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enterprise test 1 > marketing > Flashcards

marketing Flashcards

1
Q

what is marketing?

A

anticipating, identifying, and satisfying customer needs

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2
Q

what does marketing involve?

A

IDENTIFYING - what customers want and need through market research

ANTICIPATING - what customers demand can change so it is important to look ahead to spot the next big thing. allows an enterprise to respond more quick to changing tastes and fashion

SATISFYING - providing products where and when they are wanted at a price that customers will actually pay

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3
Q

what will an enterprise use marketing to achieve?

A
  • raise customer awareness
  • increase/maintain brand loyalty
  • improve image of company
  • increase or defend sales market share or profit
  • help enterprise compete
  • help enterprise reach its target market
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4
Q

how does marketing help customers?

A
  • provides customers with knowledge about products so they can make informed decisions and save time searching for info
  • being able to make informed decisions can save customers money
  • raises awareness of products customers didn’t realise were available so they can purchase it
  • enterprises have to keep customers needs and wants in mind. can lead to suitable products being made available
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5
Q

what is customer retention?

A

measuring how loyal customers are to an enterprise (and the likelihood of them buying products or services again)

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6
Q

why is it important for an enterprise to retain customers?

A

5% increase in customer retention increases profits 125%

  • marketing is expensive, from research to promotions and to attract customers you need to advertise
  • returning customers can provide stable income making cash flow planning easier
  • helps established maintain brand loyalty to increase chance of repeat custom
  • loyal customers spend more per visit
  • good word of mouth advertising can increase sales and potentially market share
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7
Q

what is customer satisfaction?

A

the extent to which customers are pleased with the products and services provided by an enterprise

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8
Q

why is it helpful to know what customers want?

A

it allows the enterprise to adapt to please its customers and it is also helpful to know opinions of lost and potential customers to find out what it could or should do to re attract/attract customers.

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9
Q

what are things you should measure to measure customer satisfaction?

A
  • number of sales: have they increased/decreased? be careful because this could be due to other factors like changes in income tastes or competition rather than unhappiness
  • number of complaints and returned products” are customers unhappy? can lead to bad rep and loss of sales, take action quickly (but products can be returned for many reasons
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10
Q

what are ways to obtain feedback from customers?

A
  • questionnaires and surveys: in person or electronic, a few short questions
  • suggestion boxes and comment cards
  • mystery shopper programmes: people act as customers to test service offered by an enterprise like in Starbucks, high cost though
  • focus groups: to explore the needs thoughts and opinions of customers
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11
Q

what are some methods of retaining customers?

A
  • offering good or improved quality products
  • offering a new or wider range of products and designs
  • offering good customer service - personal attention to their needs by training employees well
  • providing after sales services and support
  • resolving complaints quickly
  • providing detailed info about products
  • communicating regularly with customers
  • rewarding loyalty
  • asking for feedback to find out what changes need to be made.
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12
Q

what does justify mean?

A

support a case with evidence/argument

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13
Q

what are the 2 types of adverts?

A

informative or persuasive

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14
Q

advantages and disadvantages of leaflets

A

easy simple and cheap, can be kept for future

often seen as junk mail so ignored, pollution issue caused by litter

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15
Q

advantages and disadvantages of posters and billboards

A

good visual impact, can be seen numerous times, can target people in a location

easy to miss, only seen for a few secs, no detailed info, can be easily damaged

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16
Q

advantages and disadvantages of online communication and SM

A

can have two way communication with customers, can be accessed in most countries so large audience, sites easy to update

people have to have access to internet, easy to ignore/block out adverts, can be easy to miss

17
Q

advantages and disadvantages of sponsorship

A

association with another party can increase awareness amongst target audience

high cost, negative publicity for both parties sometimes

18
Q

advantages and disadvantages of newspapers

A

can reach large numbers of people and can be kept for future reference

can be expensive depending on size/position, not everyone reads newspapers.

19
Q

advantages and disadvantages of television

A

can reach large number of people, can target audiences, colour sound and motion helps to attract attention

expensive to produce advert and pay tv company to show, cannot change message easily, easy to ignore or skip

20
Q

advantages and disadvantages of cinema

A

uses sound colour and motion for impact, potential customers can be targeted by film shown

target market is small, only see it once, high cost to produce and show

21
Q

advantages and disadvantages of magazines

A

can be used to target a local or national special audience

can be expensive based on choice of magazine, size of advert and colour used

22
Q

advantages and disadvantages of newsletters

A

can provide regular updates to customers and can be posted to individuals, whole area, or placed

customers may not provide contact details, they may not read newsletters, time and cost is high

23
Q

advantages and disadvantages of word of mouth

A

free, personal, and honest

no control over what customers say

24
Q

advantages and disadvantages of announcements

A

relatively simple to arrange, can target people in a given location

target market likely to be small, not everyone listens

25
Q

what is a sponsorship?

A

an enterprise paying or offering something in return for having its name linked with an event, person, or group

26
Q

what is mass media advertising?

A

methods like tv, radio, cinema, newspapers and magazines, posters, and billboards, leaflets and internet

because they are designed to reach a large number of people

27
Q

what factors should you consider when choosing your marketing method?

A
  • cost of method, how expensive is it
  • how much money do you have to spend
  • how many potential customers you can reach
  • how easily you can distribute it
  • who the target market is
  • type of product
  • actions of competitors
28
Q

what would be a good method for young people to market to?

A

social media because they are more active there than with a newspaper for example

29
Q

what is an example of a legal obligation you must meet for marketing and selling?

A

any descriptions or statements about your products and services must be true and not mislead customers

enterprise test 1 (5 decks)

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