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LC Business Studies > Marketing #2 > Flashcards

Marketing #2 Flashcards

1
Q

Explain promotion

A

Involves communicating with customers to let them know that the product is on sale and persuade them to buy it.
Lets them know what it will do for them.
Aim is to make people aware of the product and motivate them to buy it

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2
Q

What are four ways to promote a product

A

Advertising
Sales Promotion
Public Relations
Personal Selling

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3
Q

Explain advertising

A

Advertising is the paid, non-personal communication of information about a product or service through various media.

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4
Q

What are the main aims of advertising

A

Remind consumers of the brand
Inform them of the features of the product
Persuade them to buy the business’s product.

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5
Q

Explain Reminder Advertising with example

A

Keeps the product’s and well known brand name in the consumer’s mind
Use din maturity/decline stage of life cycle
Ex: Coca cola uses advertising to build positive associations in consumers minds so Coke will be thought of favorably and associated with good times

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6
Q

Explain Informative Advertising with example

A

Gives factual information about the product
Make them aware of brand and what it can offer them]
Ex: Sale starts at 10.00am

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7
Q

Explain Persuasive Advertising with example

A

Tries to convince consumers to buy the product.
Convinces consumer they must have the product and it is essential to their life and happiness
Ex: Toiletries ads

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8
Q

Name five types of advertising

A 
Reminder advertising
Informative advertising
Persuasive advertising
Generic advertising
Comparative advertising
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9
Q

Explain generic advertising

A

Advertises the product of an entire industry rather than one firm’s product e.g ‘Buy Irish’ campaign

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10
Q

Explain comparative advertising

A

Compares a product with another similar product to show how well it measures up to the competitor’s offering
Aims to show product is better than its competitors
Ex: supermarkets show how much cheaper a trolley or products would be in their store

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11
Q

Name seven places companies advertise

A 
The internet
Television
Radio
Newspapers
Magazines
Billboards
Direct Mail
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12
Q

What are the factors to consider when choosing an advertising medium

A

Media Habits of the Target Audience
Nature of the product
The Message
The Cost

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13
Q

What is the ASAI

A

Voluntary organisation set up by people that regulates advertising industry in Ireland
Tries to protect consumers from false, misleading and offensive advertisements.
Draws up codes of advertising standards.
Has no legal power but most advertisers will do as asked by the ASAI.

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14
Q

What does ASAI stand for

A

Advertising standards authority of ireland

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15
Q

Explain sales promotions

A

Incentives or short-term gimmicks to encourage consumers to buy a product.
These offers only last for a certain period of time.
Offers onsumers added value so they are motivated to buy and buy sooner than they nromally might

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16
Q

Give six examples of sales promotion

A 
Free Samples
Money-Off Vouchers
Free Gifts
Competitions
Loyalty Cards
Merchandising
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17
Q

Explain PR

A

The efforts of a business to create and maintain a positive image of the business in the minds of the consumers.
Aims to build a good relationship with consumers through favourable publicity.
The head of PR in a business is Public Relations Officer

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18
Q

What does PRO stand for

A

Public Relations Officer

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19
Q

What are the functions of PR

A

Attract publicity launching a new product
Target certain customers e.g ‘influencers’
Build an image that reflects well on the company
Defend products that have encountered bad publicity

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20
Q

Name four techniques used in PR

A

Events
News Conferences and Press Releases
Public Service Activities
Sponsorship

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21
Q

Explain personal selling

A

Involves salespeople meeting with customers face-to-face to give them personalised advice specific to their needs.
Relies on salepersons expertise
May involve ‘up-selling’ – convincing consumers to buy more products. ex: McDonalds would you like fries with that
Example: buying a car rely on personal selling as consumers are not knowledgeable about product

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22
Q

Explain Place as an element of the marketing mix

A

Deals with where the product should be sold and how it will get from the manufacturer to the consumer (channels of distribution).
way which products are distributed

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23
Q

Explain maufacturer

A

A manufacturer is the business that makes the product.

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24
Q

Explain wholesaler

A

A wholesaler is a business that buys products directly from the manufacturer in large quantities (bulk buying) to sell on to retailers in smaller quantities

