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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Name the sections of the product life cycle

A

Introduction
Growth
Maturity
Decline

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2
Q

Give 3 extension strategies

A 
Celebrity endorsement
Change packaging
New flavours/variations
Advertising
New markets
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3
Q

Why do businesses make market maps?

A

To find an opportunity to enter a certain market

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4
Q

What are the normal labels for a market map?

A

Quality and price

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5
Q

What is qualitative data

A

Based on people’s opinions

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6
Q

Quantitative data

A

Facts and numbers, can be measured

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7
Q

What is the marketing mix?

A

Price
Product
Place
Promotion

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8
Q

What is the difference between advertising and promotion?

A

Advertising is to tell customers that a product exists, promotion is to increase sales.

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9
Q

What is primary research?

A

Data collected by the individual

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10
Q

What is secondary research?

A

Research collected by others

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11
Q

What pricing strategies are often used with products in the introduction phase?

A

Penetration and skimming

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12
Q

What is penetration?

A

Where a business sets their price low to guarantee early sales

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13
Q

What is skimming?

A

Where a business sets their price high at first and slowly lowers it

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14
Q

What is cost-plus pricing?

A

Where a business add a profit margin to the costs

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15
Q

What do you spend less on as you move up the life cycle?

A

Promotion

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16
Q

What is market segmentation?

A

Dividing people into sub-groups with similar qualities

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17
Q

What is marketing?

A

A business promoting and selling its products

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18
Q

What does USP mean?

A

Unique selling point

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19
Q

What are advantages of online marketing?

A

Saves printing costs
Can be seen by anyone
Adverts are chosen for your tastes

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20
Q

What are disadvantages of online marketing?

A

Adverts can be skipped/deleted
Can be expensive on big websites
You have little time or space

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21
Q

Advantages of printed marketing

A

Can be controlled
Pick a target market more specifically
People can’t delete or skip it

22
Q

Disadvantages of printed marketing

A

Expensive to print
Can need distributing
Could be expensive

23
Q

Job description

A

Explain the work to be done and typically set out the job title, location of work and main tasks of the employees

23
Q

Person specification

A

List individual qualities of the person required e.g. qualifications, experience and skills

24
Q

Methods to assess and select applicants

A

Application forms, CVS, references, interviews, presentations, role-play and tests

25
Q

Methods of collecting primary research

A 
Interview (face-to-face or telephone)
Survey (postal or online)
Focus group
Test
Observatiom
26
Q

Advantages and disadvantages of primary research

A

+Only firm that has access to it
+collected for their purpose
-expensive to collect
-time consuming

27
Q

Methods of collecting secondary research

A 
Sales figures
Newspapers
Websites
Government publications
Commercial publications
28
Q

Secondary research advantages and disadvantages

A 
\+saves time
\+relatively inexpensive
\+widely available
-not gathered for the business
-may be out of date
-may contain bias
29
Q

What sellers decrease profit on each product?

A

Wholesalers

Retailers

30
Q

Loss leader

A

Where they set costs below the unit cost

31
Q

Which pricing strategies do new businesses typically use?

A

Penetration

Skimming

32
Q

Product differentiation

A

Where they chose the function, appearance and cost to make it stand out most

33
Q

Premium brand vs budget brand

A

Premium brands are higher quality and more expensive
Budget brands are lower quality and cheaper
A business needs to decide which will make the most profit

34
Q

Boston Matrix

A

Categorises products based on market growth and market share

35
Q

Cash Cow

A

High market share

Low market growth

36
Q

Star

A

High market share

Fast growing market

37
Q

Question mark/ problem child

A

Low market share

Fast growing market

38
Q

Dog

A

Low market share

Slow growing market

39
Q

What is the purpose of marketing?

A

To increase sales by making a product that customers want and promoting it to them.

40
Q

What is a focus group?

A

Where a small group of people (5-12) sit and discuss something.

41
Q

What is market segmentation?

A

Splitting up the marker into groups of people with similar buying habits.

42
Q

Ways to segment a market

A
  • location
  • age
  • gender
  • occupation
  • buying habits
  • personality
43
Q

Why would a business use price skimming?

A

Because people may be willing to spend a lot at first but after they wouldn’t want to

44
Q

What is competitive pricing?

A

Where they set their price at a similar level to competitors

45
Q

Promotion

A

Making customers aware of a product

46
Q

Advertising

A

Trying to increase the sales of a product

47
Q

What is market share?

A

The percentage of sales in a market by one business.

48
Q

What is the design mix?

A

Function
Cost
Aesthetics

49
Q

Quantitative vs qualitative data

A

Quantitative is around numbers and facts, can be measured

Qualitative is about people’s opinions

50
Q

Why would businesses use a loss leader?

A

Because if a customer buys one product for cheaper than they expected then they are likely to buy more products.

Business (17 decks)

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