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Business Management > Marketing > Flashcards

Marketing Flashcards

1
Q

what is marketing?

A

marketing is a strategic activity which covers all the ways in which a business makes sure that it’s product, or service, is exactly what people what to buy.

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2
Q

what is the role of marketing?

A

marketing identifies what customer wants, anticipates the customer’s requirements and then attempts to satisfy these requirements.

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3
Q

what are market segments?

A

market segmentation is where the market for goods/services can be divided into groups of people who have common characteristics

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4
Q

what are the two types of market research?

A

field research

desk research

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5
Q

what is field research?

A

field research involves obtaining first-hand information also known as primary information. this involved the researcher going out to the market to obtain the information

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6
Q

what is desk research?

A

desk research is using information which has already been collected and is second-hand, also known as secondary information. it has been collected for one purpose and is used by another

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7
Q

give an example of field research

A

telephone survey
postal survey
personal interview

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8
Q

give an example of desk research

A

financial reports
government publications
general publications

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9
Q

what are the 4 P’s

A

Product
Price
Place
Promotion

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10
Q

what is product

A

this is the actual item (good or service) which the organisation produces and sells

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11
Q

what is price?

A

this is how much an organisation charges for each product/service

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12
Q

what is place?

A

this is where the organisation makes its goods and services available to its customers

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13
Q

what is promotion?

A

this is how the customer is made aware of the product and the ways they are encouraged to buy it. it consists of more than just advertising and includes other forms of promotion

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14
Q

what are risks with developing new products?

A

customers might not want the product (ie there is no demand for it) and therefore not buy it

the money invested into developing the product would be wasted and this could put the business into financial difficulty

the reputation of the business could be damaged if it produces a product nobody’s wants or that is of poor quality

external factors (eg competition or the economy might impact upon the success of the product

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15
Q

the product life cycle includes…

A

Introduction
Growth
Maturity
Decline

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16
Q

what is introduction?

A

high costs for research and development, advertising and promoting

low sales and profits

few competitors

relatively high prices

17
Q

what is growth?

A

sakes rise rapidly, profits show and price softens

competition appears

unit cost declines and mass market emerges

18
Q

what is maturity?

A

sales rise but more slowly

profits begin to level as competition grows

prices become very competitive and may even fall

19
Q

what is decline?

A

market becomes saturated - supply greater than demand

Customer tastes change and more advanced products are launched

sales decline permanently and profits are low or zero

product is withdrawn

20
Q

what is branding?

A

the business chooses a word or symbol, or both, then registers them so that they can only be used on its products. using branding, you can create a form of product differentiation

21
Q

what are some advantages of branding?

A

instant recognition of the product by the customer.

brand loyalty is build up, as the customer knows, trusts and likes the brand

consumers believe that the product will be better than its competitors, and so the manufacturer can change the premium (higher) prices

brand-holder can launch new products using the brand name, or even enter the market in other countries

22
Q

what are some disadvantages of branding?

A

it takes a great deal of time to establish a brand

a single bad event with bad publicity can affect the whole range of same-brand products

you have to be able to protect your brands name world wide

23
Q

describe price

A

price is the actual amount paid for the product/service by the consumer to the seller.

24
Q

when are pricing decisions important?

A

introducing a new product

when the life-cycle is to be extended

when placing existing products into a new market

during periods of rising costs

when competitors alter other aspects of their marketing mix

when balancing prices between individual products in a product line

25
Q

pricing is dependent on…

A

the companies objectives

competitors prices

the cost of manufacturing the product

the time of year - if the company offers summer/Christmas sales or if the product is seasonal

the profit level expected

26
Q

what are long term pricing strategies?

A

low price

market price

high price

27
Q

what are short term pricing strategies?

A

skimming pricing

penetration pricing

destroyer pricing

promotional pricing

demand-orientated

loss leaders

28
Q

what are the methods of distribution?

A

road

rail

air

sea

29
Q

what are the factors that help a business decide where they are going to locate themselves?

A

where the customer is - no point setting up a business in a place with no customers

availability of suitable premises

parking facilities

suitable infrastructure

government incentives and grants

the market segment

employee availability

competition

environmental impact

30
Q

what are the aims of promotion?

A

persuading customers to buy a product

informing customers about the product

reminding customers that the product still exists

31
Q

advertising methods

A

television

radio

cinema

text

email

posters

newspapers

magazines

direct mail

32
Q

how is ICT used in marketing?

A

internet - websites can be set up to advertise products and allow customers to buy online

spreadsheet - used for analysing sales figures and producing graphs from figures

database - customer information held, reports produced for market segments

Business Management (5 decks)

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