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Economics > Marketing COPY COPY COPY > Flashcards

Marketing COPY COPY COPY Flashcards

1
Q

What is a mail order?

A

a business sells its products via a printed catalogue which is sent to the consumer e.g. Boden

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2
Q

What are the advantages of a mail order?

A

Customers can browse products in their own time e.g. when having a cup of tea
Can save on physical store costs e.g. rent

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3
Q

What are the disadvantages of a mail order?

A

Catalogues can be expensive to produce
Catalogues are not environmentally friendly - may face backlash

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4
Q

What is direct mail?

A

A business sends letters, leaflets or brochures to customers via post or in magazines/newspapers

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5
Q

What are the advantages of direct mail?

A

Specific market segments can be targeted e.g. supermarket discounts and recipe cards inside cooking magazine

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6
Q

What are the disadvantages of direct mail?

A

Can be seen as ‘junk mail’ and thrown away

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7
Q

What is personal selling?

A

a salesperson sells products ‘door to door’

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8
Q

What are the advantages of personal selling?

A

Allows demonstration of a technical product and more info on the product to be given

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9
Q

What are the disadvantages of personal selling?

A

May find not answer the door

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10
Q

What are shopping channels?

A

a business sells products on the TV using a dedicated channel on the TV e.g. QVC

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11
Q

What are the advantages of shopping channels?

A

Customers can see products being modelled and demonstrated
Customers can be convinced to buy products using ‘limited time’ offers or special prices

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12
Q

What are the disadvantages of shopping channels?

A

Customers need to be watching the channel to see the product being sold
Customers may be put off by delivery costs or having to wait for the product to be delivered

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13
Q

What are examples of direct selling?(4)

A

Shopping channels, Personal Selling, Direct mail, Mail order

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14
Q

What are examples of retailers?

A

Online retailers, convenience supermarkets, discount stores, department stores, retail parks.

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15
Q

What are online retailers?

A

Businesses who sell their product or service online. Rather than setting up their own online store some manufacturers will sell through other online sites

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16
Q

What are discount stores?

A

Stores that sell branded products at lower prices

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17
Q

What are department stores?

A

Sell a variety of different products often over many levels in different departments e.g. menswear or cosmetics

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18
Q

What are convenience supermarkets?

A

Small versions of supermarkets located in city centres.

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19
Q

What are retail parks?

A

Many shops found in one location on the outskirts of major town/cities that is close to good infrastructure

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20
Q

What are some factors to consider when choosing a location? (9)

A

Demand, competitors, close to suppliers, cheap, easy access to staff, good infrastructure, parking, government legislation, government grants.

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21
Q

Why is it important to consider demand when choosing a location?

A

So that you are at a location with demand from consumers in the area who want their goods and services

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22
Q

Why is it important to consider competitors when choosing a location?

A

So that you are at a location away from competitors to attract more customers OR near competitors to give customers choice

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23
Q

Why is it important to consider close suppliers when choosing a location?

A

So that you are at a location close to suppliers of raw materials to reduce lead time and transport costs

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24
Q

Why is it important to consider a cheap location?

A

So that you are at location with a cheap price or cheap rent so you can maximise profit.

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25
Q

Why is important to consider a location that staff can access easily.

A

So that you are at a location that staff can easily access and local people can be employed as they have the suitable skill set

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26
Q

Why is it important to consider a location with good infrastructure?

A

So that you can access, for example, road and rail links

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27
Q

Why is it important to consider a location with good parking?

A

Some businesses will want a location with customer parking

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28
Q

Why is it important to consider government legislation when choosing a location?

A

So that you are at a suitable location not breaking any government legislation e.g Health and Safety Act

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29
Q

Why is it important to consider government grants when choosing a location?

A

So that you are possibly at a location where the business is eligible for a government grant

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30
Q

What is distribution?

A

Products need to be transported from the manufacturer to the wholesaler, retailer or consumer.

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31
Q

What are the methods of distribution?

