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GCSE Business > Marketing > Flashcards

Marketing Flashcards

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1
Q

The 4 channels of distribution

A

Manufacturer
Wholesaler
Retailer
Consumer

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2
Q

Selling to wholesalers

A

Where manufacturers sell their products straight to a wholesaler who then sells it to consumers or retailers

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3
Q

Pros of selling to wholesalers

A

.Don’t need to communicate with consumers

.Wholesaler already has costumers so products can get sold quicker

. No need for large storage as the wholesaler will bulk buy products

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4
Q

Cons of selling to wholesalers

A

. Poor costumer service from wholesaler may affect the manufacturers reputation

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5
Q

Selling directly to retailers

A

Is where the manufacturer sells directly to retailers

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6
Q

Pros of selling directly to retailers

A

. Retailer can help to promote products which increases sales

. Using retailers means products can be sold in more places so more potential customers

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7
Q

Cons of selling directly to retailers

A

. It can be hard for new firms to persuade retailers to stock their product

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8
Q

Selling directly to consumers

A

Is where manufacturer sells products directly to consumers

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9
Q

Pros of selling directly to consumers

A

. It is the cheapest channel for consumers which may attract customers due to a cheaper price

. Can easily be done eg: via telesales

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10
Q

Cons of selling directly to consumers

A

. Manufacturer may need a large stock to store products which increases costs

. Delivery has to be arranged which is expensive if customers live far apart

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11
Q

4 Ps

A

Product
Price
Promotion
Place

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12
Q

Ways businesses promote their product

A

Advertising
Sponsors
Public Relations
Sales promotion

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13
Q

Where are products advertised

A 
Newspapers/Magazines
Posters and Billboards
Leaflets,flyers and business cards
Television
Internet
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14
Q

What is advertising

A

Where a business pays a fee for promotion of its product or firm

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15
Q

Where can businesses get sponsors

A

Sports

Television

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16
Q

What is sponsorship

A

Where firms give money to organisations and events in return of their name being displayed at the event

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17
Q

Pros of sponsors

A

Can create a high profile for your business or brand name

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18
Q

Cons of sponsors

A

If the sponsorship starts to get bad publicity it will affect the image and reputation of the business

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19
Q

What is a public relation

A

Are firms that work with the media eg doing TV interview or a press release

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20
Q

Pros of public relations

A

It can be cheap and easy to get a firm noticed by a wide audience

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21
Q

Cons of public relations

A

Once the firm has spoken to the media it has little control over what the public sees and hears. This could potentially damage and businesses image and reputation

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22
Q

Types of sales promotion

A 
Competitions
2 for 1 offers
Free samples
Coupons 
Point of sales display
Free gifts
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23
Q

Pros of sales promotion

A

It can encourage new customers to try a product

Boosts sales short term and long term as the customer may return if they liked the product

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24
Q

Cons of sales promotion

A

Regular sales promotion might make the prodict feel a less of a luxurious item

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25
Q

Pros of social media advertising

A

Social media is quick,easy and cheap

Can quickly respond to potential customers

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26
Q

Cons of social media advertising

A

Negative comments can be seen and spread quickly therefore may put off potential customers to the business/product

27
Q

Why do firms promote a product

A

To inform customers of the product
To persuade customers to buy the product
To create or increase sales

28
Q

What are the 5 pricing strategies

A 
Price penetration
Loss Leader
Price Skimming
Competitive pricing
Cost-plus pricing
29
Q

Price Penetration

A

Where firms charge a very low price when a product is new to attract potential customers

30
Q

Pros of price penetration

A

Good way to establish a market share for a product in a competitive market

Loyal customers will continue to buy products despite the price increase

31
Q

Cons of price penetration

A

The product will make very little profit in the short term

32
Q

Loss Leader

A

This is where price is set below costs. The firm does not make a profit but the idea is that customers buy other products as well eg: games consoles are priced below cost but firm rely on the games that go with it for profit

33
Q

Price Skimming

A

This is where a business charge a high price when a product is new. This is done due to the high demand. Over time the price os gradually lowered when the demand lowers

34
Q

Pros of price skimming

A

The high price helps the firm to increase revenue

High price makes the product more desirable as it will be seen as a luxurious item. This improves the firm’s image

35
Q

Competitive pricing

A

This is where firms charge a similar price to competitors

36
Q

Cost-Plus pricing

A

Where the firm works out the total cost of the product and adds a certain amount of money onto it based on the amount of profit they want to make

37
Q

2 ways cost plus pricing is done

A

Using a mark up

Using a profit margin

39
Q

Boston Matrix Products

A

Question Marks
Dogs
Cash Cows
Stars

40
Q

Star Product

A

an innovative product that is in high demand in which the company earns a high amount of sales and profit

41
Q

Question Product

A

a product that is low in demand due to competition or just a casual product. Company may need to innovate that product in hopes to achieve a star product or alter the marketing mix

42
Q

Cash Cow Products

A

a product that has a constant flow of income but a low market growth which may be due to it being out of date or trend resulting in the comapany creating a new version of the product to attract more sales and profit

43
Q

Dog Product

A

a product that is completely out of fashion and demand. Unless it is innovated these types of product will not generate enough profit for the business to survive resulting in bankruptcy

44
Q

Market Growth and Share of Star products

A

High Market Share

High Market Growth

45
Q

Market Growth and Share of Question products

A

High Market Growth

Low Market Share

46
Q

Market Growth and Share of Cash Cow products

A

Low Market Growth

High Market Share

47
Q

Market Growth and Share of Dog products

A

Low Market Growth

Low Market Share

48
Q

Stages of product life cycle

A 
Research and Development
Introduction
Growth
Maturity
Decline
49
Q

Sales and Profit during development and introduction

A

Low Sales

Low Profit

50
Q

Sales and Profit during growth and maturity

A

High Sales

High Profit

51
Q

Sales and Profit during decline

A

Low Sales

Low Profit

52
Q

Ways markets are segmented

A

Age
Income
Location
Gender

53
Q

What does market research mean

A

It means a business will be able to identify customers needs and find ways to satisfy them

54
Q

Benefits of market research

A

Increased Sales
Stay Competitive
Create targeted marketing

55
Q

What is primary research

A

Consists of gathering your own data

56
Q

What is secondary research

A

Consists of using existing data

57
Q

What is quantitive data

A

Data that is of numerical value

58
Q

What is qualitive data

A

Data based on opinions and feelings

59
Q

Types of Primary Research

A

Questionnaires and Phone surveys

Interviews

Focus Groups

60
Q

Pros of Primary Research

A

Questionnaires are Cheap

Phone Surveys and Interviews are quickly responded to

Focus Groups are faster than interviewing individual people

61
Q

Cons of Primary research

A

Questionnaires don’t get many responses

Phone Surveys and Interviews are expensive

Quieter individuals in focus groups are not heard

62
Q

Types of Secondary Research

A

Internet research

Newspapers and magazines

Government publications

63
Q

Pros of secondary research

A

Cheap

Easily found and instantly available

64
Q

Cons of secondary research

A

Outdated

Not always relevant

Not specific

65
Q

Place and location of a business

A

Products must be sold in a place convenient for the customer. Place also refers to channel of distribution used for a product and which channel is most convenient for the customers

GCSE Business (6 decks)

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