Marketing Flashcards
What is desk research?
This is research that has already been conducted, for example- books online newspapers
What are the two types of market research?
Desk and field research
What is field research?
This is when you go out and conduct your own research, for example a online survey a postal survey etc
What is the costs and benefits of desk research?
Costs - out of date and irrelevant
Benefits - it’s cheap and easy to get a hold off
What are the costs and benefits of field research?
Costs - are that it can be expensive and it is time consuming
Benefits - relevant and unique
What is a target market?
This is what the products or the service is aimed towards,
Age, gender, area
Identify the key stages of the product life cycle.
Growth
Maturity
Decline
What is the growth sector?
This is when the product is just starting to get recognises by the public and sales are increasing slowly
What is the maturity stage?
This is when people are now starting to know the product more and sales are increasing rapidly
Explain the decline stage
This is when profits start to decrease because either everyone has your product or a competitor has come out with a better product than you
What is the marketing mix?
price, product, place and promotion
What is the marketing mis stage price?
This is how much a business is going to charge customers for a good or service
What is the product part of the marketing mix?
This is the actual good or service which the business is selling
What is place?
Where the business will sell there good or service to customers
Promotion? Marketing mix
This is how the business is going to attract customers by promoting the product or service ie- buy one get one free
