Marketing Flashcards
What are the four ps in marketing mix
Product. Price. Promotion. Place.
Why are market maps useful?
Helps a business understand it’s location within the market and the markets key features.
What is a gap in the market?
When sometimes a group of customers will have a need that isn’t being met. Which means a business must move quickly to fill the gap(their needs)
Why is market research used?
It’s used to find out what products consumers want, what price they’re willing to pay for them and their current habits. Also can be used to gather info on competitors.
Give two primary research methods.
Questionnaire. Focus group.
Give an advantage and disadvantage of primary research.
Provides up to date data. Expensive
Give an advantage and disadvantage of secondary research.
It’s cheaper than primary research. Often out of date data.
What is a market driven firm?
When some businesses use market research to find out what people want, then make it. Which means the product is useful.
What is a bespoke product?
Products made to the customers own specification.
Why does the demand curve slope downwards?
Because at a high price, a low quantity is demanded. And at a low price, a high quantity is demanded
Why does the supply curve slope upwards?
Because as the price increases the quantity supplied increases.
What does equilibrium mean?
Where producers and consumers agree on the price and quantity to be exchanged. ( Where the two lines meet)
Describe three things that influence where a firm will advertise.
Target audience. Size and location of the market . Size of the budget.
Advantage of e-commerce?
Access to international markets is more easy.
