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Marketing Flashcards

1
Q

\What is Marketing?

A

The process of identifying, predicting and satisfying the customers’ needs and wants profitability.

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2
Q

What is the purpose of marketing?

A

-Increasing the sales of products and services
-Inform customers of new products

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3
Q

How does a business increase the sales of products and services?

A

Through promotions, advertising and discounts

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4
Q

Why do businesses inform customers of new products?

A

The product may be so new that the customer will be needed to persuaded into buying the product.

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5
Q

What are the 5 elements of the promotional mix?

A

-Advertising
-Sales Promotion
-Direct Marketing
-Public Relations
-Personal Selling

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6
Q

What is meant by Advertising?

A

Promoting a product to get the public to buy it

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7
Q

What is Primary Research?

A

Going directly to the source, rather than relying on pre-existing data

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8
Q

What is secondary research?

A

A research method that involves using pre-existing data

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9
Q

What is an advantage of primary research?

A

Guarantees that the data is up to date and relevant

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10
Q

What is a disadvantage of primary research?

A

Expensive and Time consuming

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11
Q

What is an advantage of secondary research?

A

Low cost and Easily accessible

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12
Q

What is a disadvantage of secondary research?

A

Not confidential, so competitors can use the same information
It isn’t very specific

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13
Q

What is qualitative data?

A

Seeks to gather and explore feelings and thoughts about a product from consumers

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14
Q

What is quantitative data?

A

Involves gathering data and measuring responses
Data is displayed in charts
Questionnaires written to gather numerical data

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15
Q

What are questionnaires?

A

A set of questions asking a customer about the product

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16
Q

What are Interviews?

A

A structured conversation where a person asks another person a set of questions

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17
Q

What are trials?

A

Testing a small area to find out if the product will sell before launching it fully

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18
Q

What are focus groups?

A

To find out lots of information about the way the customers may use a new product

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19
Q

What are advantages of questionnaires?

A

-Cost-effective
-Anonymity
-Easy to analyse

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20
Q

What are disadvantages of questionnaires?

A

-Limited depth
-Response bias - people may misunderstand the questions

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21
Q

What are advantages of interviews?

A

-In-depth information
-Ability to ask follow-up questions

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22
Q

What are disadvantages of interviews?

A

-Time-consuming
-Costly

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23
Q

What are advantages of trials?

A

-Controlled environment
-Establish cause and effect relationships

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24
Q

What are disadvantages of trials?

