Marketing Flashcards
What are 4 p’s
Product, place, promotion and price
What is place
The place where the product or service is available to purchase
What is product
Products pass through stages of development during their existence
What are the different types of promotion
Advertising, sales promotion and public relations
What is price
Should appeal to customers, price too low may mean low quality and price too high may mean not worth the money
Product lifecycle
Introduction, growth, maturity and decline
What is advertising
Can be either informative or persuasive
- billboards (OUTDOOR)
- newspapers/magazines (PRINT)
- TV/radio/cinema (BROADCAST)
What is sales promotion
Direct mail - post delivered to your address, junk mail
Personal selling - salesman coming to homes to sell products, may need a demonstration
What is PR
PR department aim to enhance the organisations image
What does PR deal with
- press
- government
- public
Activities PR take part in
- press statement
- press conference
- charitable donations
- customer care
What does price depend on
- competitors prices
- cost to manufacture
- profit level expected
- time of year
- point of sale
Pros and cons of rail
+ fast
+ carry lots of heavy products
- need to be transported from train to company
Pros and cons of road
+ cheaper than other methods
+ customers get to door
- weather, traffic delays
- no large products no room
Pros and cons of air
+ fastest method going abroad
+ large quantities
- most expensive method
- products need transported from airport
Pros and cons of sea
+ huge quantities across the globe
- time consuming
- transported from dock
Technology can promote using
Website Email QR codes Apps Text messages
OTHER types of technology
Product placement - appears in TV and film
Product endorsement - celebrity promotes it, sponsorship
Ethics in marketing
Promotions should be honest and no false claims, vulnerable groups (children) should not be targeted with inappropriate promotions
Loyalty cards
Gather info on what we buy and how much is spent
Info is stored in database
E-commerce
Online shopping
- can buy products 24/7 from home
- can compare products easier
- cheaper for company, no staff less space
Social media
Companies will ensure that they operate on multiple platforms to advertise and keep in touch with customers
What is marketing
Involves identifying consumers needs and wants and meeting them in such a way that the producer makes a profit
Market segmentation
Consumers are put into segments so easier to tailor products to each group
- gender
- religion
- age
- social class
Field research
- surveys/questionnaires
- interviews
- focus groups
- test marketing
- observations
Desk research
- newspapers
- internet
- government statistics
- market research agencies
Pros and cons of field research
\+ specific to your needs \+ accurate \+ up to date - time consuming to collect - expensive to collect (training)
Pros and cons of desk research
\+ less time consuming \+ cheaper \+ wide range of sources - information not specific to needs - can’t be accurate - may not be objective
Roles of marketing
- helps a business achieve increased market share - attract new customers
- ensure the 4p’s for sale are correct and meet customer needs
- increase sales and maximise profits
