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Business gcse > MARKETING > Flashcards

MARKETING Flashcards

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1
Q

Customer base

A

group of customers the business sells product to

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2
Q

Market

A

all customers who are interested in buying product and have financial resources to do so

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3
Q

Target market

A

individuals identified by a business as the consumers of its product

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4
Q

consumer market

A

markets for goods and service bought by the final customer

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5
Q

industrial Market

A

markets for goods and service bought by other businesses to use in their production process

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6
Q

business environment

A

combination of internal and external factors that influence the operation of a business

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7
Q

Free trade

A

no barriers existing that might prevent trade between countries

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8
Q

Niche marketing

A

developing products for a small segment of market

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9
Q

mass marketing

A

selling same product to the whole market

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10
Q

Market segment

A

part of whole market in which customers have specific characteristics

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11
Q

market SEGMENTATION

A

dividing whole market into segments by consumer characteristics then targeting different product to each segment

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12
Q

what are the marketing department sections

A

SALES DEPARTMENT; responsible for selling product
MARKET RESEARCH DEPARTMENT: find customers needs, market changes and impact of competitors behavior
PROMOTION DEPARTMENT: advertising product
DISTRIBUTION DEPARTMENT: transport product to market

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13
Q

what are the roles of marketing

A

identify customers needs
satisfy customers needs
maintain customer loyalty
gain info about customers
anticipate changed in customers needs

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14
Q

why consumer pattern change?
(2 price, 3 change, 1 structure)

A
  1. price of competitor product
  2. price of product
  3. change in taste
  4. change in consumers income
  5. change in technology
  6. structure of population
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15
Q

why competition increases?

A

Government
development of e-commerce
growth of free trade

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16
Q

what does the government do to increase competition

A

DEREGULATION:removing government controls
FINANCIAL ASSISTANCE
LEGAL CONTROLS: preventing firm from dominating market

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17
Q

how to respond to competition?

A
  1. KEEP COST LOW use resourceS efficiently to reduce average cost
  2. DEVELOP PRODUCT, add features
  3. INCREASE PROMOTION to convince to buy
  4. MAINTAIN CUSTOMER RELATIONSJIP
  5. LOOK FOR NEW MARKET
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18
Q

disadvantages of mass market

A

more competition
customers look for something different which leads to division of whole market

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18
Q

what are the advantages of mass market

A

changes of consumer pattern won’t affect firm
. enjoy economies of scale
.potential for high sales

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19
Q

advantages of niche market

A

less competition
charge a high price
if market succeeds it may expand in future

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20
Q

disadvantages of niche market

A

changes in consumers spending habits can affect firm
no economies of scale

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21
Q

types of market segmentation

A

GEOGRAPHIC location
DEMOGRAPHIC age, gender,ethnic background
PSYCHOLOGICAL lifestyle and personality

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22
Q

benefits of market segmentation

A

goods and service designed to meet consumers needs, increasing sales
reduce waste of sources
charge higher price

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23
Q

WHATS MARKET RESEARCH

A

process of collecting, recording,analyzing data about customers and competitors for a product

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24
Q

what’s a unique selling point

A

special feature of a product that sets it apart from competitors product

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25
Q

MARKET ORIENTED

A

products are developed based on consumers demand as. identified by market research

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26
Q

PRODUCT ORIENTED

A

the firm decides what to produce and then tries to find buyers for product

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27
Q

primary research

A

collection of first hand data for specific needs of the firm

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28
Q

secondary research

A

collection of second hand data sources

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29
Q

quantitative research

A

collection of numerical data that can be analyzed using statistical techniques

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30
Q

qualitative research

A

the collection of information about consumers buying behavior ND THEIR OPINION ABOUT PRODUCT

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31
Q

sample

A

a representative sample of the target market selected to take part in market research

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32
Q

why is market research important?

