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Higher Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

Compare market orientated with product oriented.

A
  • Product orientated organisation focus on creating a good product whereas customer orientated organisations focus on satisfying customers
  • Product orientated focusses on making profit whereas market orientated focusses on satisfying customer needs
  • Product orientated products are often made for a specific purpose whereas market orientated products are made to respond to changes
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2
Q

What is a niche market?

A

A niche market is a small market within a market segment made up of people who are willing to pay a high price for an exclusive product e.g. Gluten free products

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3
Q

How could technology be used in marketing?

A
  • Emails and video calls can be used to improve communication
  • The internet improves access to information which an help with finding suppliers and market research e.g. Looking at competitors websites
  • Use of computers when manufacturing can help to ensure products are consistent
  • Ecommerce can help an organisation reach wider markets and eliminate the need for a shop
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4
Q

Compare desk and field research.

A
  • Field research is primary information whereas desk research id secondary information
  • Desk research involves reusing existing information whereas field research involves finding new information
  • Desk research does not involve direct contact with consumers whereas field research often does
  • Field research is specific to what the organisation wants whereas desk research is more broad
  • Desk research can be unreliable whereas field research is up to date and accurate
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5
Q

What are advantages of using a telephone survey as a method of research?

A
  • A large number of people can be reached
  • It is cheaper than interviewing
  • 2 way communication means misunderstandings can be discussed and cleared up easily
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6
Q

What are disadvantages of an online survey?

A
  • People need to have internet access to fill it out
  • There is no way of clarifying questions and answers
  • There may be a limit to the amount of information that can be put in an online survey
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7
Q

What is a hall test?

A

A hall test is when products are given to a sample of customers. The sample evaluate the product and give the organisation feedback on it.

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8
Q

What is a focus group?

A

A focus group involves putting together a group of customers and asking them questions about a product or service.

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9
Q

How can EPOS be used for field research?

A

EPOS can be used to gather information when customers are paying for products. This information is factual rather than customer opinions

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10
Q

State the 6 stages of the product life cycle.

A
  1. Research and development
  2. Introduction
  3. Growth
  4. Maturity
  5. Saturation
  6. Decline
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11
Q

Name and describe the 7 P’s of the marketing mix.

A

Product - The goods/services provided

Price - The amount charged for the product

Place - The location at which the product is sold

Promotion - The way the business communicates with customers and makes them aware of products

People - The people involved in providing the product e.g. Managers and employees

Process - The systems and procedures in put in place to help deliver the product e.g. Lead times, handling complaints

Physical evidence - The mood and atmosphere of the place of sale e.g. Specific smells, furniture, uniform

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12
Q

What is a product portfolio?

A

A product portfolio is a range of products provided by an organisation

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13
Q

State 3 advantages of a product portfolio.

A
  • Profit is available from more than one place, spreading risk
  • A range of products may have appeal to a range of consumers in different market segments meaning more profit can be made
  • Customers may become more aware of the brand as products are seen in more than one place
  • Gives a the organisation a specialist image
  • New products can replace older ones at the end of their life cycle
  • Customers who like a product are more likely to try another by that company (brand loyalty) meaning more profit is made
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14
Q

State 3 disadvantages of a product portfolio.

A
  • If customers do not like a product it may put them off other products
  • It can be costly to advertise an entire portfolio meaning less profit is made
  • It can be costly to research and develop products and a loss can be made if products are not popular
  • Operations involved in manufacturing can become very complex when a number of products are being made
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15
Q

What is a brand?

A

A brand is a unique identity for an organisation which is created using a logo, symbol, name, design or slogan

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16
Q

What are the disadvantages of branding?

A
  • Branded products often cost more which may put customers off, resulting in reduced sales and profit
  • Competitors may copy branded products (benchmarking) making the market more saturated
  • It can be costly to create a brand meaning less profit is made
  • It can be expensive to market a brand meaning less profit is made
17
Q

State 3 advantages of branding.

A
  • Makes products identifiable which may attract customers helping to increase sales and profits
  • Customers who are satisfied with products may repeat purchases from that brand (brand loyalty)
  • It is easier to launch new products as customers trust the brand, this means profit is made faster on new products
  • Higher prices can be charged because brands tend to look exclusive or high quality
  • Money is saved in marketing as advertising the brand will attract customers to a range of products (cheaper than advertising each product separately)
  • A brand can target different markets
18
Q

Suggest ways of extending a products life cycle.

A
  • Altering/improving the product
  • Altering the packaging
  • Varying the product i.e. Fun sized packs etc.
  • Altering the price
  • Using promotions e.g. Offers and competitions
  • Alter the purpose e.g. Lucozade changing from energy to sport
  • Change the advertising method
19
Q

Which section of the boston matrix has HIGH market growth and LOW market share?

A

Problem child

20
Q

Which section of the boston matrix has LOW market growth and LOW market share?

A

Dog

21
Q

Which section of the boston matrix has HIGH market growth and HIGH market share?

A

Star

22
Q

Which section of the boston matrix has LOW market growth and HIGH market share?

A

Cash cow

23
Q

State 2 disadvantages of own branding.

A
  • The products may be seen as low quality alternatives to original bands
  • Marketing costs the company money as it has to promote its own products
24
Q

Describe market skimming.

A

Market skimming is when a high price is charged for an exclusive product when it is launched, as the market becomes more saturated the price is lowered in order to stay competitive.

25
Q

Describe promotional pricing.

A

Promotional pricing is when the product price is lowered for a short period of time. This encourages more customers to buy as they feel like they are getting a deal, increasing sales and profit

26
Q

Describe discriminatory pricing.

A

Different prices are charged for the same item depending on the time of year e.g. Ice cream is more expensive during the summer

27
Q

What are advantages of using a wholesaler?

A
  • May be cheaper for the manufacturer as wholesalers ofter package an label goods
  • The risk of not selling goods is passed on to the wholesaler meaning the manufacturers risk is reduced
  • The wholesaler buys products in bulk meaning the manufacturer needs less storage space
  • The wholesaler may promote products reducing costs for the manufacturer and increasing profit
28
Q

What is a retailer?

A

A place of sale that distributes products to the customer on behalf of the manufacturer

29
Q

Compare above and below the line promotions.

A
  • Above the line promotions are aimed at large rages of people whereas below the line promotions are aimed at specific groups of people
30
Q

Give 3 advantages and 3 disadvantages of endorsement.

A

3 Advantages

  • Customers are encouraged to buy the product because a successful individual or icon is promoting it
  • Customers may buy the product to be associated with the celebrity
  • The celebrity may promote a good image for the organisation

3 Disadvantages

  • It can be very expensive to use celebrity endorsement
  • The celebrity must be chosen carefully to match image of the product
  • If the celebrity has bad publicity (Justin Bieber) it may effect the image of the product
31
Q

Describe methods of below the line promotions.

A
  • Offers and discounts on particular products
  • Public relations (PR) improve relationship between the organisation and the public by running activities such as press releases, sponsorships and charity donations
32
Q

Give examples of into the pipeline promotions.

A
  • Staff training
  • Point of sale materials
  • Staff training
  • Dealer loaders
33
Q

Describe what is meant by market share.

A

The market share is the sectorn of the market a business sells to (is usually shown as a percentage)

Higher Business Studies (8 decks)

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