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Business GCSE > Marketing > Flashcards

Marketing Flashcards

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1
Q

invention

A

introduction of a totally new idea

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2
Q

innovation

A

improvement of an original idea

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3
Q

design

A

important element in a number of different products , can be related to style or tech eg bigger phones

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4
Q

product life cycle

A

describes the stages a product goes through from when it was first thought of until it finally is removed from the market

introduction -> growth -> maturity -> decline

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5
Q

product life style - introduction

A

researching, developing and then launching the product

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6
Q

product life style - growth

A

when sales are increasing at their fastest rate

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7
Q

product life style - maturity

A

sales are near their highest, but the rate of growth is slowing down ; because of new competitors in the market

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8
Q

product life style - decline

A

final stage of the cycle, when sales begin to fall

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9
Q

product life style - extension strategies

A

extend the life of the product before it goes into decline, examples could be advertising, price reductions, new features, exploring new markets, new packaging

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10
Q

place definition

A

refers to where products and services are sold and how the business and services get to the consumer

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11
Q

distribution channels definition

A

how products and services get to the consumers or all the organisations through which a product must pass between its point of production and purchase by the consumer

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12
Q

2 example places

A
  • shopping malls ; more public transport links, greater choice of stores and protection from weather
  • retail parks ; less congestion, free/plentiful parking and more convenient to shop
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13
Q

the three distribution channels

A

producer -> consumer

producer -> retailer -> consumer

producer -> wholesaler -> retailer -> consumer

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14
Q

wholesalers main purpose

A

store and break bulk

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15
Q

wholesaler definition

A

large storage centre able to take in deliveries direct from producers, they break bulk

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16
Q

regional distribution centre definition

A

owned by the retailer and are used to store products they will later sell in their stores

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17
Q

physical distribution definition

A

movement of goods that we can see and touch

18
Q

digital distribution definition

A

distribution of goods digitally by downloading from a website or app

19
Q

marketing mix defintion

A

known as a mix because each ingredient affects the other and the mix must overall be suitable to the target customer

20
Q

market data definition

A

market data is information that will help a business make marketing decisions.

21
Q

market share definition

A

the percentage of total sales that a business has in the overall market.

22
Q

marketing definition

A

finding out the needs of consumers and demonstrating how a business fulfils those needs so that its sales increase

23
Q

market research definition

A

the collection of data on customer habits to help decision-making in marketing

24
Q

target market definition

A

group of customers to whom a business aims to sell its products, market could be other businesses or consumers

25
Q

4p’s of marketing

A
  • price
  • product
  • place
  • promotion
26
Q

primary research ~ ‘field research’

A

data that is collected first hand, often in the form of questionnaires, interviews and focus groups.

27
Q

secondary research ~ desk research

A

collection of data using research and information provided by others

28
Q

primary research methods

A
  • questionnaire
  • interview
  • trailing
  • focus group
29
Q

qualitative data definition

A

data based on the opinions of those being asked

30
Q

quantitative data definition

A

data collected that is based on facts or numbers; usually easier to analyse

31
Q

ways of market segmentation

A
  • age
  • gender
  • location
  • lifestyle
  • income
32
Q

market segmentation definition

A

splitting the market for a product or service into different parts or segments

33
Q

5 pricing methods

A
  • skimming
  • cost-plus
  • penetration
  • promotional
  • competitor
34
Q

price skimming definition

A

high price is charged for new better product, then reduced when competitor products are sold

35
Q

cost-plus pricing definition

A

the margin of the product, so a percentage added on top which is calculated to decide the price

36
Q

penetration pricing definition

A

low price for a new product to persuade, price will slowly increase as more people buy it

37
Q

competitor pricing definition

A

looks at the prices charged by competitors, they may want it slightly cheaper or expensive. usually depending on quality of product

38
Q

promotional pricing definition

A

price is lowered to persuade customer to buy stock that remains or a product that’s slowing down

39
Q

point of sale promotions definition

A

sales offers including

  • price reductions
  • competitions
  • free samples
  • loss leaders
40
Q

loss leaders definition

A

some goods are sold at a loss to encourage customers in hope that they will do more shopping

41
Q

5 advertising ways

A
  • social media
  • websites
  • television
  • print media
  • radio

Business GCSE (5 decks)

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