Marketing Flashcards
WHat are the four p’s
Product
Place
Promotion
Price
Explain what a market is
Place where buying and selling occurs.
Explain the Target market
Customers that are being targeted by sellers
Name two pes of market and explain each of them
Consumer market: Where most goods and services are brought and sold. Ex: food, TVs, iPods,tickets for concerts etc.
Financial market: where finance and banking goods and services are bought and sold here. Ex: insurance, money withdrawals
Explain the term marketing mix
The way a company uses the four p’s/ five p’s
What is the fifth p
Packaging
Explain market research
Ways the company finds out what existing or potential customers like and dislike about their product. The market research influences the marketing mix.
What are the two types of market research
Primary research and secondary/desk research
Explain primary research. What are the characteristics of primary research
Collecting original first hand information
It’s costly but more accurate
Go out into the ‘field’, questionnaire, interviews, sample groups, test groups
Sample are a selection of people that will represent the entire market
Explain secondary research. Characteristics of secondary research
Using already published research
Less expensive, less accurate
Use Internet, government statistics, magazines, book
How does a company make their product different from competitors
Branding
Advertising
Promotions
What are the four types of advertising
Informative
Persuasive
Competitive
Collective
Explain informative advertising
Gives information to consumers about the product. Ex:size, colour
Explain persuasive advertising
When companies persuade consumers they need the product Ex: need yogurt to stay healthy
Explain competive advertising
Criticising competitors products to win over customers