A
  1. helps business find out what consumers like and dislike about their product
  2. identify consumers. taste and preference
    3.identify competitors main unique selling point
  3. know size of market
  4. decide on best promotion methods
  5. predict demand of product and how it’ll change
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33
Q

what are the benefits of Market orientated business

A
  1. lower risk of product failing
  2. product that meet needs of customers will last longer in market
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34
Q

sources of secondary data

A

newspaper, internet, libraries, market research agencies, government publications, business records

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35
Q

benefits of secondary research

A

cheap to obtain
easier and quicker to obtain

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36
Q

limitations of secondary research

A

may not be up to date
may not be reliable of useful as it may not have been collected for the same purpose required by business

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37
Q

benefits of primary research

A

1.up tp date data
2. data is directly relevant to business
3. info not. available for other businesses(competitive advantage)

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38
Q

limitations of primary research

A
  1. costly
  2. time consuming
  3. answers may be biased
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39
Q

what are focus groups

A

type of primary research, group of consumers are invited to discuss topics about product

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40
Q

advantages and disadvantages of FOCUS GROUPS

A

can provide detailed information about consumers opinion HOWEVER time consuming and expensive, peoples opinions may be influenced

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41
Q

what are observations?

A

takes form of recording watching and audits

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42
Q

advantages and disadvantages of observations

A

inexpensive HOWEVER, numerical data gathered so no explanation to behavior

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43
Q

what is test market

A

Limited amount of product is produced and sold in selected areas

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44
Q

advantages and disadvantages of test market

A

1.less waste and lower cost
2. identifying and solving problems in test market increases chance of a more successful intro to main market
HOWEVER, collecting info is expensive, takes longer to get to main market

45
Q

advantages of sampling

A

helps saves time to father info about whole population
save cost as it is done in smaller group

46
Q

what’s random sampling

A

every member of population has equal chance of being chosen

47
Q

advantages and disadvantages . of. random sampling

A

not bias HOWEVER sample. may be unrepresentative

48
Q

what’s quota sampling

A

people selected based on certain characteristics like age, gender,income, researchers choose who to interview.

49
Q

what’s marketing mix

A

includes all activities and decisions that go into making the product, known as the 4 PS

50
Q

PRODUCT

A

goods and service produced to satisfy customer wants and needs

51
Q

BRAND

A

name, image or symbol that distinguishes product from competitors product

52
Q

BRAND IMAGE

A

general impression of a product held by consumers

53
Q

product life cycle

A

pattern of sales of product from intro to its withdrawal from market

54
Q

extension startegies

A

marketing activities to extend maturity stage of product

55
Q

PRICE

A

amount payed by customer to supplier when buying goods or service

56
Q

product quality

A

product meets needs and expectations of customers

57
Q

what’s market skimming

A

setting a high price for a new product that’s unique or different from any other product in market

58
Q

what’s penetration pricing

A

setting very low prices to attract customers

59
Q

what’s competitive pricing

A

setting a similar price to competitors price for a product that’s already established in market

60
Q

what’s price leadership

A

smaller firms setting price based on price set by dominant firm in the industry

61
Q

what’s loss leader pricing

A

setting price of a small number of products below costs to attract customers into outlet, hoping that they will buy other products to earn profit

62
Q

what’s cost plus pricing

A

setting price by adding a fixed amount to the cost of making or buying product

63
Q

what’s demand

A

quantity of goods and service consumers are willing and able to buy

64
Q

revenue

A

price of product times quantity sold

65
Q

what’s price elasticity of demand

A

measures by how much demand for a product changes when there is a change in price

66
Q

what are the features of a successful product

A
  1. satisfies customers needs
  2. not expensive to produce
    3.design performance, quality match brand image
  3. unique selling point
67
Q

BENEFITS of new product development

A
  1. in fast changing markets like hi tech, a business won’t survive unless it meets changing needs of customers
  2. increase potential sales and revenue
    3.develpping new product before competitors will give business a competitive advantage
  3. economies of scale
68
Q

