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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing

A

Marketing means identifying customer’s requirements and identifying how to supply these at a profit

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2
Q

The marketing mix

A

The four Ps of Marketing

  1. Product
  2. Price
  3. Place
  4. Promotion
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3
Q

Target Market

A
  • group of customers identified as being the people most likely to buy the product
  • advertising is aimed at these people
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4
Q

Market segmentation

A
  • the subdividing of the target market into groups of people who share common characteristics
  • eg. By age: children, teens, elderly
  • eg. By geography, Dublin, Spain, U.K
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5
Q

Market research

A

-the collection and analyses of information about a product and its market

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6
Q

Aims of market research

A
  • to indentify what consumers want
  • to establish a name
  • to identify how to apply the Marketing Mix
  • to identify the main competitors
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7
Q

Desk research

A

-Information gathered by others

Advantages: Disadvantages:
•cheap, easy to compile • out of date, unreliable
•instantly available •bias, unspecific

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8
Q

Field Reserach

A

-gathering information ourselves

Advantages Disadvantages
•specific. •takes time and effort
•better understanding

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9
Q

Advertising

A

-giving information about a product or service to the target audience that makes them want to buy the product

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10
Q

Aims of advertising

A
  1. To give information
  2. To increase sales
  3. To retain the firms share of the market
  4. To give a good image of the firm
  5. To counteract bad publicity
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11
Q

Forms of advertising

A
  1. Informative
  2. Persuasive
  3. Competitive
  4. Generic
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12
Q

Media

A

-word commonly used to describe various forms of advertising
-eg. Radio, T.V., Newspaper, Internet
Type of media will depend on the target market

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13
Q

Types of Media

A
  1. National Media- RTÉ
  2. Local Media- Café Times
  3. Specialist Media- AcountantsMonthly
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14
Q

The concept of advertising

A

AIDA

  1. Attention
  2. Interest
  3. Desire
  4. Action
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15
Q

Means of sales promotion

A
  • Free Samples
  • Coupons
  • Competitions(when bought-> chance to win something)
  • sponsorship (sports etc)
  • public relations (interviews etc)
  • bulk discounting (three for two)
  • joint selling
  • vouchers for next purchase
  • open day in the shop
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16
Q

PR

A

Public Relations

-involves establishing and maintaining a good company image

17
Q

Channels of Distribution

A
  • the methods used to transfer finished goods from manufacturers to consumers
  • eg Milk: avonmore-> Supervalue-> consumer
18
Q

After Sales Service

A

-the support offered by manufacturers distributers and retailers to consumers after they have purchased a product

19
Q

Market

A

A market refers to all of the people and institutions involved in the buying and selling of a product

Business (20 decks)

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