Marketing

Question 1

Price

Answer 1

Establish the price to be charged for the product . It should be a price consumers are willing to pay but which covers the cost of producing the good and allowing for a profit to be made

Question 2

Place

Answer 2

Establish the distribution policy i.e. How will the product go from the manufacturer to the selling consumer . Will you sell it directly to the consumer or will you sell it to a retailer , to sell on your behalf .

Question 3

Promotion

Answer 3

Establish the marketing advertising sales and after sales services for the product

Question 4

Packaging

Answer 4

Packiging is very important as consumers tend to buy the products that are packaged attractively

Question 5

TARGET MARKET

Answer 5

A target market is a group of consumers identified as being the people most likely to buy a particular product

Question 6

Market segmentation

Answer 6

Market segmentation is the subdividing of the target market into groups of people who share common characteristics. It is so important so that different consumers of the same product can be identified. This means that the marketing mix can be adapted yo suit each market segment .

Question 7

Product development

Answer 7

Product development is the process of creating a new product or altering an already existing one.

Question 8

Unique selling point

Answer 8

A usp is something which sets your product apart from your competitors in the eyes and minds of your consumers

Question 9

Market research

Answer 9

Market research is the collection and analysis of information a product and the market for that product .
What future trends are likely to be ?
Who are my competitors ?
Market size ?

Question 10

Desk research

Answer 10

The use of information that has already been collected or published . It is useful for giving a general overview of a market e.g newspaper

Question 11

Field research

Answer 11

The gathering of new information from research e.g questinare

Question 12

Advertising

Answer 12

Advertising is the communication of information about a product or service to people tor try to persuade them to buy the product or service

Question 13

Informative adavertising

Answer 13

Gives useful information to the public

Question 14

Persuasive advertising

Answer 14

Tries to convince them that they need the product

Question 15

Competitive advertising

Answer 15

Used to convince people that their product is better than the competitors

Question 16

Generic advertising

Answer 16

When businesses selling the same product come together to buy more if the product

Question 17

Attention

Answer 17

Get the attention of the customer which leads to … Suscess

Question 18

Interest

Answer 18

Create an interest in the product leading to …. Sucess

Question 19

Desire

Answer 19

Create a desire to have the product leading to … Sucess

Question 20

Action

Answer 20

The customer should now the product leading to sucess

Question 21

Product

Answer 21

Establish what product is to be produced and decide on its packaging

Question 22

Media

Answer 22

Media is a word commonly used to describe the various forms of advertising media e.g radio t.v newspaper
The type of media used will depend on the TARGET MARKET

Question 23

National media

Answer 23

Used to advertise to all of Ireland e.g dunnes stores advert on t.v , seen by people all over Ireland

Question 24

Local media

Answer 24

Used to advertise local companies

Question 25

Specialist media

Answer 25

Used to advertise products used by small groups of consumers

Question 26

Branding

Answer 26

Branding means applying a specific name or logo to a companies product to distinguish them from similar products made by other manufacturers

Question 27

Free samples

Answer 27

Sample food in a shopping centre hoping you will like the product and buy it

Question 28

Coupons

Answer 28

Discount coupons givin out in post / internet in hope you will buy the product

Question 29

Competitors

Answer 29

When you buy products you are entered into attractive competitions

Question 30

Bulk discounting

Answer 30

Three for two on products

Question 31

Joint selling

Answer 31

Free biscuits with a jar of coffe

Question 32

Voucher for next purchase

Answer 32

Given to consumer when purchasing goods so they receive discounts on next purchase

Question 33

Open day in shop

Answer 33

Let people sample product

Question 34

Public relations

Answer 34

Public relations involves establishing and maintaining a good company image into the mind of the public

Question 35

After sales service

Answer 35

After sales service is the support offered by the company

Question 36

After sales service

Answer 36

Consumers image of a company is often determined by there experience of the after sales service they receive

Question 37

Double entry

Answer 37

It will come out of the bank - CR side

And will go into the advertising account DR side

Question 38

Production

Answer 38

Production means change , changing raw materials into finished goods

Question 39

Primary sector

Answer 39

This industry takes materials from the land or the sea ( extractive industry )