A

Road, rail, air, sea

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32
Q

What are the advantages of road distribution?

A

Door to door delivery
Cheapest method of transport

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33
Q

What are the disadvantages of road distribution?

A

Difficult to transport large items
Can be slow
Not environmentally friendly

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34
Q

What are the advantages of rail distribution?

A

Can transport large quantities
Often quicker than road

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35
Q

What are the disadvantages of rail distribution?

A

Often rail stations are not located near customers or retailers so still require another method of transport

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36
Q

What are the advantages of air distribution?

A

Can transport items worldwide
Quick method of transport compared to sea

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37
Q

What are the disadvantages of air distribution?

A

Can’t transport large items
Very expensive

38
Q

What are the advantages of sea distribution?

A

Can transport large quantities in shipping containers

39
Q

What are the disadvantages of sea distribution?

A

Slow and time consuming
Very harmful to the environment

40
Q

What factors do you have to consider when choosing which method of distribution to use? (4)

A

Market Structure, product type, method costs, infrastructure

41
Q

Why do you have to consider market structure when choosing which method of distribution to use?

A

Goods created on an island need to be transported by sea or air.

42
Q

Why do you have to consider product type when choosing which method of distribution to use?

A

different products have to be transported in different ways. E.g. perishable need quick and refrigerated options

43
Q

Why do you have to consider method costs when choosing which method of distribution to use?

A

the amount of finance available and the cost of transport

44
Q

Why do you have to consider infrastructure when choosing which method of distribution to use?

A

this will affect options e.g. can’t use air if no airport

45
Q

What are the advantages of e-commerce?(5)

A

-Can sell to customers all over the world
-Online shopping 24/7
-Discounts can be given to customers
-Businesses can save money because they don’t need a physical store
-Whole product range can be shown

46
Q

What are the disadvantages of e-commerce?

A

-Goods can’t be seen or handled before they are purchased.
-Can be expensive to pay for an internet service provider.
-Can be expensive to make and maintain a website.
-Employees need training to maintain and update the website

47
Q

What are some methods of promotion?(6)

A

Discounts, Free samples, Celebritity, Loyalty Card, Competition, Advertising

48
Q

What are discounts?

A

Provide customers with money off for a limited time when they buy it e.g. BOGOF, 20% off

49
Q

What are free samples?

A

Customers can try the product before they buy which may increase the likelihood of a sale

50
Q

What is a celebrity endorsement?

A

a business pays a celebrities to use and promote its products

51
Q

What is a loyalty card?

A

a customer collects points every time they shop then can exchange them for a reward

52
Q

What is a competition?

A

a customer can be entered into a prize draw when purchasing a product e.g. to win a free holiday,

53
Q

What is advertising?

A

a business can use broadcasting or print media, apps, social media etc

54
Q

What are the advantages of celebrity endorsements?

A

Consumers are attracted to the product in an attempt to be like the celebrity
The celebrity is a household name so the business can save money on marketing
Higher prices can be charged as the product can be seen as higher quality
Customers can become loyal to the celebrity and brand

55
Q

What are the disadvantages of celebrity endorsements?

A

It is expensive to pay a celebrity to promote your product
If the celebrity receives bad press then the celebrity could damage the business reputation

56
Q

What are sales promotions?

A

Sales promotions are designed to be used as a short-term tactic to boost sales

57
Q

What are some examples of sales promotions? (4)

A

Special offers e.g. BOGOF
Coupons
Competition
Free samples

58
Q

What are the different types of advertising?

A

Informative, Persuasive, Product Placement, Product endorsement

59
Q

What is informative advertising?

A

Informs the customers about the product (features, USP)

60
Q

What is persuasive advertising?

A

Gives the impression it is desirable to own these products or services

61
Q

What is product placement?

A

A business pays for its products to appear in a movie, game, TV show

62
Q

What is product endorsement?

A

Celebrities get paid to use and recommend a product

63
Q

What are the advantages of TV advertising?

