Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business A Level > Marketing > Flashcards

Marketing Flashcards

1
Q

calculate market share

A

(sales value for individual business/sales value for whole market) x 100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

calculate market growth

A

( increase or decrease in total sales value/original sales value ) x 100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

define market segmentation

A

process where the market is split into different groups with different characteristics and needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

give 5 factors a business might segment into

A

age, gender, family structure, income, media they see, amount they buy, location, religion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

list 3 limitations of market segmentation

A

lack of info and data in poorly researched markets
difficulty in predicting and measuring customer behaviour
hard to reach customer segments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

define market research

A

process of discovering customers needs and wants through the collection and analysis of data about a particular target market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what is quantitative data

A

numerical data

objective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is qualitative data

A

opinions

subjective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what is the difference between primary and secondary data?

A

pri - new data

secon - existing data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

give 2 examples of primary data

A

focus groups, interviews, surveys, observation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

give 2 examples of secondary data

A

sales figures, previous survey results, market research companies, trade publication

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the SWOT analysis

A

a tool to help a business consider its competitive situation and decide on a strategy for the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what are the 4 sections on a SWOT?

A

strengths, weaknesses, opportunity and threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

define each section of the SWOT

A

strength - areas you do well in and give you an advantage
weakness- areas to be improved
threats - potential problems caused externally
opportunity - external factors that may help you

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

which areas of SWOT are internal and which are external?

A

threats and opps = external

weakness and strength = internal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

give 2 + and 2 - of SWOT

A

+ logical structure
+ encourages analysis of external environment
- too often lacks focus
- can quickly become out of date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what are the marketing resources?

A 
a team
budget
knowledge of market
set of objectives
time
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the sampling methods?

A 
simple random
cluster
systematic
quota
convenience
stratified
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is simple random sampling?

A

individuals randomly selected

uses a randomiser

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is cluster sampling?

A

people are found in natural groups

all units in cluster examined

21
Q

What is systematic sampling?

A

every nth element from list is selected from a random starting point

22
Q

What is quota sampling?

A

obtains a sample representative of whole population

splits into sub groups according to their distribution in population

23
Q

What is convinience sampling?

A

using people within the population who come to hand most easily

24
Q

What is stratified sampling?

A

each distinct group is represented, random sample of each group is taken in proportion with the group representation

25
Q

What is planned purchase?

A

purchase that has been considered and pre thought about

26
Q

What is impulse purchase?

A

purchases made without any prior thought or consideration

27
Q

what is customer orientation?

A

gets the right product

28
Q

what is product orientation?

A

gets the product right

29
Q

Distinguish between customers and consumers.

A

customer - buys the product

consumer - uses the product

30
Q

name each stage in the product life cycle.

A

introduction
growth
maturity
decline

31
Q

what is meant by marketing mix?

A

tactics and actions a business may use to promote its products

32
Q

Describe the Boston Matrix

A 
top left: star
top right: question marks/problem child
bottom left: cash cow
bottom right: dog
left side axis : market growth
top side axis:  market share
33
Q

What is meant by DOG, CASH COW, STAR and ?? on the boston martrix?

A

DOG - no real future, unless vital to range it should be dropped
CASH COW - high revenues, mature, doesnt need lots of marketing, large profits gained
STAR - high market share, still needs investment to become cash cow
??? - aims to become cash cow/star but needs lots of investment

34
Q

What is meant by price?

A

value set on a product

35
Q

Name some pricing strategies

A 
skimming
penetration
competitive
psychological
cost-plus
marginal
contribution
predatory
premium
36
Q

Explain what price skimming is

A

high prices initially then drop

37
Q

penetration pricing

A

steal customers with low prices then up again

38
Q

competitive pricing

A

getting best price for product

39
Q

psychological pricing

A

convincing people that products are cheaper

40
Q

cost-plus pricing

A

variable cost + money for profit

41
Q

contribution pricing

A

variable cost + profit

42
Q

predatory pricing

A

using current cash to lower prices and ‘kill off competition’

43
Q

premium pricing

A

customers demand to be charged more for exclusivity

44
Q

What is elasticity of demand?

A

change in demand due to a change in price or income

45
Q

Price elasticity of demand?

A

% change in demand / % change in price

46
Q

Income elasticity of demand?

A

% change in demand / % change in income

47
Q

Cross elasticity of demand?

A

% change in demand of A / % change in demand for B

48
Q

What is above the line and below the line promotion

A

above the line - indirect contact

below the line - direct contact

Business A Level (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions