Marketing Flashcards
Name 4 characteristics on market led companies
Products developed on customer wants
High levels of market research
Exist in competitive markets
Responsive marketing mix to PESTEC
Name 4 characteristics on product led companies
Products developed by business based on business belief
Minimal market research. High product research
New technologies. Little competition
Fairly unresponsive to PESTEC
Name 4 aspects of consumer behaviour
Why ( need/ want/ gift)
What(Routine/impulse/major decision)
How( cash/ credit card/store credit)
Where( outlets/catalogues/e commerce)
Name 6 types of Desk Research
Web pages Trade magazines Govt publications Financial statements Sales figures Previous market research reports
Name 3 advantages of desk research
Timely and easy to get
Cost effective (cheap)
Available
Name 3 disadvantages of desk research
Not objective gathered by someone else
Not appropriate not gathered for exact purpose
Not concise
Name 3 advantages of field research
Complete designed for specific information
Timely and up to date
Appropriate
Accurate and validated
Name 4 types of sampling
Random Sampling
Quota sampling
Stratified random sampling
Cluster sampling
Name 9 types of field research
Telephone survey Postal survey Online survey Personal interview Hall tests Focus groups Consumer audit Test marketing EPOS
Name 7 aspects of the marketing mix
Product Place Price Promotion Process Physical evidence People
Name the 5 stages of the product life cycle
Introduction Growth Maturity Saturation Decline
Name 7 extension strategies
Lowering price Changing selling place Change promotion New product variations/flavours Rebranding Redesign packaging Changing use
What are the four squares of the Boston matrix and where do they sit on the grid (market share/growth)
Stars(HH)
Question marks(LH)
Cash cows(HL)
Dogs(LL)
Name 9 advantages of a product portfolio
Spread risk over different markets Meet needs of different market segments Newer products can replace those at end of cycle Increases brand awareness Easier to launch new products Cash cows fund riskier ventures Stars allow market leader QM give opportunity to grow Dogs can be divested
Name 5 disadvantages of a product portfolio
High costs of marketing High costs of product development Bad publicity can affect whole portfolio Resources assigned to new products may affect existing products Dogs can drain a business of profits.
Name 10 pricing strategies and give examples
Cost plus( cost + Mark up PC’s)
Competitive( set similar to comp Fuel)
Skimming ( electronics)
Penetration( set low and then increase new chocolate bar)
Discrimination( based on factor like age (transport)
Destroyer – low to kill comp
Loss leaders set low to encourage customers to buy other products
Premium permanently high ( designer bags)
Low permanently lower than comp( Primark)
Demand set with supply an demand
Name 5 factors affecting pricing
Target market Demand Business objectives External factors Cost of product
Name 4 parts of distribution channel
Manufacturer
Wholesalers
Retailer
Customer
Name 6 factors affecting the channel of distribution
Finance available Image of product Shelf life Legal restrictions Stage of product cycle Technical qualities( may need demos)
Name 5 types of direct selling
E commerce Mail order Direct mail Personal selling On line/tv shopping channels
Name 5 types of retailer
Hypermarkets and superstores Convenience super market( M & S simply food) Out of town retail parks On line retailers( amazon) Discount stores ( Poundland)
Name 4 advantages of using wholesalers to manufacturers
Packaging and displays dome by wholesaler saving time and cost
Buy in bulk saving on small deliveries
WS promote to retailers
WS carry risks of going out of date.
Name 4 disadvantages of using wholesalers to manufacturers
Make less profit WS take a cut
Manufacturer loses control of how product is marketed
Manufacturer loses control of who product is sold to
Name 4 advantages of using wholesalers to retailers
Retailers save on storage by using smaller quantities
Benefit from promotions offered by wholesaler
Trial smaller orders of new stocks
Name 4 disadvantages of using wholesalers to retailers
More expensive than going to manufacturer
May miss out on exclusitivity deals from manufacturer
Same products sold to competitors
Name 2 advantages and 2 disadvantages of above the line promotion
Adverts outsourced to agencies – high quality
Adverts reach large audiences
Businesses have no control over which consumers are targeted
V Expensive
Name 8 types of advertising media
TV Radio Newspapers Magazines Cinema Internet Billboards Digital screens
Name 2 advantages and 2 disadvantages of below the line promotion
Business has more control over target customers
BTL is more affordable
Impact can be limited
Customers can dislike because intrusive
Name 4 into the pipeline promotions
Trade credit
Merchandising materials
Sale or return
Bulk buy discounts
Name 5 out of the pipeline promotions
Special offers (BOGOF) Free gifts Vouchers and coupons Loyalty schemes Interest free credit
Name 5 advantages to using social media for BTL
Target market contacted directly New info uploaded immediately Easy analysis of likes and follows Comments can be left Free to use
Name 5 disadvantages to using social media for BTL
Difficult to engage with new customers
Requires time to be effective FTE
Negative feedback can affect
Negative feedback seen instantly not allowing reaction
Name 5 advantages to using apps media for BTL
Target based on browsing history Share experience on sites Integrated services eg boarding pass Sales 24/7 Information easily updates Integrate photos and games to add interest
Name 5 disadvantages to using apps media for BTL
Apps require signal/ coverage
Limit of info due to screen size
Short shelf life ie world cup
Security
Name 5 advantages for product endorsement
Like celebrity like product Free advertising every time product is worn Good media coverage positive exposure Higher prices Brand loyalty
Name 5 disadvantages for product endorsement
Put off if celeb not liked
Bad publicity tarnish product image
Expensive
Poor performance by celeb results in lower sales
Name 4 advantages for product placement
Awareness to large audiences Subliminal advertising( don’t realise watching promotion) Identified with characters Merchandise spin offs
Name 4 disadvantages for product placement
Exposure time short
Expensive
Association with disliked characters
Negative storylines can effect product
Name 5 type of PR activities
Press conferences Press releases Charity donations Sponsorship Company visits
Name 4 factors that can affect method of promotion chosen
Target market
Finance available
Marketing mix
Ethical practises
Name 4 methods how a business uses people in the marketing mix
Train staff in customer service
Update staff on product developments
Ensure rigorous selection of staff
Monitor staff using mystery shoppers or customer feedback.
Name 6 methods how a business uses process in the marketing mix
Ensure outlets are well staffed
Empower customer facing staff to make decisions
Assess process such as queues
Introduce latest technology
Offer FAQ or live chat services on website
Simple customer returns etc
Name 4 methods how a business uses physical evidence in the marketing mix
Premises /modern and clean
Settings convey ambience of product and service
Promote positive feedback and testimonials
Additional facilities, coffees etc
Name 10 uses of technology in marketing
Internet used for market research Internet to advertise products e- commerce to sell on line social media to interact with customers databases to keep customer info apps to engage with customers SMS to alert customers EPOS for market research Self checkouts to speed up process Digital screens to advertise. 3D for cinema advertising
