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Buisness AS_UNIT 2 > Marketing > Flashcards

Marketing Flashcards

0
Q

What does the product life cycle describe?

A

The stages a product goes through from the beginning where it is first thought of right until it is removed from the market

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1
Q

What is marketing?

A

Understanding your customers needs and adapting your marketing mix to give them what they want

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2
Q

What are the 4 main stages of the product life cycle?

A

Introduction
Growth
Maturity
Decline

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3
Q

Why do branded goods enjoy continuous growth?

A

The product is constantly bring improved and advertised and maintains a strong brand loyalty

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4
Q

Where, on the product life cycle, would you see negative cash flow?

A

Development and introduction

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5
Q

What is a key problem with the product life cycle?

A

Few products finish the product life cycle. The length of each stage differs depending on the product, some even go straight from introduction to decline

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6
Q

What makes a successful product?

A

Finding a gap in the market and creating a product that fits in that gap
Appealing
Reliability

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7
Q

What is a product range?

A

Many companies we know produce a range of products to reach different segments of the market

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8
Q

What is an example of a product range?

A

Apple: ipad-workers, kids
iPhone-everyone
iMac-workers

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9
Q

What is the Boston matrix?

A

A process used by a company to know where each of their products are in terms of market share and growth.

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10
Q

What are the 4 categories in the Boston matrix?

A

Star
Cash cow
Question mark
Dog

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11
Q

What is the star?

A

High market share, high market growth

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12
Q

What is the cash cow?

A

Low market growth, high market share

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13
Q

What is he question mark?

A

High market growth, low market share

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14
Q

What is the dog?

A

Low market share, low market growth

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15
Q

What is the strategy for the question mark?

A

Build market share by using the 4 p’s

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16
Q

What is the strategy for cows?

A

Invest just enough to keep the product in its current position
‘Milk’ then for cash to spend on other products

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17
Q

What is the strategy for stars?

A

Reduce investments and promotions and raise prices in order to maximise the short-term cash flows and profits from the products

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18
Q

What is the strategy for dogs?

A

Products can phase out or sell the product in order to use the resources elsewhere

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19
Q

What is market share?

A

The percentage share of the market at any time. Business owners can control this

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20
Q

What is market growth?

A

Value of sales that changes in a minute. Change in the whole market over time

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21
Q

What is cost plus pricing?

A

Cost of making then adding a price onto it, making a profit

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22
Q

What is competitor pricing?

A

Look what competitors are charging and either match it or make your product cheaper

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23
Q

What is penetration pricing?

A

Go into the market at a low price and then rise prices as you’re going through the market

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24
Q

What is an example of penetration pricing?

A

Magazine collectibles

25
Q

What is premium pricing?

A

Charge high prices to show that it’s expensive and has high quality

26
Q

What is promotional pricing?

A

Sales over short periods of time in order to get rid of stock

27
Q

What is psychological pricing?

A

Prices at £3999 look better than £4000 making you think you are spending less

28
Q

What is loss leader?

A

Well something at a loss to get people to buy other things

29
Q

What is deferential or differentiated?

A

Charge different target audiences different prices for identical products

30
Q

What are some examples of the role of packaging?

A 
To be attractive 
Appeal to target audience 
Sanitation 
Informative 
To hold the product
31
Q

What are the 3 channels of distribution?

A

Traditional
Modern
Direct

32
Q

Where does the traditional channel go?

A

Producer
Wholesaler
Retailer
Consumer

33
Q

Where does the modern channel go?

A

Producer
Retailer
Consumer

34
Q

Where does the direct channel go?

A

Producer

Consumer

35
Q

What is an example of a business which used the direct route?

A

Small furniture shops who make the products

36
Q

What is a promotion?

A

An attempt to retain and obtain customers by drawing attention to a firm or its products

37
Q

What does promotion have to depend on?

A

Competitiveness in the market
The availability of the product
Stage of the product life cycle
How different is the product to the competition

38
Q

What are the two types of promotions?

A

Above the line

Below the line

39
Q

What is above the line promotion?

A

Promotion that everyone will see and is mainly media based e.g. Tv adverts

40
Q

What is below the line promotion?

A

Aimed at certain people and it not media based normally e.g. Merchandising

41
Q

What is a brand?

A

A sign, symbol, term, design, or any other feature that allows consumers to identify the goods and services from competitors

42
Q

What are 5 reasons for branding?

A 
Help make customer choice easier
Customer loyalty 
Differentiate the product 
Make demand less elastic
Increase the value of the company
43
Q

What does make demand less elastic mean?

A

Is price increases, demand stays the same

44
Q

How has the internet impacted on prices of products?

A

Customers can easily look and see which are providing the best deal- don’t have to drive to every shop
Businesses can see what others are charging

45
Q

How has the Internet impacted on product?

A

Made shopping easier so products could stay in maturity longer and away from decline- products shown in detail so customers know exactly what they’re getting
Customers can research product in detail and can do it quicker and this is appealing-stay in maturity

46
Q

How has the Internet impacted on place?

A

Allowing businesses to sell online-good for those who live far away or those who have trouble getting around
Distribution channels can include warehouses from places without a shop

47
Q

How has the Internet impacted on promotion?

A

Advertise online-above the line promotion
Online used daily so lots of people will see the promotion online
Increase the knowledge of the business and increase sales

48
Q

What is international marketing?

A

Involves the firm in making one or more marketing mix decisions across national boundaries

49
Q

What are some reasons for marketing products internationally?

A 
Increase profile 
Increase brand awareness
Increase market share and sales
Economies or scale 
Economic advantages-tax
Gap in the market
50
Q

What are the 6 main international marketing problems? E C T D L C

A 
Economic
Cultural 
Technological 
Distribution 
Legal 
Competitors
51
Q

What are some economical features that can cause problems for international marketing? And how do they impact the marketing mix?3

A

Exchange rates- change price of products
Tax
how wealthy the country is

52
Q

What are some cultural features that can cause problems for international marketing? And how do they impact the marketing mix? 3

A

Language barrier- product name
Work ethics- promotions
Religious issues- products

53
Q

What are some technological features that can cause problems for international marketing? And how do they impact the marketing mix?3

A

Some countries aren’t as developed (no internet)-no promotions
Facilities available- no buying online
Too high technological developed

54
Q

What are some distribution features that can cause problems for international marketing? And how do they impact the marketing mix?3

A

Online distribution- place sold
Transport - unreliable, quality
Infrastructure

55
Q

What are some legal features that can cause problems for international marketing? And how do they impact the marketing mix?4

A

Regulations
Employing people
Tax
Alcohol- countries don’t allow it

56
Q

What are some competitor features that can cause problems for international marketing? And how do they impact the marketing mix?3

A

Amount of competitors-promotions
Loyalty of customers- products
Knowing the market- price

57
Q

What 4 factors influence the choice of distribution channel?

A

The cost
The market
The product
The company

58
Q

How does the market influence the choice of distribution channel? 3

A

Is it a wide market?
Competition
Or a small geographically confined market?

59
Q

How does the cost influence the choice of distribution channel? 1

A

The longer the chain, the higher the price

60
Q

How does the product influence the choice of distribution channel? 4

A

Depends what the product is, is what decides the channel
Heavy?
Made to customers individual needs?
Easily broken?

61
Q

How does the company influence the choice of distribution channel? 2

A

Does it have its own transport?

does it have lots of outlets?

Buisness AS_UNIT 2 (9 decks)

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