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business > marketing > Flashcards

marketing Flashcards

1
Q

what are the marketing objectives?

A

market size, brand loyalty, sales volume, market shares, market growth.

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2
Q

market size

A

indicates the potential sales for a firm, usually measured in volume (units) and value (sales).

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3
Q

market growth

A

a key indicator for existing and potential market entrants. growth rate can either be calculated by value or volume.

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4
Q

market shares

A

explains how the overall market is split between the existing competitors. tends to be calculated based on market value, but volume can also be used. good indicator of competitive advantage.

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5
Q

brand loyalty

A

a good measure for management as keeping customers is easier and cheaper than having to attract new ones.

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6
Q

internal influences

A

finance, Human Resources, operations, overall strategy, existing positions

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7
Q

external influences

A

political, economical, social, technological, competitive.

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8
Q

equation for market shares

A

business sales/total sales x 100

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9
Q

primary research

A

benefits - directly focused to research objectives, kept private, more detailed insights.
drawbacks - time consuming, risk of survey bias, sampling may not be representative.

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10
Q

secondary research

A

benefits - often free and easy, good source of marketing insights, quick access
drawbacks - can become out of date, not tailored to business, specialist reports can be expensive.

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11
Q

sampling

A

involves gathering data from a sample of respondents where the results should be representative of the whole population.

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12
Q

random sampling

A

every member of the population has an equal chance of selection.

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13
Q

stratified sampling

A

where the researcher divides or stratifies the target groups into sections each representing a key group.

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14
Q

quota sampling

A

the aim is to obtain a sample that is representative of the overall population such as income, age and location groups.

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15
Q

evaluate sampling

A

benefits - can provide useful research insights, can reduce risk and cost, is flexible and relatively quick
drawbacks - can be unrepresentative of large population, risk of bias, less useful in changing market

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16
Q

what is extrapolation?

A

uses the trends established from historical data to forecast.

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17
Q

what is moving averages?

A

takes the data series and smoothes the fluctuations in data to show an average. the aim is to take out extremes.

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18
Q

segments - demographic

A

dividing a market into segments based on demographic variables such as lifestyles.

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19
Q

segments - income

A

dividing a market into different income segments often on the basis of social economic grouping.

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20
Q

key features of mass market

A

customers from majority of the market, more generalised, higher production outputs, success with low cost operation.

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21
Q

key features of niche market

A

compete with bigger market without challenging, may lose customers, becomes more attractive to bigger businesses if it grows.

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22
Q

the marketing positioning

A

having chosen which segments to target businesses need to decide how to compete.

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23
Q

market map

A

illustrates the range of positions that a product can take in an market based on 2 dimensions that are important to customers.

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24
Q

elasticity

A

measures the responsiveness of demand to a change in a relevant variable such as price.

25
Q

price elasticity of demand

A

measures the extent to which the quantity of a product demanded is affected by a change in price.

26
Q

price elasticity

A

a change in price will lead to a more than proportional change in demand, demand is sensitive to price.

27
Q

price inelasticity

A

change in price will lead to a less than proportional change in demand, demand is not sensitive to change in price.

28
Q

normal products

A

a rise in consumer income will result in a rise in demand, depends on the type of product.

29
Q

luxury products

A

income elasticity more than 1, as income grows proportionally more is spent on luxuries.

30
Q

necessities

A

income elasticity less than 1 but more than 0, as income grows proportionally less is spent on necessities.

31
Q

inferior goods

A

have negative income elasticity of demand, meaning that demand falls as income rises. demand falls, consumers switch to better alternatives.

32
Q

market mix

A

the marketing mix is the combination of elements used by a business to enable it to meet the needs and expectations of customers.

33
Q

7 p’s

A

product, price, promotion, place, people, process, physical.

34
Q

NPD

A

involves investment to modify existing products or replace it with new ones.

35
Q

when might npd be required?

A

existing products are coming to the end of their life cycle.
new opportunities are opening up due to the market changes.

36
Q

why might npd be unsuccessful?

A

inadequate demand, change in external environment, high costs, production problem.

37
Q

research and development

A

often complex, absorbs significant resources, may not be successful.

38
Q

introduction

A

aim to encourage customer adoption, high promotional spending to create awareness and inform people.

39
Q

growth

A

advertising to promote brand awareness, increase in distribution outlets, target the early majority of pontential buyers.

40
Q

maturity

A

manages capacity and production, attract new user, develop new ideas, repositioning.

41
Q

decline

A

maintain market share, loyal customers, distribution narrowed.

42
Q

introduction stage

A

new product is launched, low levels of sale, low levels of capacity, usually negative cash flow.

43
Q

growth stage

A

fast growing sales, rise in capacity, unit cost falls, product gains market.

44
Q

maturity stage

A

slower sales growth, high levels of capacity, cash flow positive, prices and profits fall.

45
Q

decline stage

A

falling sales, market saturation or competition, decline in profit.

46
Q

product life cycle

A

is concerned with individual products, is concerned with sales over time.

47
Q

Boston matrix

A

is concerned with the firms portfolio of products, focuses on cash flow from products.

48
Q

axis Boston matrix

A

can be applied to the portfolio of products produced by a firm or the portfolio of businesses owned by a firm.

49
Q

how valuable is Boston matrix?

A

useful tool for analysing product portfolio decisions, only a snapshot of the current position, has little to no predictive value.

50
Q

penetration pricing

A

offer a product at low introductory price. aims to gain market share quickly build customers usage and loyalty, sell consumable items at much higher price.

51
Q

price skimming

A

set a high price to maximise profit, product is sold to different market segments at different times. maximise profit per unit to achieve quick recovery of development cost.

52
Q

dynamic pricing

A

is pricing strategy in which businesses set flexible prices for products or services based on current market demands.

53
Q

main purpose of promotion

A

to ensure that customers are aware of the existence and positioning of products. promotion is also used to persuade customers that the product is better than competing products.

54
Q

use of promotion

A

increase sales, attract new customer, encourage trial, create awareness, change attitudes, create an image

55
Q

distribution channel

A

distribution channel moves a product through the final stages from production to final consumption

56
Q

direct channels

A

channel where a producer and consumer deal directly with each other without the involvement of an intermediary.

57
Q

indirect channels

A

involves the use of intermediaries between the producer and consumer.

58
Q

what type of distribution channel to use

A

degree of coverage, nature of the product, desired image for product.

59
Q

multi channel distribution

A

allows more target market segments to be reached, customers increasingly expect products to be available via more than one channel, can be too complex to manage.

business (3 decks)

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