Marketing Flashcards
List 2 examples of target markets
- Age
- Gender
- Area
- Ethnicity
- Religion
- Hobbies and interests
Name the 4P’s in the marketing mix
- Product
- Price
- Promotion
- Place
List all the stages of the product life cycle
- Development
- Introduction
- Growth
- Maturity
- Saturation
- Decline
What are examples of extension strategies
- Changing the product
- Changing the packaging
- Lowering the price
- New advertising campaigns
What is cost based pricing
Adding a percentage profit margin to the cost of supplying a good or service
What is competition based pricing
Setting a price based on the prices charged by competitors for similar products
What is penetration pricing
Setting a low price for a new business or product in order to attract customers
What is skimming
Selling a product at a high price because there is no competition. It’s often used for new innovations and the price comes down once competitors have made similar products
What is price discrimination
Charging different prices for the same product to different groups of consumers
What is loss leader pricing
A product that is sold at a loss in order to attract customers to buy other products being sold at their full prices
What is psychological pricing
Charging just below a significant figure to make the price more attractive (e.g. £9.99)
What are different types of advertising
- TV
- Radio
- National Newspapers
- Local Newspapers
- Leaflets
- Billboards
What are different types of promotional methods
- Special offers
- BOGOF
- Competitions
- Loyalty cards
- Sponsorship
What is a wholesaler
A business that buys products in large quantities from manufacturers and sells in smaller quantities to retailers
What is a retailer
A business that sells the products to the consumers
What are channels of distribution
The stages of ownership that take place as a product moves from the manufacturer to the consumer
What is E-commerce
Buying or selling products online
What does consumer protection mean
The laws and codes of conduct that exist to protect consumers when buying goods and services
List 2 examples of consumer protection laws
- Poor quality
- Wrongly described
- Incorrectly weighed or measured
- Advertised in a misleading manner
What is the supply of goods and services act
Goods and services sold to consumers must be:
• “as described” by the business
• “fit for purpose”
• “ of satisfactory quality
What is the trade descriptions act
It is an offence for a business to make false or misleading statements about goods or services.
What is the consumer protection act
Compensation must be paid to a consumer who suffers injury or damage to property when correctly using the good
What is the consumer contracts regulations
This protects consumers who buy products using the internet, TV, telephone or mail order
What is the ASA (Advertising standards authority)
- The ASA regulates the content of advertisements in the UK.
* It investigates complaints and decides whether advertising is “legal, decent, honest and truthful”
