • do not switch to rival bran andr retain customers for repetitvive purchase,
41
Q
A

Business manangement (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions