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Bus Man > Marketing > Flashcards

Marketing Flashcards

0
Q

Purpose of marketing

A

See sheet

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1
Q

Marketing is…

A

The anticipation, identification and fulfilment of customer needs

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2
Q

External factors

A

PESTEC - political, economic, social, technical, environmental, competitive

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3
Q

Customer markets

A

Are made up of individuals who purchase goods/ services, usually from retailers, for their personal use

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4
Q

Industrial markets

A

Are made up of organisations that purchase goods/services from other organisations to help produce their own goods/services. Manufacturers / service companies

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5
Q

Market segmentation

A

Splitting customers into groups e.g. Socio-economic group, age, religion, occupation, income, gender, geographical location

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6
Q

Market segmentation is useful to an organisation as it can assist with:

A

4 Ps - Price, Product, Promotion, Place

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7
Q

Niche marketing

A

When companies identify a niche (gap) in a certain market. They aim a product at a small market segment e.g. Saga, Aston Martin

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8
Q

Niche marketing is popular as it allows businesses to:

A

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9
Q

Market research is…

A

The systematic gathering, recording and analysing of data about an organisation’s products/services and it’s target market

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10
Q

Market research allows a firm to:

A

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11
Q

Market research can provide an organisation with info about:

A

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12
Q

Two types of market research methods

A

Desk research

Field research

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13
Q

Desk research

A

Is carried out by a researcher using secondary information in the form of published sources originally produced by someone else e.g. Gov. reports, financial papers…

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14
Q

Field research

A

Is carried out by a researcher ‘in the field’ on order to gain first-hand info for an organisation to use. The researcher goes out to the market and obtains the info themselves

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15
Q

Personal interview

A

Involves a face-to-face interview either in street or at home

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16
Q

Advantages of a personal interview

A

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17
Q

Disadvantages of a personal interview

A

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18
Q

Focus group/group discussions

A

Involve specially selected groups of people. Usually led by an experienced chairperson who puts forward points to encourage open discussion

19
Q

Advantages of focus group/group discussions

A

Qualitative information given in the form of opinions, feelings and attitudes

20
Q

Disadvantages of focus group/group discussions

A

Can be difficult to analyse qualitative information

21
Q

Telephone survey

A

Involves a market researcher phoning people at home and asking them questions

22
Q

Advantages of telephones survey

A

See sheet

23
Q

Disadvantages of telephone survey

A

Many people don’t like strangers asking questions over the phone, therefore hostility can be encountered

24
Q

Postal survey

A

Involves a market researcher sending a questionnaire out through the post

25
Q

Advantages of postal survey

A

Inexpensive as it does not require a trained interviewer

26
Q

Disadvantages of postal survey

A

Questions must be simple and easy to answer, very low response rate

27
Q

Customer audit is:

A

See sheet

28
Q

Advantages of customer audit

A

Accurate info can be gained if diaries are kept properly, info can indicate customer trends as they are completed over a period of time

29
Q

Disadvantages of customer audit

A

See sheet

30
Q

Hall test

A

See sheet

31
Q

Advantages of hall test research

A

Information gained is qualitative

32
Q

Disadvantages of hall test research

A

See sheet

33
Q

EPOS

A

See sheet

34
Q

Advantages of EPOS

A

See sheet

35
Q

Disadvantages of EPOS

A

Can be very expensive to set up the system to record consumer spending

36
Q

Observation

A

See sheet

37
Q

Advantages of observation

A

Provides accurate quantitative information

38
Q

Disadvantages of observation

A

Cannot ask questions that explain customers actions as there is no direct contact with customers

39
Q

Test marketing

A

See sheet

40
Q

Advantages of test marketing

A

See sheet

41
Q

Disadvantages of test marketing

A

Customers in one area may have regional tastes that are not representative of the national public

42
Q

The marketing mix

A

Four Ps - product, price, place, promotion

Bus Man (18 decks)

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