Marketing Flashcards
Field research
Observation
Customer panels
Survey
Desk research
Internal reports
Government publications
Internet
Importance/Advantages of market research
It saves business money in the long run
Reduces the risk of failure for the product
Helps a business to improve its advertising
Helps managers decide the best price, packaging and design
How do you segment the market
Geographic segmentation
Demographic segmentation
Advantages of market segmentation
Establish a presence
Increase sales
Lower marketing costs
Advantages of the Marketing concept
Increased Sales
Word of mouth
Fewer returns
Marketing Plan/strategy
Investigate the market to develop business opportunities
Select a target market
Perform market research on the selected target market
develop a Marketing Mix
Benefits of a Marketing Plan
Acts like a roadmap
Controls the progress of the business
Helps raise capital
Product brand name
Charge a higher price
Increase sales
Loyalty
Launching new products
Product packaging
It protects the product It gives an image to the product It is used to make the product a convenient size for consumers It gives information about the product ''PICS''
Product Life Cycle
introduction Growth Maturity Saturation Decline ''I Gave Martin Some CD's''
Price
cost of the product
Competitor’s prices
Consumers’ perceptions of prices
Type of product/Image
Pricing strategies
Penetration pricing Price skimming Psychological Loss leader Price discrimination ''Pricing strategies---Start Listing Dem''
Promotion
Comparative advertising Reminder advertising persuasive advertising Informative advertising Generic advertising Cristiano Ronaldo = PIG
ASAI
Advertising Standards Authority for Ireland
Be legal decent and truthful
Be prepared with a sense of responsibility to both consumers and society
Obey the rules of fair competition