A

-Can reach many customers
-Can demonstrate the product
-Target different markets depending on time/channel

64
Q

What are the disadvantages of TV advertising?

A

-Very expensive
-Viewers channel hop during adverts

65
Q

What are the advantages of advertising with newspapers/magazines?

A

Can be aimed at different market segments
Can be kept for future reference

66
Q

What are the disadvantages of advertising with newspapers/magazines?

A

Can be expensive
Competitors also advertise here
Easy to flick past

67
Q

What are the advantages of advertising on the radio?

A

Cheap on local stations
Captive audience with viewers less likely to channel hop

68
Q

What are the disadvantages of advertising on the radio?

A

Listeners may not pay attention
Cannot see the product

69
Q

What are the advantages of cinema advertising?

A

Captive audience

70
Q

What are the disadvantages of cinema advertising?

A

Limited audience
More likely to remember the film than the advert

71
Q

What are the advantages of direct mail?

A

Cheap
Can target market segments

72
Q

What are the disadvantages of direct mail?

A

Many consumers bin ‘junk mail’

73
Q

What are the advantages of billboard advertising?

A

Usually in a busy location so large audiences
People may go past it more than once

74
Q

What are the disadvantages of billboard advertising?

A

Deteriorate with the weather and vandalism

75
Q

What are the advantages of advertising via apps?

A

Can be downloaded onto the phone- send reminders and pop up adds

76
Q

What are the disadvantages advertising via apps?

A

May be ignored or deleted

77
Q

What are the advantages of advertising via social media?

A

Can target large audiences
Can respond quickly to changes/customers
Relatively inexpensive

78
Q

What are the disadvantages of advertising via social media?

A

Customers may not see adverts unless they already follow the business

79
Q

What are some factors to consider when choosing promotion? (6)

A

-The actual product/service for example do customers need to see a demonstration?
-Where the target market is likely to see the promotion or access it
-Is the business selling locally, nationally or global?
-Available finance will influence what promotions the business can afford
-The business will consider where competitors are promoting
-Legal restrictions have to be considered e.g. cigarettes can’t be advertised on TV

80
Q

How could a business be unethical in its marketing activities?

A

Obtain market research illegally or without permission e.g. not asking for participants consent to interview them
Reach agreements with competitors to keep prices high and exploit customers
Exclude potential customers from the market
Deliberately market their products at vulnerable groups e.g. children or the elderly
Carry out false advertising e.g. the product claims to do something it cant

81
Q
A
82
Q

What are the advantages of carrying out an online survey?

A

Cost effective
Can be sent to a large number of participants at once
Can be emailed to customers e.g. after a purchase
Data can be analysed instantly

83
Q

Why are EPOS (electronic points of service) used?

A

-regular purchases
produce information which can be used to target promotional campaigns to the appropriate customers

84
Q

What is the advantage of using a QR code?

A

It enables the customer to access the goods quickly and easily. This could increase sales.

85
Q

What are the advantages of e-commerce?

A

-The business can sell 24/7 as it is not limited to shop opening times
-Can sell to a worldwide market
-Can offer customers discounts via the website or app
-Customers can view the businesses whole product range

86
Q

How do marketing use a database?

A

Information on customers can be stored in databases. These can be searched to find customers with specific characteristics. This can then be used for target marketing or promotional campaigns.

87
Q

How do marketing use email?

A

This can be used to send surveys or promotions to customers.

88
Q

How do marketing use slides/powerpoints?

A

Can be used to display market research information, present promotional campaign or new adverts to management.

89
Q

How do markting use apps?

A

Apps can be used to give customers easier access to products and services. They can also be used to advertise products, for example ‘in-app’ advertising when playing games.

90
Q

How do marketing use spreadsheets?

A

Can be used to analyse data from market research and create graphs and carry out calculations.

91
Q

How do marketing use desktop publishing?

A

DTP software can be used to create professional looking advertisements to encourage customers to purchase products.

Economics (14 decks)

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