marketing Flashcards
outline 3 reasons why an organisation would target specific customers?
three reasons why an organisation would target specific customers is because less time consuming to carry out market research another reason is that the products can be designed to meet specific needs of target market and lastly prices can be more accurately set to reflect the particular target market.
define field research
field research involves finding out information first hand directly from the consumer.
outline the advantages of field research
advantages of field research are that information is gathered specific to your purpose and also information is up to date.
outline the disadvantages of field research
the disadvantages of field research are that is it more expensive to gather compared to desk research but it is also more time consuming to gather compared to desk research and people may not always give truthful answers in response to questions.
define desk research
desk research uses secondary information which has already been gathered for another purpose, either from inside or outside the business
outline the advantages of desk research
some advantages of desk research are it is cheaper to access existing information rather than having to collect information from scratch also it is easier to obtain by looking in newspaper or on a website as the research has already been carried out another is decisions can be made quickly as the information already exists.
Outline the disadvantages of desk research
some disadvantages of desk research is that information may be out of date as it may have been collected a long time ago and so may not be relevant but also the i information may not be as useful as the research has been carried out for a different purpose another one is information is available to competitors marking it harder to find a competitive edge.
describe a personal interview
a personal interview is a face to face discussion between a trained interviewer and a respondent which can take place in the street or at home, an advantage is that it allows two way communication so any points can be clarified, an disadvantage is that it is a costly method of research as interviewers needs to be trained.
describe the telephone survey
describe the postal survey
describe an online survey
describe the focus group
describe social networking sites
outline the first three stages of product development (GAPTAP)th
the first three stages of product development are generate the idea which means coming up with ideas following market research second stage is analyse the idea which is considering the different options and picking the best one. the next one is produce a prototype which means making a model/early version of your product.
outline the last three stages of product development (GAPTAP)
the last three stages of product development are test the product which means carry out safety tests and also carry out test marketing with customers with feedback. the next one is alter the product which ,means make necessary changed following tests and the last one is produce the product which means start production of the product.
describe a brand
a brand is a logo, name or symbol that is given to a product that makes it instantly recognisable.
outline the advantages of a brand
advantages of a brand are that higher prices are be charged for branded products, brands generate ‘brand loyalty’ and mean greater sales, brands are perceived to be of a higher quality, brands are instantly recognizable, brands reduce the need for advertising.
outline the disadvantages of a brand
disadvantages of a brand is that if a product within the brand develops a poor reputation it can damage the while brand name and establishing a brand is time consuming, lengthy and expensive process.
identify the four stages of product life cycle
introduction
growth
maturity
decline
describe the introduction stage of the product life cycle
introduction is when the product is launched onto the market, when the product is heavily advertised to inform customers but sales will be low at this stage with little to no profit.
describe the growth stage of a product life cycle
growth is when the product is becoming more well-known and popular but advertising continues but at a slower rate than before also the sales are rapidly increasing and profit is beginning to be made.
describe the maturity stage of the product life cycle
maturity is when the sales and profits have reached their peak, the product is well established on the the market, advertising is only used as a reminder and then new models/variations may be introduced to encourage long term sales.
describe the decline stage of the product life cycle
decline is when the product popularity has fallen which the sales and profits are also falling while their is a strong competition in the market.
