Marketing (DONE)

Question 1

Product Portfolio what is it?

Answer 1

The range of products the business creates.

Question 2

What is Product Line Portfolio?

Answer 2

When a product succeeds, “spin off” can be produced, or closely related products.

Question 3

Why have a diversified product portfolio?

Answer 3

So if one product fails the business can still survive.

Question 4

What is a boston matrix?

Answer 4

A boston matrix is a marketing tool used to anaylse a product portfolio.

Question 5

Whats a STAR?

Answer 5

These are products with a high growth and and a large share of the market. These products are doing well.

Question 6

Whats a DOGS?

Answer 6

Low market share and low market growth i.e weak in the market and hard to profit.

Question 7

Whats a Question Mark?

Answer 7

Low market share and high market growth, don’t know what to do with opportunities have to decide whether or not to increase investment.

Question 8

What’s a CASH COW?

Answer 8

These are products with a High market share but low market growth, basically doing well in a no growth market with limited opertunities.

Question 9

What is the channel of distribution?

Answer 9

Its the route the product takes to get to the customer from the manufacturer.

Question 10

What are factors that influence the choice of distribution channel?

Answer 10

The product itself and it’s lifecycle.

The finance available to the organisation.

Legal restricitions.

Reliability of wholesaler and retailers.

Question 11

What is public relations?

Answer 11

A promotional technique used to gain media coverage.

Question 12

How is media coverage generated through PR?

Answer 12

events

activities

news-worthy stories

Question 13

The main aims of a PR department are?

Answer 13

build awareness of the brand.

create a positive image for the organisation.

Question 14

Methods PR can use to achieve its aims?

Answer 14

Sponsorship.

Press conferences

Press releases

Charity donations

Question 15

How is technology used in market research?

Answer 15

Businesses can use technology to obtain, store and analyse information about their customers.

Question 16

What are some methods of storing and analyizing information about customers?

Answer 16

electronic point of sale (EPOS)

online surveys

databases

Question 17

What does an EPOS allow companies to do?

Answer 17

Gather information on customers buying habits, such as regular purchases or any affects that change of price or promotion has on sales.

Question 18

EPOS systems can?

Answer 18

be expensive to set up

be used alongside customer loyalty cards to monitor consumers buying habits

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

Question 19

Advantages of an online survey?

Answer 19

Cost effective.

Consumers can be reached worldwide.

Easy to develop.

Question 20

Disadvantages of an online survey?

Answer 20

Can’t reach people without internet access.

Many people will treat it as spam or a pop up and won’t fill in the survey.

Question 21

What is computer-aided design (CAD)?

Answer 21

Its a system used to design an item before it is manufactured.

Question 22

Advantages of CAD?

Answer 22

Accuracy incresed and humar error reduced.

Ideas can be saved, modified and shared which saves time and allows clients to see a 3d visual concept.

it reduces space, as hard copies are no longer needed.

Standard layouts or templated can be created in order to take time.

Question 23

What is CAM?

Answer 23

A system that uses machinery controlled by computers.

Question 24

Advantages of CAM?

Answer 24

Produces consistent results.

Can produce highly accurate results.

It can run efficiently 24/7

Difficult shapes can be created because CAM is so percise.

Question 25

Disadvantages of CAD?

Answer 25

The initial price of equipment is high.

Staff must be trained in how to use the software.

Less people are required to create CAD drawings so may have an impact on unemployment.

Question 26

Disadvantages of CAM?

Answer 26

The cost of machinery is high.

It can take time to program the machinery with operating code.

Staff need to be trained on how to use the system.

Question 27

What is e-commerce?

Answer 27

The buying and selling of goods online.

Question 28

Advantages of e-commerce for the customer?

Answer 28

Can shop 24/7

Choice of items is vast.

Customer reviews are available.

Shoppers can compare prices to get the best deal.

Question 29

Disadvantages of e-commerce for the customer?

Answer 29

Customers may be concerned about the security of the site.

Websites could be faked to obtain bank info.

Returning goods can be difficult. Customers may have to pay for the return.

Customers might think they’re getting a good deal until VAT is included.

No options to interact with sales assistant and ask about the product.

Question 30

Advantages of e-commerce for the seller?

Answer 30

No need for an expensive retail outlet and saves money on overheads such as staff wages.

Setting up the website is inexpensive.

E-commerce allows sellers to collect data upon their customers and gather market research information.

It allows for 24/7 shopping which increase sellers market share oppertunities.

Question 31

Disadvantages of e-commerce for the seller?

Answer 31

It can be expensive and time consuming to have the entire product range available online. The website will need to be updated often.

Staff turnover can impact on the customer service provided, because staff need to be trained to know what stock there is.

Question 32

What are some examples of desktop publishing (DTP)

Answer 32

Text alerts

Apps

Quick Response Codes (QR)