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CSEC Principles of Business > Marketing > Flashcards

Marketing Flashcards

1
Q

What is a market

A

A market refers to a situation where buyers and sellers interact to transact business

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2
Q

What is marketing

A

Marketing is the anticipation, identification and satisfaction of consumers’ needs and wants profitably.

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3
Q

Difference between market and marketing

A

Market is a situation that brings buyers and sellers together while marketing is a management process that identifies and anticipates customers’ needs.

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4
Q

Types of marketing

A

Integrated marketing

Social Media marketing

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5
Q

Integrated marketing

A

Integrated marketing is the strategy to create a seamless experience for the way buyers interact with a brand.

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6
Q

Social Media marketing

A

Social media marketing is marketing your business through one or more social media platforms

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7
Q

KEY AREAS OF MARKET RESEARCH

A

consumers taste

consumers behaviour

Competition

three c’s

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8
Q

Market Research definition

A

Market research mean carefully gathering and analysing data about a marketing for particular goods and services.

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9
Q

Identify the market research process(IDCAP)

A

I. Identifying or defining the problem
D. Developing information sources
C. Collecting the information
A. Analysing the data
P. Presenting the findings

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10
Q

Four reasons for conducting market research

A

How big the market is?

What price you should charge?

Who are your main competitors?

What are its strong and weak points?

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11
Q

Primary data

A

1st hand accounts straight from the original source
e.g
your company sales data

direct observation of customers in a supermarket or shopping mall

qualitative

quantitatie

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12
Q

Secondary data

A

Data that already exists.

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13
Q

QUALITATIVE RESEARCH

A

The Qualitative Market Research deals with
the feelings, attitudes, opinions, and thoughts
of an individual to ascertain their underlying
reasons for behaviour.

Focus Group: A small group of 6-12 people meets to discuss a common topic. The group shares their opinions and experiences. This method helps gather diverse insights on the subject.

Depth Interviews: A one-on-one interview with a few individuals to explore a specific issue. Open-ended questions are used to gather detailed information. This method helps uncover in-depth insights.

Photo Ethnography: The researcher observes and takes photos of people’s behaviors and emotions in various situations. Instead of asking questions, they capture visual data. This approach helps analyze real-life interactions.

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14
Q

QUANTITATIVE RESEARCH
(BASED ON FACTUAL
INFORMATION)

A

Use of surveys to gather
numerical information that can
be analysed statistically.

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15
Q

IDENTIFY 6 MARKET ACTIVITIES(PPBPAD)

A

PRICING

PACKAGING

BRANDING

PROMOTION

ADVERTISING

DISTRIBUTIONS

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16
Q

What is marketing mix?

A

The marketing mix includes the four
key decisions that must be taken in
the effective marketing of a
product.

17
Q

Four main elements

Four main elements (4 Ps)

A

The four main elements (the 4Ps) of
the marketing mix of any business
organization are:
1. Product
2. Price
3. Place
4. Promotion

18
Q

Pricing strategies (C P P P)

A
  • Cost-plus – The price is based on the unit cost of production
    plus a percentage ‘mark-up’ e.g. the cost to produce each unit
    plus 20% for profit.
  • Price skimming – charge a high price for a new innovative
    product e.g
  • Promotional pricing – A new product could initially be sold at a
    lower price as a promotion to attract new customers.
  • Predatory pricing – is an aggressive pricing strategy of setting the prices low to a point where the offering is not even profitable, just in an attempt to eliminate the
    competition and get the most market
    share.
19
Q

Consumer behaviour explaination

A
  • Involves the study of how customers,
    groups or organisations make the
    decisions about what they buy, when
    they buy, the quantity they buy, ** how
    frequently** and who they buy from.
20
Q

Contributing factors to cosumer behaviour

A

Price of the Product

Price of Substitutes

Product Quality

Taste

Tradition

Income

Brand Loyalty

21
Q

Packaging

A

The role of packaging should be:
* To attract the attention of the
customer

  • Protect the product
  • Advertise or promote the product
  • Labels to describe the product and
    its ingredients
22
Q

Advertising

A

Advertising is a paid presentation of a product intended to generated sales and profit by showcasing benefits of a product to consumers.

23
Q

Function of advertising

A

Build customer loyalty

Promote special events or offers

Highlight unique features of a product

Promote a positive brand image

24
Q

Forms of advertising

A
  1. Informative
  2. Persuasive
  3. Comparative
  4. Reminder
25
Q

Sales promotion- loss leaders

A

Loss leaders refer to products sold at a loss or very low price to attract customers with the expectation that they will buy other

26
Q

D

Sales promotion - social media marketing

A

Social media marketing is the use of various platforms to advertise one or many products, it is beneficial because customers may communicate with a brand easily and it provides the opportunity for global reach, where advertisements can be viewed by a large audience quickly and efficiently.

27
Q
A
28
Q

Public relations

A

(PR) is the publicity that garnered from stunts, statement, and newsworthy actions by a company.

29
Q

Sales promotion

A

Sales promotion is a strategy used for a relatively short period of time to build brand awareness, to set out information about a product, and hopefully to motivate customers to make a purchase.

30
Q

Types of sales promotion

A

POGOF, price reductions and free samples

31
Q

Define personal selling

A

Personal selling is where members of a salesforce are directed to interact with customers in order to explain a product and how it works

32
Q

Define personal selling

A

Personal selling is where members of a salesforce are directed to interact with customers in order to explain a product and how it works

33
Q

Advantages of personal selling

A

Able to supply detailed information

Able to persuade customers into making a purchase

Providing a motivating sales experience for employees

Build a personal relationship with customers.

34
Q

Disadvantages of personal selling

A

The high cost (including labor cost)

The lack of reach

Some customers prefer anonymity when purchasing

Potential for negative customer experience

CSEC Principles of Business (11 decks)

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