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N5 Business managment > Marketing department > Flashcards

Marketing department Flashcards

1
Q

Role of the marketing department

A

To promote and advertise the product
To carry out market research
To price the product correctly
To find the best place to sell the product
To ensure the product looks the best it can

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2
Q

Market segmentation methods

A

Age, gender, religion, wealth, location

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3
Q

Benefits of target marketing

A

To increase sales of products in that segment of person
Can tailor your product to your customers needs and wants
Can promote and advertise to appeal to that type of person
Increase customer satisfaction from your target market

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4
Q

types of market research

A

Field research

Desk research

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5
Q

Market research benefits

A

Can find out if there is a demand for a product
Can help identify a target market
Help redesign and get feedback on existing products
Can get information on marketing mix.

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6
Q

Field research definition

A

Field research is when a business gathers primary information by going out and gathering their own information.

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7
Q

Desk research

A

When a business gathers secondary information from a source that already existed.

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8
Q

Methods of field research

A 
Postal survey 
Face to face interviews 
Online surveys 
Focus groups 
Hall tests
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9
Q

Methods of desk research

A

Newspaper articles
Government statistics
Textbooks/ non fictional books
Websites

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10
Q

Desk research advantages

A

Cheap
Quick
Large quantities of info are easily gathered as doesn’t need trained professionals

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11
Q

Field research advantages

A

More relevant than desk research
Not available to competitors
Is new and so up to date

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12
Q

Field research disadvantages

A

More expensive than desk research
More time consuming than desk research
Can have low reliability
Needs skilled professionals to carry it out

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13
Q

Desk research disadvantages

A

Information may be out of date or inaccurate
Information is available to competitors
Information may be in a difficult form to interpret
May have less relevant because gathered for a different purpose

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14
Q

Marketing mix

A

Price
Place
Product
Promotion

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15
Q

Marketing mix

A

Price
Place
Product
Promotion

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16
Q

Marketing mix definition

A

The combination of all the elements that the marketing department must look at to be successful

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17
Q

Price definition

A

The price is how much you will charge your customers to buy the product

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18
Q

Pricing strategies

A

Premium -: where you set a higher price than competitors to heighten brand image and make your product seen as better.
Low-: where you set your price lower than competitors in order to maximise sales
Competitive -: where firms set their price to the same as competitors to increase market share and steal customers from that business
Cost plus pricing -: where the cost of the product and a markup percentage are added together to ensure there is always a profit on every unit sold
Promotional pricing -: where the price is reduced for a limited time to increase sales by pressuring customers into buying the product now.

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19
Q

Product definition

A

The product is the good or service that the business sells and the customers buy

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20
Q

Product development stages

A 
GAPTAP 
Generate the idea 
Analyse the idea 
Produce the prototype 
Test the prototype 
Alter the product 
Produce the product
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21
Q

Branding definition

A

Branding is where a business, group of products or product are given a distinct easily recognisable character to make them seem higher quality and stand out from competitors

22
Q

Branding benefits

A 
Stand out from competitors 
Can charge more 
Increase repeat business
Seen as higher quality
Can release new product ranges more safely/with less risks involved
23
Q

Branding disadvantages

A

Can cost lots of money to maintain brand image

Bad publicity and failed products can tarnish entire product ranges

24
Q

Brand loyalty

A

Brand loyalty is where customers only buy your particular brand of the product because they believe that it is better than competitors.

25
Q

Brand loyalty benefits

A

Repeat business
Helps influence others
Increase in sales and profit.

26
Q

Methods of branding

A

Logos, slogans, jingles

27
Q

Packaging

A

Packaging’s main function is to protect the product and ensure it is high quality when reaching the customer, but can also be used as a branding tool to communicate information necessary by law, build a brand image by displaying a logo and promote any special offers available.

28
Q

Own brands definition

A

Brands set up by supermarkets with a lower quality and less branding development with a lower price to attract customers away from these brands.

29
Q

Product lifecycle stages

A

Introduction
Growth
Maturity
Decline

30
Q

Introduction

A

Where the product has just been released, not very many people know the brand and so the will be low sales and no profit

31
Q

Growth

A

This is where the product starts to gain some popularity and people start to recognise the brand so there is medium amount of sales and some profit made

32
Q

Maturity

A

Where the product reaches the peak of its popularity meaning that sales and profit are both maximised

33
Q

Decline

A

Where the product is starting to be come less fashionable and so the sales and profit start to decrease

34
Q

Promotion

A

Promotion is how a business persuades a customer to buy a product

35
Q

Methods of promotion

A

Sales promotional strategies

Advertising

36
Q

Advertising definition

A

Where a business uses the media to promote and inform the to the public about their product

37
Q

Methods of advertising

A 
Radio 
Television 
Magazine/newspapers 
Billboards 
Posters 
Packaging 
Social media
Celebrity endorsements
38
Q

Sales promotional strategies definition

A

Where a business uses incentives to persuade customers to buy their product

39
Q

Examples of sales promotional strategies

A 
Coupons 
Discount sales 
Competitions 
Loyalty cards 
Free delivery
Next day delivery
40
Q

Ethical marketing

A

Where you attract customers by ensuring that your products don’t have any negative impacts on the environment or community

41
Q

Methods of ethical marketing

A 
Decreasing Carbon footprint and plastic waste 
Recycling materials used in packaging 
No child labour used 
High working standards and conditions
No mistreating animals 
Employing locally
42
Q

Place definition

A

The location that a business sells a product at

43
Q

Factors to consider when choosing a place

A 
Distance to customer base
Distance from suppliers
Availability of property in the location
Business environmental impact
Location of competition 
Price of property
44
Q

Methods of distribution

A

Road
Rail
Sea
Air

45
Q

Road distribution

A

Where the business product is delivered by lorries or vans, it’s direct and can depart at any time and can keep perishable items cool, disadvantages however are that it isn’t environmentally friendly and can be delayed by roadworks.

46
Q

Rail distribution

A

Where the product is transported to the business by train, it’s good for bulky products or large quantities, and is considered more environmentally friendly.
However it needs road distribution afterwards to transport from the train station to location of business premises
And cannot move internationally

47
Q

Air distribution

A

Where planes transport the product to the business premises/ location of retail. It is good because can transport internationally, is faster than other methods, and good for perishable products. What’s bad however is it needs road distribution to transport after the airport, not good for bulky goods or large quantities and is less environmentally friendly, it also takes a long time to get through customs

48
Q

Sea distribution

A

Sea distribution is where the product is delivers to the retailer by a boat/ship. It is cheap and can transport international also it can carry large quantities of product, a disadvantage is it needs road distribution to transport to and from shipping ports and is much more time consuming and less environmentally friendly

49
Q

Technology in marketing

A

Websites-: source of desk research
E-commerce -: used to sell products without needing premises to any property
Email-: used to contact customers about promotional strategies taking place
Social media -: used to advertise and inform
Online surveys -: used to gather field research

50
Q

Methods of ethical marketing

A 
Decreasing Carbon footprint and plastic waste 
Recycling materials used in packaging 
No child labour used 
High working standards and conditions
No mistreating animals 
Employing locally

N5 Business managment (6 decks)

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