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25
Explain retailer
A retailer is the shop that sells to products to the consumers.
26
What is traditional Chanel of distribution with example
manufacturer - wholesaler - retailer - consumer (ex: cadburys to Musgraves to newsagent to consumer)
27
What is an alternative channel of distribution with an example
manufacturer - retailer - consumer (ex: fruit and veg/cadburys to Dunnes) Only applies when large retailers make a big order
28
What is a direct channel of distribution with an example
Manufacturer - consumer (eg:Dell sells computers this way through website)
29
What are factors to consider when choosing a channel of distribution
``` Cost Nature of the Product Target Market Location of Customers E-Commerce Payment – Cash Flow implications ```
30
What are the advantages of advertising on the internet
Seen by global audience, increased sales exporting Cost effective- only pays for every person who clicks on the ad Can reach target market by advertising on websites they know they use ex: Unis ads are on Facebook Can use picture, sound, movement to appeal to senses
31
What are the disadvantages of advertising on the internet
Advertising material can be copied electronically- its illegal but easy Many ignore internet ads or use pop up blockers
32
What are the disadvantages of advertising on TV
Costs a lot | People no longer watch TV ads, they switch channels for ads
33
What are the advantages of advertising on the TV
Consumers see how product works ex: washing powder before and after" Most seen medium in Ireland Can reach target market by advertising on shows they know they watch Can use picture, sound, movement to appeal to senses
34
What are the advantages of advertising on the radio
Costs less than TV- more practical Reach local people on local stations Can reach target market by advertising on programmes they know they listen to ex: spin for 15-24 yr olds popular medium in Ireland
35
What are the disadvantages of advertising on the radio
Rely on solely sound to convey message
36
What are the advantages of advertising in the newspaper
Can reach target market by advertising in papers they know they read ex: Irish times- professionals/business Provide details info to consumers Cost a lot less than TV ads
37
What are the disadvantages of advertising in the newspaper
Quality of pictures is not as good as TV | Only for one day if paper is daily one
38
What are the advantages of advertising in a magazine
Provide detailed info, written info that consumer can read and re read Pictures displayed in colour and in good quality Longer life- on sale for a week and are passed around cost less than TV Can reach target market by advertising in papers they know they read
39
Explain what a billboard is
Large poster displaying an advertisement | Situated on busy roads in an eye catching position where people will see them
40
Briefly give the advantages and disadvantages of advertising on a billboard
Advans: Cost less than TV Longer life than most media Can read local market by placing it in different parts of the country No competing with others to get consumer's attention Disadvan: Can't give detailed info Hard to reach target market as cannot predict who will see board
41
Explain direct mail
Posting advertising material directly to consumer's homes
42
Briefly give the advantages and disadvantages of advertising by direct mail
Advan: Reach target market Personalised ad using consumers name and address Contains only one ad- not competing with others for consumers attention Disadvan: Expensive Many consumers ignore direct mail - junk mail
43
Explain media habits of the target audience as a factor in selecting an advertising medium with example
Uses media its target market uses IN order to reach max amount of potential customers ex:toy manufacturers advertise on TV during children programmes when they are msot likely watching
44
Explain nature of the product as a factor in selecting an advertising medium with example
If product needs to be seen working must use a visual method ex: TV advertising Nature of product determines media Ex: Washing powders and cleaning product often do before and after can see themselves how well they work
45
Explain message as a factor in selecting an advertising medium with example
If product has to convey technical info about product Best to use written medium for such cases Consumer may need to re-read the ad to understand EX: Car manufacturers ads on TV and newspapers as newspaper ad conveys technical details
46
Explain cost as a factor in selecting an advertising medium with example
How much money business has to spend Very expensive to advertise on TV so this is out for many businesses Advertising on local media is cheaper- therefore local business should use these mediums Business should sue most effective advertising media that it can afford
47
What does the advertising standards of the ASAI state ads should?
Be legal, decent, honest and truthful Be prepared with a sense of responsibility to both consumers and society Obey rules of fair competition
48
Give an example of an offensive ad
Hunky dory ran a crisp add featuring scantily dressed young women playing sport . It was demeaning to women but the company still refused to remove the ads
49
Give an example of a misleading ad
L'Oreal ran ad for mascara featuring Penelope Cruz. Product claimed to make eyelashes look "up to 60% longer" Later emerged Cruz was wearing false lashes in the ad
50
Explain free samples as a sales promotion technique with example
Offers free trial of product. This removes risk and fear consumers may have about spending on the product Motivated to buy it in the future Ex: cosmetic companies often give free samples of another product when you buy something from them
51
Explain money-off voucher as a sales promotion technique with example
Consumers get a coupon for a certain discount when they buy a business's product Could be attached to product or in newspaper/mail Encourages price conscious consumers to buy Ex: Tesco and dunnes send money-off vouchers to their customers
52
Explain free gifts as a sales promotion technique with example
Offers consumer free gift with every purchase Must be an attractive one that consumer will want Ex: Happy Meal toy McDonalds
53
Explain compeitions as a sales promotion technique with example
Offer customer chance to win money/holiday/car for example if they buy product Prize is attractive and crates attention for product Motivates people to buy it EX: business run social media competitions to get people sharing heir posts. get their message across to many
54
Explain merchandising as a sales promotion technique with example