COSTS of new product development

A
  1. market research needs to be carried out which is expensive
    2.if investment of product if financed by borrowing and product fails, business is at survival risk
    3.requires large capital expenditure
  2. no garuntee product will succeed
69
Q

why is brand image important

A
  1. customers can recognize product easily
    2.once customer loyalty is gained, business can charge higher prices
  2. easier to launch new products under same name
70
Q

role of packaging

A
  1. can influence consumers choice
    2.packaging costs business money, increase final price
    3.poor packaging may indicate poor product
71
Q

why’s packaging important

A
  1. product product
  2. easier transportation of product
  3. helps provide information about product
  4. helps recognize product
    5.keep product fresh once opened
72
Q

introduction stage of product cycle

A

product introduced to market, low sales, business might make. loss

73
Q

growth stage of product cycle

A

product becomes famous, sales increasing, product starts to earn profit

74
Q

maturity stage

A

sales are no longer growing, most profitable stage

75
Q

decline stage

A

sales start to fall, product is unprofitable

76
Q

what are some extension strategies

A

1.introduce new variations to product
2. introduce new and improved version
3.sell thru other retail outlets
4. look. for other markets
5. improve packaging
6.oncrease advertising

77
Q

phycological pricing

A

price set based on customers perception of product, HIGH PRICE INDICATING HIGH STATUS
NOT USIJG WHOLE NUMBERS

78
Q

channels of distribution

A

how a product gets from producer to final customer

79
Q

wholesaler

A

business that buys product in bulk from producer and sells it to retailers

80
Q

retailer

A

shops and other outlets that sells products to final customers

81
Q

middlemen

A

intermediaries in channels of distribution

82
Q

direct selling

A

product is sold by producer directly to customer without middlemen

83
Q

promotion

A

marketing activities to communicate with customers to inform them and persuade them to buy product

84
Q

informative advertising

A

information about product communicated to customers to create awareness and attract interest

85
Q

persuasive advertising

A

communication with customers aimed to get the to buy their product instead of competitors product

86
Q

below the line promotion

A

promotion not paid for but uses incentives to encourage customers to buy

87
Q

sales promotion

A

incentives used to increase short term sales or repeat purchase

88
Q

personal selling

A

sales staff communicate directly with customers to achieve a sale and form long term relationship between firm and consumer

89
Q

direct mail

A

printed materials sent directly yo address of customers

90
Q

sponsership

A

payment by a business to have its name or product associated with an event

91
Q

market budget

A

amount of money made available by a business for its marketing activities during. a period of time

92
Q

e-commerce

A

use of internet and technologies by a business to sell goods and service

93
Q

advantages of direct selling

A
  1. all profit earned by producer
    2.producer controls all parts of marketing mix
    3.producer has direct contact with consumer, useful market opportunities
  2. fastest method
94
Q

disadvantages of direct selling

A
  1. consumers won’t always see or try product before buying
    2.all promotional activities financed and carried out by producer
  2. high delivery costs
  3. storage payed byr producer
95
Q

factors that determine which method od distribution

A
  1. costs
  2. mature of product
    3market
96
Q

Advantages of retailer method of distribution

A

1.consumers see and try product before buying
2.cost of inventories payed by retail
3.retailer pay for promotional activities
4. retailers more conveniently located

97
Q

disadvantages of retailer methods of distribution

A
  1. retailer takes part of profit
  2. takes part control of marketing mix
    3.producer pay delivery cost
  3. retailers sell competitors product swell
98
Q

Aima of promotion

A
  1. persuade to buy product
  2. explain how product is better than competitors
    3.create and develop brand image
  3. encourage wholesalers and retailers to stock product
    5.reassure customers if there’s a problem with product
  4. attract attention pf customers by making them aware of product or reminding them
99
Q
A
100
Q

types of promotion

A
  1. advertising
  2. sales promotiom
  3. sponsership
101
Q

whats a marketing strategy

A

plan to achieve marketing objectives using a given level of resources

102
Q

legal controls

A

laws that control the activity of businesses

103
Q

barriers to trade

A

usually taxes, quotas, bans that a country places on goods of other countries to prevent or increase cost of them entering country

104
Q

domestic market

A

market for goods and service that business owns

105
Q

joint venture

A

agreement between two or more businesses to work together on a project

106
Q

what are the common legal controls

A
  1. protect customers from faulty and dangerous goods
  2. prevent businesses from using advertising to mislead consumers
107
Q

impact of legal controls on marketing strategy

A
  1. increase costs on business
  2. advertising may have to be withdrawn
  3. large company that dominates market may face legal; controls
108
Q

problems of entering foreign markets

A
  1. difference in language and culture
    2.economic difference
  2. difference in legal controls
  3. lack of market knowledge
109
Q
A

Business gcse (2 decks)

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