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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

What are the factors affecting price?

A
  • how much the customer is willing to pay.
  • competitors prices
  • Target market
  • Government restrictions
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2
Q

Cost Plus

A
  • A percentage of the cost is added to give a profit.

* what a sample of ingredients cost £1 and the markup of 50% of the selling price would be £1.50.

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3
Q

Competitive

A
  • Price of products is it similar to the competition.
  • long-term strategy
  • avoids a price war
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4
Q

Skimming

A
  • The price is so high to begin with and lowers over time.
  • short-term strategy.
  • electronics.
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5
Q

Penetration

A
  • Price is set low to begin with and increases over time.
  • short time strategy.
  • Nutella b-ready bar
  • Used in a highly competitive market and encourages customers to try a new product
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6
Q

Destroyer

A
  • when the price is set deliberately low for a period of time to force competition out.
  • it’s illegal
  • Short term strategy
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7
Q

Price discrimination

A
  • when different prices for products will change at different times of the day or year.
  • flights
  • Short-term strategy
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8
Q

Promotional pricing

A
  • Prices will be Lord for a short space of time to catch customers attention
  • Short Term strategy
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9
Q

Premium pricing

A
  • The price is permanently set higher than the competition due to its premium image.
  • Burberry scarfs
  • Long-term strategy
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10
Q

Lost leaders

A
  • When a business puts the price-so low it makes a loss.
  • this is to entice customers into the store or to purchase more expensive add-ons in the future.
  • Short-term strategy
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11
Q

Psychological pricing

A
  • when an organisation so it’s the price of 99p or £9.99 to psychologically influence customers looking for value.
  • Short-term strategy.
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12
Q

Low price

A
  • The price is permanently set lower than competitors.
  • Lidl and Primark
  • this attracts customers looking for value for money.
  • Long-term strategy
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13
Q

What is the role of marketing department

A
  • help achieve business objectives.
  • raise awareness of products.
  • anticipate what customers want.
  • increase the number of customers
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14
Q

Identify

A
  • determine exactly what customers want.

* trends change, marketing dep need to make sure they are up to date.

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15
Q

Anticipate

A

•planning and preparing future trends before competitors

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16
Q

Satisfy

A

•businesses must meet all customers wants and needs to a high standard.

17
Q

Name some market segments

A
  • Age
  • Gender
  • Income
  • Location
18
Q

What is differentiated marketing

A
  • One way a business targets markets.
  • businesses tailor their prospects to match the needs of their target market .
  • e.g. design handbags.
19
Q

Benefits of target marketing.

A
  • Products can be tailored to the requirements of the customer.
  • prices are set to reflect the target market.
  • Products are sold in the most appropriate place.
20
Q

What is undifferentiated marketing

A
  • One way to target markets.
  • of all consumers needs identical the business can target the market as a whole.
  • E.g. bread
21
Q

What is market LED

A
  • When a business is marketing efforts are market orientated.
  • customers needs and wants are identified by doing market research.
  • Products are produced based on what the customer wants.
  • E.g. Facebook dislike button
22
Q

What is product LED?

A
  • when a business is marketing effort or product orientated.
  • product is produced as the organisation think so good at providing it.
  • The market necessarily have a need for it
  • there is little or no market research.
  • wants of the customers are not regarded as important.
  • E.g. Apple
23
Q

What is consumer behaviour

A

• help the business to say that our products are marketed and predict future trends.

24
Q

If businesses can answer these they will be able to develop a successful marketing campaign.

A

• WHY -what are they buying? Status, Needs, wants, trends.
• WHAT -motivate/influences them to buy.
layout and promotions.
• WHERE -where did they choose to buy from online or store for convenience.
•WHO - Buts product what target does it appeal to.

25
Q

What are the different types of consumer behaviour?

A
  • impulse
  • routine/habit
  • informed.
26
Q

What is impulsive behaviour

A
  • buying something without thinking.
  • promotion product placement.
  • small items such as socks.
27
Q

What is routine/habit behaviour

A
  • buying something out of habit and without thought.

* Milk and bread

28
Q

What is informed behaviour?

A
  • buying something after careful consideration is of option brands and prices.
  • Such as cars and phones
29
Q

What does market research involve?

A
  • research and analyse and recording what is happening in the market.
  • it aims to find out what customers wants so they can satisfy their wants.
30
Q

What does market research look at?

A
  • buying habits/type of customers.
  • feedback on products.
  • future products.
  • advertising campaigns.
31
Q

What are the benefits of market research?

A
  • helps businesses make informed decisions for product launches are successful.
  • reduces the risk of an unsuccessful product launch or development which can be costly.
  • customers feel valued as your opinions are taken into consideration.
32
Q

What is desk research

A
  • secondary information.

* information already exists.

33
Q

Examples of desk research

A
  • written, -webpages, text, emails.
  • Numerical- sales figures, statistics.
  • graphical -graphs and charts.
  • oral - meeting, telephone, tv program.
  • pictorial- pictures, websites, newspapers.
34
Q

Benefits of desk research.

A

• can be cost-effective.

35
Q

Disadvantages of desk research

A
  • can be biased.

* may not be specific to your needs.

Business (3 decks)

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