Means business displays products and lays out store in an attractive eye catching way Aims to attract consumers attention and get them to impulse buy Ex: many shops place essentials like bread and milk at the back of the store so consumers have to walk past other products to get them
55
Explain attract publicity when launching products as a function of PR with example
Business organises PR stunt to get publicity with aim of getting stunt into the media Customers see the stunt and become aware of product Ex: when ryanair announced new routes to new cities, CEO Michael O Leary dresses up in costumes from that city on ads
56
Explain target certain customers as a function of PR
Business can sponsor events and causes they know will appeal to their target market Helps shape attitudes and create positive reaction Ex: Coca Cola always looks to create positive image of brand in consumers mind. Sponsored the Dublin Bike Scheme to promote a healthy lifestyle
57
Explain Build image reflecting well on company as a function of PR with example
May engage in public service activities so consumers will admire their efforts and buy more products from them EX: McDonalds set up Ronald McDonald children's charities. Donates money to Our Lady's hospital for Sick Children in Crumlin
58
Explain defending products that have encountered bad publicity as a function of PR with example
Uses PR to defend itself form bad publicty by putting its side of the story across to the public EX: McDonalds suffered after movie Super Size Me showing a man eating nothing but McDonalds and gaining a lot of weight. McDonald's press release defend the company well reminding consumers of their healthy options
59
Explain events as a technique used in PR
Hold an occasion to attrcat PR Ex: roadhsow/exhibition or open day EX: Luxury shoes brand Christian Louboutin does not advertise. It holds exclusive invite only events where the designer meets with consumers in stores around the world
60
Explain new conferences and press releases as a technique in PR
Business can invite media to hear it make it newsworthy announcement ex: Creation of jobs/ new product range Media may carry news story and so business get its names into the papers on on TV for free
61
Explain public service activities as a technique in PR
Business can engage in activities to help community Consumers feel they care about them and makes them like business more Ex: Tesco Community Fund- Consumers can blue token at the checkout and can place it in the donation box of the local cause they would most like to support. Donations are made then by tesco according to tokens
62
Explain sponsorship as a technique in PR
Financial support of an event to achieve certain business goals like receiving recognition of increasing brand awareness People who have positive experience at event will have positive view of the bran than ran it EX: Insurance company AVIVA paid owners of stadium on Landsdowne rd to name it Aviva stadium
63
Explain McDonald's promotional methods
PR- McDonads sponsors children's charities for positive PR. Set up Ronald McDonald children's charities. Advertising- Ads on TV often Humorous Sale promotion- gifts to children with happy meal from latest film/TV show Personal selling- Employees are rained to upsell. They always ask if they want another product with their meal
64
Evaluate McDonald's promotional methods
PR- Parents see how good company are to children charities and choose to bring their kids there. Big target market Advertising - Humor ensures ads will be watched by young adult market Sales promotion- Market of children are highly motivated to go to McDonalds just to get toy Personal selling - encourages consumer to buy more. more sales and profits
65
Explain the importance of distribution
Affects sales- consumer only buy whats in store. Affects profit margins- more stages to channel of distribution the more expensive the product for a consumer. Retailer and wholesaler add profit to price Affects goodwill- Cannot guarantee ontime delivery then reputation will suffer
66
Explain cost as a factor to consider when choosing a channel of distribution
More stages to channel of distribution the more expensive the product for a consumer. Retailer and wholesaler add profit to price To minimse final cost many business ell direct to consumer ex: Ryanair stopped using travel agents to sell its tickets
67
Explain nature of the product when choosing a channel of distribution
bulky or heavy products distributed directly to minimise transport costs Perishable goods are sole through a short channel of distribution to ensure they get to consumers asap If product is easily broken Short channel is needed to reduce handling
68
Explain target market when choosing a channel of distribution
if product is low priced may use intensive distribution to get their product into as many stores as is possible ex: Cadburys chocolate bars If company sell luxury product they may only want it sold in high prestige shops - reflecting exclusivity
69
Explain location of consumers when choosing a channel of distribution
If consumers are in one specific area direct channel of distribution can be used to keep cost low If product is sold in different parts of the world network of wholesalers, retailers and agents will be needed Ex: Cadburys distributes its products throughout Ireland using wholesalers like Musgraves
70
Analyse the marketing mix of the well known product red bull under Product with explanation and evaluation
Energy drink created by an Austrian entrepreneur who got he idea from a thai energy drink Evaluation: Very distinct product. USP is that it doesnt taste like any other soft drink and claims to give energy boost with improved concentration, Benefits make it no. 1 selling energy drink in the wolrd
71
Analyse the marketing mix of the well known product red bull under Price with explanation and evaluation
Uses premium pricing strategy. Product is priced above competitors but consumers pay premium because of the products benefits Evaluation: High price reinforced idea that it is product of premium quality. Enjoys high revenue and profit
72
Analyse the marketing mix of the well known product red bull under Promotion with explanation and evaluation
Red Bull is innovative in its promotion techniques. It organises its own events Evaluation: They create awareness and interest in red bull products among audiences for events. They also attract publicity for the company in local media
73
Analyse the marketing mix of the well known product red bull under Place with explanation and evaluation
Intensive distribution strategy and makes product available in a variety of places Evaluation: Makes it easy for conumers to obtain it no matter where they are. Well distributed drinks is reason why it is so successful

LC Business Studies (28 decks)

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