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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

What are the 2 types of research and their methods?

A

Primary:
- Questionnaires
- Interviews
- Trialing
- Focus groups

Secondary:
- Newspapers
- Magazines
- Census

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2
Q

What is primary research?

A

Information collected by the researcher

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3
Q

What is secondary research?

A

The collection of data using research or information collected by others

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4
Q

What is marketing?

A

Finding out the needs and wants of potential customers and promoting the company’s products or services.

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5
Q

Advantages and disadvantages of primary research

A

Advantages:
-Specific to the business
-Provides detailed information
-Relevant and up to date
-Can gather a mix of quantitative and qualitative
Disadvantages:
- Time consuming
- Expensive
- Can be difficult to collect

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6
Q

Advantages and disadvantages of secondary research

A

Advantages:
-Saves time
-Relatively inexpensive
-Widely available
Disadvantages:
-Not specifically gathered for the business
-May contain bias
-May be out of date

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7
Q

What is qualitative research?

A
  • Not numbers, words
  • can help define problems and learn about customers’ opinions, values and beliefs
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8
Q

What is quantitative research?

A
  • All about numbers
  • Collects factual information on things that can be quantified (put into numbers) and recorded easily
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9
Q

What are the 4 P’s

A
  • Product
  • Place
  • Promotion
  • Price
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10
Q

What is promotion?

A

Promotion is the methods a business uses to communicate information about its products and services among its customers and potential customers

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11
Q

What are the methods of promotion- advertising?

A
  • social media
  • television
  • websites
  • radio
  • print media
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12
Q

What are the methods of promotion - point of sale?

A
  • Price reductions
  • Loss leaders
  • Competitions
  • Free samples
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13
Q

What is price?

A
  • Price is the amount a business charges its customers for its product or service.
  • Customers want value for money and this may mean a business needs to set low prices to generate high levels of sales.
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14
Q

What is competitive pricing?

A

when a business sets its prices for its products and services based on what other firms in the market are charging

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15
Q

What is cost plus pricing?

A

where a business considers how much a product has cost them to produce, and then adds a mark-up to how much profit they want to make

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16
Q

What is penetration pricing?

A

the pricing technique of setting a relatively low initial price, usually lower than the intended established price, to attract new customers, then rising it later on

17
Q

What is price skimming?

A

charging a high price initially, and then lowering the price over time

18
Q

What is a product?

A

A good or service provided by a business

19
Q

What is product design?

A

is the process of creating new products or services for firms to sell.

20
Q

What is product innovation?

A

Changing existing processes or creating new, more effective processes, products and ideas

21
Q

What is the product lifecycle?

A

Represents the stages that a product goes through from the initial development, right through to the overall decline and withdraw

22
Q

What is introduction in the product life cycle?

A

When the product is released to the market

23
Q

What is growth in the product life cycle?

A

When sales are increasing at their fastest rate

24
Q

What is maturity in the product lifecycle?

A

Sales are near their highest, but the rate of growth is slowing down

25
Q

What is decline in the product life cycle?

A

Final stage, when sales begin to fall

26
Q

What is the product extension strategy?

A

The business keeps people interested in the product for longer, thereby increasing the number of sales. Cheaper than creating new products

27
Q

What is point of sale promotion?

A

Reducing the price of a product, usually for a limited time, is designed to attract new customers

28
Q

What is promotional pricing?

A

Prices are reduced for a period of time through discounts, special offers or the use of vouchers

29
Q

What is place in the 4P’s

A

where you sell your product and the distribution channels you use to get it to your customer

30
Q

What is digital distribution?

A

Distributing products digitally means that they are available for customers to buy at any time and they can access the products immediately

31
Q

What is physical distribution?

A

Distribution of goods using physical presence. like shop/office

32
Q

What is market data?

A

Information that can help marketing decisions. It includes data on such things as market share, changes in demand and the effect of promotions.

33
Q

What is market share?

A

the percentage of total sales of a product or service that a company expects to capture in relation to its competitors

Business (6 decks)

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