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LC Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing defintion

A

Marketing is the management process of finding out what customers want and then making a product that will satisfy their needs and persuading them to buy that product

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2
Q

Market research defintion

A

Market research involves collecting, analysing and reporting information about marketing issues to enable managers to make effective decisions

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3
Q

Field research

A

Corrects information directly from consumers.
More accurate and specific.
Expensive and time consuming.

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4
Q

How is field research obtained

A
  1. Observation e.g. Researcher watches security camera in Tesco to see which direction the customer turns when they enter the shop
  2. Customer panels - consumers who are regularly monitored. They give insights.
  3. Survey e.g. Questionnaire - qualitative and quantitative data
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5
Q

Desk research

A

Research someone else has found.

Information already exists.

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6
Q

How is desk research are obtained

A
  1. Internal reports - sales/financial reports
  2. Government publications - census, CSO
  3. Internet - check competitors prices - Google
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7
Q

Importance/Advantages of Market research

A
  1. Saves business money in the long run - surveys
  2. Reduces the risk of failure
  3. Helps a business to improve its advertising
  4. Helps managers decide the best price,packaging and design
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8
Q

Target market

A

A specific segment of the overall market that the business sets its sights on e.g. Lidl budget - concious consumers

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9
Q

Niche market

A

a narrowly defined group of potential customers within a market for a product or service e.g. Dublin’s country mix 106.8

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10
Q

advantages of targeting a niche market

A
  1. No competition

2. You can get a higher price

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11
Q

Market segmentation

A

Market segmentation involves dividing the market into different section which have common characteristics. It allows a firm to identify who their target market is.

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12
Q

How do you segment the market

A
  1. Geographic segmentation - satisfying local needs e.g. Tipp FM
  2. Demographic segmentation - Divided by characteristics e.g Nivea - Nivea for men
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13
Q

Advantages of Market segmentation

A
  1. Establish a presence e.g Newstalk
  2. Increase sales e.g Nivea
  3. Lower marketing costs - market they know will appeal to segment e.g Nivea
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14
Q

Marketing concept

A

Customer is the most important person to the business.

Customer is always right. e.g. Brown Thomas

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15
Q

Advantages of adapting the Marketing concept

A
  1. Increased sales
  2. Word of mouth
  3. fewer returns
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16
Q

Marketing plan/strategy

A

A written plan that sets out the business’s marketing objectives and the means by which it will achieve these
Steps:
1. Investigate the market to develop business opportunities
2. Select a target market
3. Perform Market research on the selected Target Market
4. Developing a marketing mix

I Meth - Investigate market
Tried Meth - Target market
Real Meth - Research market
Meth Meth - Marketing mix

17
Q

Benefits of marketing plan

A
  1. Acts like a roadmap - strategies
  2. Controls the progress of the business
  3. Helps raise capital - potential investors
18
Q

Marketing mix

A
  1. Product
  2. Price
  3. Place
  4. Promotion
19
Q

Why give a product a brand name

A
  1. Charge a higher price - e.g. Lidl mars bar
  2. Increase sales e.g Nike sells more runners than Dunnes
  3. Customers become ‘‘Brand loyal’’ e.g. Apple fans
  4. Launching new products - famous name e.g Tesco mobile
20
Q

Product packaging importance

A
  1. It protects the product
  2. It gives an image to the product - luxurious boxes
  3. Used to make a convenient size for consumers
  4. It gives informations about the product - ingredients
    Example: Apple
    P - Protection
    I - Image
    C - Convenient size
    I - Information
21
Q

Product life cycle

A

Introduction - Sales slow, Money on promotion e.g. Apple iWatch
Growth - Word of mouth, New competitors e.g Apple TV
Maturity - Sales are at highest level e.g. iPad
Saturation - New and improved versions e.g. iPod
Decline -sales fall - New technology - e.g. Traditional cameras
‘‘I Gave Martin Some DVD’s’’

22
Q

How to extend the life of the product

A
  1. New and improved versions
  2. Advertising and re-branding
  3. Decrease price
23
Q

What should a business consider when setting the price for its products

A
  1. Cost of the product - breakeven price
  2. Competitors’ Prices - Price vs Quality
  3. Consumers perceptions of prices - willing to pay
  4. Type of product/Image - high rate
24
Q

Pricing strategies

A
  1. Penetration pricing - low price for its product, grow its market share e.g Daily mail
  2. Price skimming - Charges a higher price for its product when it first comes out, price drops later e.g. New phones
  3. Psychological Pricing - high prices with high quality e.g. Rolex
  4. Loss leader - below cost price, attracts customers e.g bottled beers
  5. Different customers, different prices e.g. cinema tickets/Newspapers
    ‘‘Pricing Strategies — practice Listing Dem’’

LC Business (4 decks)

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