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Study innit > Marketing > Flashcards

Marketing Flashcards

1
Q

Define Marketing

A

Marketing is identifying customer wants and satisfying them profitably

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2
Q

Define Customer

A

A person, business or other organization which buys goods or services from a business

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3
Q

Define customer loyalty

A

When existing customers continually buy products from the same business

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4
Q

Define customer relationships

A

Communicating with customers to encourage them to become loyal to the business and its products

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5
Q

Define Market share

A

The percentage of total market sales held by one brand or business

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6
Q

Define Consumer

A

A consumer buys goods or services for personal use (not to re-sell)

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7
Q

Define Mass market

A

Where there is a very large number of sales of a product

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8
Q

Define niche market

A

A small, usually specialized, segment of a much larger market

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9
Q

Define Market segment

A

An identifiable sub-group of a whole market in which consumers have similar characteristics or preferences

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10
Q

State the stages of the product life cycle

Name all

A
  1. Developed
  2. Introduced
  3. Grow
  4. Maturity
  5. Saturation
  6. Decline
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11
Q

Sate the ways you can extend a product’s life cycle

At least five

A
  1. Introduce new variations
  2. Introduce improved version of the product
  3. Sell into new markets
  4. Sell through more retail outlets
  5. Change product’s design
  6. Use new advertising campaign
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12
Q

What are the 4 elements of the marketing mix

A

Product
Price
Place
Promotion

4Ps

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13
Q

Define USP

A

The special feature of the product that differentiates it from the products of its competitors

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14
Q

Define brand name

A

Unique name of a product that distinguishes it from other beands

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15
Q

Define Brand loyalty

A

When consumers buying the same brand again and again instead of choosing a competitor’s brand

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16
Q

Define Brand image

A

An image or identity given to a product which gives it a personality of its own

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17
Q

Define Cost-plus pricing

A

The cost of manufacturing the product plus a profit mark-up

Basically profit

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18
Q

Define competitive pricing

A

When the product is priced in line with or just below competitors’ prices to try to capture more of the market

19
Q

Define Penetration pricing

A

When the price is set lower than the competitors’ prices in order to be able to enter a new market

20
Q

Define Price skimming

A

Where a high price is set for a new product on the market

21
Q

Define Promotional pricing

A

When a product is sold at a very low price for a short amount of time

22
Q

Define Dynamic pricing

A

When businesses change product prices usually when selling online, depending on the level of demand

23
Q

Define Price elastic demand and Price inelastic demand

A

PED=Consumers are very sensitive to price changes
PID=Consumers are not sensitive to price changes

24
Q

Define distribution channel

A

Which a product is passed from the place of production to the customer

Wholesalers, Retailers…

25
Q
A
26
Q

Define Agent (distribution channel)

A

An independant person or business that is appointed to deal with the sales and distribution of a product or range of products

27
Q

State the medians of distribution

At least five. C’mon

A
  • Department stores
  • Chain stores
  • Discount stores
  • Superstores
  • Supermarkets
  • Independant retailers
  • Direct sales
  • Mail order
  • Internet
28
Q

Define promotion

A

Where marketing activities aim to raise customer awareness of a product or brand, generating sales and helping them to create brand loyalty.

29
Q

State the aims of promotion

At LEAST five

A
  • Create brand image
  • Inform people about issues
  • Introduce new products on to the market
  • Increase sales
  • Compete with competitors
  • Improve company image
30
Q

Define Advertising

A

Paid for communication with potential customers about product to encourage them to buy it.

31
Q

What is Informative and persuasive advertising

A
  • Informative advertising=give full information about the product
  • Persuasive advertising=Persuade customers that they really need the product.
32
Q

Define Target audience

A

Refers to the people who are potential buyers of a product of service

33
Q

State the modes of advertisement

AT LEAST FIVE

A
  • Television
  • Radio
  • Newspaper
  • Magazines
  • Billboards
  • Cinema/DVD
  • Leaflets
  • Internet
34
Q

Define sales promotion

A

Incentives such as special offers or deals aimed at customers to achieve short-term increase in sales

35
Q

State the types of sales promotions

At least 5

A
  1. After-sales service
  2. Gifts
  3. Buy-one-get-one-free (BOGOF)
  4. Price reductions
  5. Free samples
  6. Product placement
  7. Competitions
  8. Point-of-sale display
36
Q

Define marketing budget

A

The financial plan for the marketing of a product for a specified period of time

37
Q

Define social media marketing

A

A form of marketing that involves creating and sharing content on social media

38
Q

Define Viral marketing

A

When consumers are encouraged to share information online about a product

39
Q

(To Businesses)

Advantages of E-commerce

Only 4 c’mon

A
  • Low cost promotion
  • Global coverage
  • Able to access many customers
  • Shops not needed
40
Q

(To Businesses)

Disadvantages of E-commerce

Also only 4, You can do it

A

Updating website costs
No direct consumer contact
Online competition
Transport costs

41
Q

Define Marketing Stategy

COC reference :0

A

A plan to combine the right combination of the four elements (PPPP) for a product or service

42
Q

Explain why some business remain small

A

If they were large:
1. Can’t offer close and personal services
1. Most small businesses are specialised, so it only appeal to a limited number of consumers
1. The owner’s choice to keep the business small

43
Q

Reminder to not use dotted-lists in answers, unless the question asked for it

A

Click 5

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