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Business Component 1 > Marketing > Flashcards

Marketing Flashcards

1
Q

What are the three roles of a marketing mix?

A

Identify, Anticipate, Satisfy

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2
Q

What is the marketing mix?

A

A combination of elements through which a firm achieves their marketing objectives. ( 4 P’s )

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3
Q

Name 4 marketing objectives.

A

1) Expand business
2) Innovate portfolio
3) Achieve customer loyalty
4) Survival and security

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4
Q

What does it mean to be market orientated?

A

Basing products on customer needs

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5
Q

What are two advantages of being market orientated?

A

1) On top of new fashions

2) Customers needs are met

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6
Q

What are two disadvantages of being market orientated?

A

1) Market research

2) Product may be of poor quality

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7
Q

What does it mean to be product orientated?

A

Basing products on business strengths

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8
Q

What are two advantages of being product orientated?

A

1) Will always be good quality

2) No market research

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9
Q

What are two disadvantages of being product orientated?

A

1) May not be in demand

2) Market changes are not accounted for

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10
Q

What does it mean to be asset-led?

A

Basing products on strengths that fit customer needs

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11
Q

What are two advantages of being asset-led?

A

1) Will be of good quality

2) Demand will be met

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12
Q

What are two disadvantages of being asset-led?

A

1) Can miss opportunities if focusing on strengths

2) Demand may not match strengths

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13
Q

What is a marketing mix?

A

A combination of elements through which a firm achieve their marketing objectives.

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14
Q

What is a product?

A

Good or a service with key features and functions.

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15
Q

What is price?

A

The amount of money demanded for the product.

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16
Q

What is promotion?

A

Communication with the market for product recognition.

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17
Q

What is place?

A

The physical and online existence of a business.

18
Q

What 5 factors effect the marketing mix?

A 
Market research
Customer
Cost
Competition 
Ethics
19
Q

What is the role of a product portfolio analysis?

A

Looks at range of products in a firm, weighing out its positives and negatives.

20
Q

What is the Boston Matrix a type of?

A

Product portfolio analysis

21
Q

What is the Boston Matrix?

A

Tool used to analyse portfolio and past and future sales

22
Q

What are the four states in a Boston matrix?

A 
Star = highest growth and share 
Problem = highest growth low share
Dog = lowest growth and lowest shares
Cow = lowest growth and highest share
23
Q

What is branding?

A

Process where a business differentiates itself via name, slogan and design.

24
Q

What is brand contagion?

A

Where an aspect or product has a negative reputation.

25
Q

What are the four stages of a product life cycle?

A

Intro, growth, maturity then decline.

26
Q

What are the two types of product differentiation?

A 
Distribution = both physical and online sales
Proliferation = variety of products in business
27
Q

Why do businesses use extension strategies?

A

To maximise sales and hold off decline.

28
Q

In what 3 ways can businesses extend their product life cycle?

A

Change product, modify P’s, extend portfolio.

29
Q

Why is price important?

A

1) Cover costs
2) Competition costs
3) Customer income

30
Q

What are the 6 pricing strategies?

A

1) Price skimming (high)
2) Penetration (low)
3) Competitive
4) Cost plus (covers cost)
5) Psychological
6) Contribution (covers all finances)

31
Q

What is the difference between cost and contribution?

A 
Cost = based on what it cost to make that one item
Contribution = after all direct costs have been taken from earnings
32
Q

Why is promotion important?

A

Growth of business through awareness of products

33
Q

What is a corporate image?

A

Overall perception of the business

34
Q

What does AIDA stand for?

A

Attention, interest, desire, action

35
Q

What is the difference between above and below the line promotion?

A

Above the line = on the TV and magazines

Below the line = support advertisements, leaflets

36
Q

What are 4 types of promotion?

A

Sales, direct selling, exhibitions and fairs, PR

37
Q

What does it mean if a business has multi-channelling distribution?

A

Based in more than one place

38
Q

What are the key influences of types of distribution?

A

Convenience, speed, cost

39
Q

What is distribution?

A

Process of getting product to target market.

40
Q

What are the three methods of distribution?

A

Whole seller, Manufacturer to retail, direct selling

41
Q

What is e-commerce?

A

Buyers and sellers meeting in a virtual market place

42
Q

What is e-tailing?

A

Process of ordering products online

Business Component 1 (11 decks)

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