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business marketing > marketing > Flashcards

marketing Flashcards

1
Q

what is marketing?

A

the management process for identifying, anticipating and satisfying customers requirements profitably.

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2
Q

what is the role of marketing? (3 things)

A
  1. identify and understand customer needs
  2. informing customers
  3. increasing sales
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3
Q

what must a business understand when selling their products and services?

A
  1. age
  2. gender
  3. income
  4. location
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4
Q

why must a business understand who they sell their products and services to ?

A
  • influence how the business is marketed
  • understand its customers
  • need to understand customers needs without making costly mistakes
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5
Q

how could customers be informed with new products or services?

A

through advertising : websites, leaflets, social media

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6
Q

what ways could a business increase their market sales?

A
  • more advertising
  • introduce new models to appeal more customers
  • increase the range of products
  • reducing prices
  • sell in different places
  • using different methods
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7
Q

what is market research?

A

it is how businesses collect information on whether their products or services will be bought

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8
Q

why is it important for a business to carry out market research?

A

so that they don’t waste money, effort and time on products people don’t want to buy

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9
Q

what is primary research?

A

process of collecting original information that has been collected first hand
- also known as field work

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10
Q

give examples of primary research?

A
  • interviews
  • questionnaires
  • surveys
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11
Q

what are the advantages of primary research?

A
  • can tailor questions to your business

- up to date information

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12
Q

what are the disadvantages to primary research?

A
  • expensive
  • time consuming
  • possibility of bias
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13
Q

what is qualitative data?

A

is collected when the opinion of the customers is needed.

  • often collected through primary research
  • opinions may be more difficult collate
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14
Q

what is quantitative data?

A

related to facts and figures

- easier to interpret than qualitative data

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15
Q

what is secondary research?

A

collection and use of data which has already been collected and published by someone else for an entirely different piece of research

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16
Q

what are the advantages of secondary research?

A
  • free/low cost
  • may be used on large samples
  • good overview of the market
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17
Q

what are the disadvantages of secondary research?

A
  • may not be up to date

- not tailored to your needs

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18
Q

give examples of secondary research

A
  • competitor accounts
  • magazines
  • sales reports
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19
Q

advantages of questionnaires

A
  • cheaper than interviews to collect data

- easy target

20
Q

disadvantages of questionnaires

A
  • difficult to predict how many completed questionnaires will be available
  • might not understand the question asked
21
Q

advantages of interviews

A
  • can explain question if the don’t understand

- customers are targeted easily

22
Q

disadvantages of interviews

A
  • expensive

- customers may feel uncomfortable

23
Q

what is a trial?

A

products or services sold for a short amount of time as a test to see if customers like it

24
Q

advantages of trials?

A
  • conducted in small areas

- businesses may save money if the customers don’t like it

25
Q

disadvantages of trials

A
  • costly to set up
26
Q

what are focus groups?

A

small groups of people carefully selected to represent the target market for a product or service

27
Q

advantages of focus groups

A
  • usually accurate

- can be relied upon when making decisions

28
Q

disadvantages of focus groups

A
  • small groups make it more expensive per person

- time consuming

29
Q

what is the market segment?

A

how the market for a product or service is divided up into segments (groups) at which a product may be aimed

30
Q

why would a business segment a market?

A
  • to target particular groups of consumers
  • the product, price and promotion can therefore match what particular groups want
  • avoid waste
31
Q

what factors would affect the price businesses charge for their good and services?

A
  • the price charged by competitors
  • a new business might have to charge a low price to entice customers to use them
  • the cost to make the product
  • the profit they hope to make
32
Q

what are the 5 types of pricing strategies?

A
  • skimming
  • cost plus
  • penetration
  • competitors
  • promotion
33
Q

what is physical distribution?

A

about getting the product to the consumer

34
Q

what is digital distribution?

A

how to the product gets to the consumer

35
Q

give examples of digital distribution

A
  • music
  • books
  • insurance
  • banking
  • newspaper
36
Q

advantages of digital distribution

A
  • customers access products and services 24 hurt a day
  • goods are downloaded so are available quickly
  • business can sell through the world
37
Q

disadvantages of digital distribution

A
  • not all goods are suitable for digital distribution
  • all businesses can sell through the world so more competition
  • not all customers have access to the internet
38
Q

what is promotion?

A

any form of communication a business or company uses to inform, persuade or remind people about products and improve its image

39
Q

what are some of the aims and important points about promotion?

A
  • persuade potential customers to buy
  • explain features
  • tell customers where the product is sold
40
Q

what are 2 types of promotion?

A
  • point of sale promotion

- advertising

41
Q

what are the 4 types promotion?

A
  • price reduction
  • loss leaders
  • competitions
  • free samples
42
Q

what are the 5 types advertising?

A
  • social media
  • websites
  • television
  • radio
  • printed media
43
Q

what re the 4 parts of the product life cycle?

A
  1. introduction - product is launched
  2. growth - rapid growth , persuading, advertising
  3. maturity - sales no increase slowly
  4. decline - sales will fall
44
Q

what is the part of the product life cycle that only sometimes happens to particular businesses?

A

product extension

45
Q

what are some of the extension strategies?

A
  • advertise more widely, possibly new packaging, new improved versions
  • reduce the price - more attractive for customers
  • enter new markets - identify a new target market
46
Q

what is market data?

A

information that will help a business make marketing decisions

47
Q

what is the marketing mix also know as?

A

the 4ps

business marketing (1 decks)

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