Marketing Flashcards
What are the four P’s?
Product Price Promotion Place
What is segmentation?
When people within a market are divided into different groups.
How may a market be segmented?
Age, income, location, gender
Why is market research important?
It helps a business understand its customers and competitors
By identifying and satisfying customer needs businesses will be able to:
Increase sales, stay competitive, create targeted marketing
What’s the difference between primary and secondary research
Primary is doing your own research, secondary is using research that has already been gathered
Give an example of each type of research.
P Questionnaires
S Internet
What is the difference between qualitative and quantitative data?
Qualitative is about feelings and opinions, quantitative is anything you can measure
State the stages of the product life cycle
Development and introduction, Growth and maturity, decline
Why are extension strategies used?
To stop a product declining and becoming obsolete
What is a product portfolio?
The range of different products a business sells
What is a cash cow?
A product which brings in lots of money, they have high market share and low growth.
What is a star?
High market share and growth
What is a dog?
Low market share and growth, lost cause
What is a ‘?’?
Low market share but high growth