A

-Costly and time-consuming
-Ethical concerns

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25
What are advantages of Focus Groups?
-Build on other people's ideas -Ideal for exploring new ideas or concepts
26
What are disadvantages of Focus Groups?
-Organizing focus groups can be time-consuming and expensive -Not representative of the whole public
27
What is market segmentation?
Breaking down a whole market into a number of sub-groups
28
What are the methods of market segmentation?
Age Gender Income Location Lifestlye
29
What is meant by Age? | In market segmentation.
A child may want a toy where as and elderly person may want a walking stick to aid them.
30
What is meant by Gender? | In market segmentation.
Males and Females may want different products to each other (e.g. razors)
31
What is meant by Income? | In market segmentation.
People with more disposable income will be able to afford more expensive products than people with less disposable income.
32
What is meant by Location? | In market segmentation.
Someone living near a theme park may want a ticket unlike someone living somewhere far away.
33
What is meant by Lifestyle? | In market segmentation.
Someone with a family will be unlikely to purchase a 2 seat convertible but someone who is into sports cars and doesn't have a family might.
34
What are the different social classes?
Upper Class Middle Class Upper middle class Lower-middle class Skilled working class Working class Unskilled/unemployed
35
What are the 4Ps?
Product Price Place Promotion
36
What are products?
anything that satisfies the customer's needs and wants, and could be either a good or service.
37
What are Goods?
physical products like a monitor
38
What are services?
intangible products like car insurance or a hair cut.
39
What is the design mix?
Aesthetics Function Cost
40
What is USP
A unique selling proposition, what makes their product stand out from other competitors - all about creating a new design.
41
What is included in the product life cycle?
1. Introduction 2. Growth 3. Maturity 4. Decline
42
What are the different pricing strategies?
Skimming Pricing Cost-Plus Pricing Penetration Pricing Competitor Pricing Promotional Pricing Price Reductions Loss Leader
43
Skimming Pricing
The price starts high because there is a high desirability because there is a novelty of something being new (e.g. iPhone 16)
44
Cost-plus pricing
Worked out by calculating the total cost to produce the product or service and then profit is added on top Two ways of doing it: 1. Add the profit margin in £ e.g. £27 2. Add a % mark-up on top of the cost of making the product e.g. 25%
45
Penetration pricing
Selling a product really low to incentive people to purchase the product
46
Competitor pricing
Pricing yourself in-line or lower than your competitor to get people to purchase your product/service rather than your competitor(s)'
47
Promotional pricing
A product or service is priced lower temporarily to encourage more sales
48
Price reductions
They can be made to persuade customers to try a product for the first time e.g. If you don't buy now, it will be gone
49
Loss leader
A product which is sold at below cost price (for a loss) to entice customers into a shop or to try the product
50
Reasons for promotion
* Inform/remind customers about the product * Create or increase awareness * Create or change the image of the product * Persuade customers to but the product
51
Methods of promotion
* Competitions * Free samples * Social Media * Websites * Print Media * Television * Radio
52
Competitions | Method of promotion.
A way to engage with the customers with the product and to spread the message about any special promotion.
53
Free samples | Method of promotion
a great way to get the customer to try the product. It may be given in a magazine.
54
Social Media | Method of promotion
low cost and can be very effective. It can keep the customers informed about new products.
55
Websites | Method of promotion
Advertising on websites can be one of the cheapest ways to increase sales and inform customers. Website ads can be interactive and are on show 24/7.
56
Print Media | Method of promotion.
*includes:* * Newspapers, gives credibility. * Magazines, are entertaining * Direct mail can be targeted at specific customers
57
Television | Method of promotion.
TV adverts reach the largest audience of all. They can be expensive. Lots of specific channels helps to target customers for example Yesterday and Dave.
58
Radio | Method of Promotion
Radio adverts are very cost-effective and are much cheaper than other methods of advertising. Radio stations have very specific audiences so are able to help businesses target the right customers. Radio adverts can be on the air quickly.
59
What are Retailers? | Distribution Channels.
A business that buys from a manufacturer or wholesaler and sells to the general public.
60
What are wholesalers? | Distribution Channels
A business that provides a link between the manufacturer of goods and the retailer
61
Advantage of physical distribution
Customer's orders are delivered faster
62
Disadvantage of physical distribution
More expensive - shipping and handling fees
63
Advantages of digital distribution
* Opportunity to reach a wider target audience * Can sell to customers 24/7 when traditional stores would be closed
64
Disadvantages of digital distribution
* May limit the number of customers if the target market is not so tech savvy * Allows customers greater access to information forcing businesses to compete more on prices
65
What is the intergrated marketing mix?
A strategic approach to integrating communications and interactive experiences targeting defined audiences and individuals which coordinated all aspects of marketing a brand
66
Advantage of Advertising
Can reach a wide geographical audience
67
Disadvantage of Advertising
Can be expensive
68
Advantages of sponsorship
Boost brand awareness Foster a positive reputation
69
Disadvantage of sponsorship
Uncertain investment - sporting success not guaranteed
70
Advantage of product trials
Customer feedback
71
Disadvantage of product trials
There is no guarantee that the customers will use the product
72
Advantage of special offers
Increase sales
73
Disadvantage of special offers
If you give them too often, then you risk reputation of the business
74
Advantage of branding
Customer Loyalty
75
Disadvantage of branding
One brand mistake can ruin all products' reputation

Business (6 decks)

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