Marketing Flashcards
What are the 2 types of research and their methods?
Primary:
- Questionnaires
- Interviews
- Trialing
- Focus groups
Secondary:
- Newspapers
- Magazines
- Census
What is primary research?
Information collected by the researcher
What is secondary research?
The collection of data using research or information collected by others
What is marketing?
Finding out the needs and wants of potential customers and promoting the company’s products or services.
Advantages and disadvantages of primary research
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
Advantages and disadvantages of secondary research
Advantages:
-Saves time
-Relatively inexpensive
-Widely available
Disadvantages:
-Not specifically gathered for the business
-May contain bias
-May be out of date
What is qualitative research?
- Not numbers, words
- can help define problems and learn about customers’ opinions, values and beliefs
What is quantitative research?
- All about numbers
- Collects factual information on things that can be quantified (put into numbers) and recorded easily
What are the 4 P’s
- Product
- Place
- Promotion
- Price
What is promotion?
Promotion is the methods a business uses to communicate information about its products and services among its customers and potential customers
What are the methods of promotion- advertising?
- social media
- television
- websites
- radio
- print media
What are the methods of promotion - point of sale?
- Price reductions
- Loss leaders
- Competitions
- Free samples
What is price?
- 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.
What is competitive pricing?
when a business sets its prices for its products and services based on what other firms in the market are charging
What is cost plus pricing?
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
What is penetration pricing?
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
What is price skimming?
charging a high price initially, and then lowering the price over time
What is a product?
A good or service provided by a business
What is product design?
is the process of creating new products or services for firms to sell.
What is product innovation?
Changing existing processes or creating new, more effective processes, products and ideas
What is the product lifecycle?
Represents the stages that a product goes through from the initial development, right through to the overall decline and withdraw
What is introduction in the product life cycle?
When the product is released to the market
What is growth in the product life cycle?
When sales are increasing at their fastest rate
What is maturity in the product lifecycle?
Sales are near their highest, but the rate of growth is slowing down
