Marketing Flashcards
Explain the marketing process
Market research to identify and understand customers. Developing and testing new products/ services. Communicating products and services.
Why do businesses need to think about marketing
To reduce the risk of market failure and to understand the customers and customer needs. To communicate products effectively to encourage customers to buy them. Keeping up with market trends.
Define ‘market segment’
It is a group of customers in a market that have similar characteristics and needs e.g. same age or same budget.
How does market segments help a business?
It helps them to carry out market research, tailor products for customer needs and to target promotions at specific groups.
Define marketing
Identifying and understating the customer needs and wants. Meeting the needs profitably through products and services.
What is market research?
Market research is gathering information about customers, competitors and market trends by collecting primary and secondary data.
Three stages in market research
Planning and designing
Doing research
Analysing information
What is involved in planning and designing the research?
Aims?
Research techniques
Primary, secondary, qualitative or quantitative data?
What is involved in researching?
Time limits?
Sample size
What is involved in analysing the information?
Same/different comments?
Trends in data?
Give some example of how market research can be conducted
Interviews
Consumer panels
Questionnaires/surveys
What is product trial?
It is when consumers buy a product for the first time to assess whether or not they will buy it again
What is repeat purchase and customer loyalty?
It is where customer will buy a product more than once and keep coming back
Give different methods of getting customers to try a product for the first time
Advertising Public relations Free samples Viral marketing Low trial prices
Methods to generate sales and revenue
Special promotions
reminder adverts
Product innovations
Customer loyalty schemes (loyalty cards)
