Marketing Focus Flashcards
What are the stages of product development
Market research is carried to find out what customers want
suitable method of promotion is identified,
pricing of product will be discussed,
Methods of promotion will be agreed
and places where the product will be sold
What are the advantages of product packaging
Makes your product unique
Customers can identify it easily
Honest packaging will prevent legal issues
What are the disadvantages of product packaging
adds an extra cost to the product
Depending on product material it isn’t environmentally friendly
What are factors to be considered for place
Where the customer is
Employee availability
Competition
Target Market
Suitable infrastructure
Suitable premises
What are methods of transportation / distribution
Road
Rail
Air
Sea
What are the advantages of methods of transportation
Road - door to door, short time and cheap
Rail - Large products can be transported and large quantities of goods can be transported
Sea - Products can be transported anywhere and is suitable for large bulky items e.g. cars
Air - products can be transported around the world quickly
What are the disadvantages of methods of distribution
Road - Roadworks can cause delays, difficult to transport large item and not environmentally friendly
Rail - requires road as final destination and there is not always a railway station nearby
Sea - takes longer amounts of time, unexpected delays may occur at ports and requires another mode to final destination
What are methods of advertising
Television, Cinema and Social media
What are the advantages of methods of advertising
Television - adverts can be targeted at specific market segments, large audiences can be reached and demonstrations can be given
Cinema - They are most likely to acknowledge the adverts and adverts can be targeted at specific market segments appropriate to film audience
Social Media - Updates can be received 24/7 via mobile technology and is cost effective
What are the disadvantages of advertising
Television - very expensive and people may skip the advert
Cinema - Customers arrive just in time for the film therefore the advert is missed and recalling a specific advert may be difficult
Social media / E-mail - consumers may receive so many therefore they ignore / delete the adverts without looking
What are methods of field research and advantages
Test Marketing, when a product is launched onto a smaller market to obtain feedback, advantages are reduces risk of an unsuccessful product
Hall Test is when a product is given to a customer to test and the advantage of it is that quality feedback can be obtained
Focus group is when a group of people are offered to get involved to get feedback, the advantage is that it in-depth feedback can be obtained and more information can be teased out
What are the disadvantages of the methods of field research
Test marking - customers in one area may noy be representative of the market as a whole
Hall Test - feedback can be difficult to analyze due to different feelings and opinions and consumers may feel pressured to be positive
Focus Group - feedback can be difficult to analyze due to different feelings and opinions and strong personalities can influence group discussion and opinion
What are uses for IT Marketing
Social Media - To interact with customers
E-commerce - to sell products online
Text Messages - To alert customers to promotions
Databases - To keep customer records and to search and merge information into direct mail slots
Self-check out systems - to speed up the process of buying products
What is market growth
There ae now more customers in the market than they were before and so there are more customers who will possible buy from your business
Market-led business
These businesses concentrate on what customers want and do a lot of market research to find this out
What is product led business
These businesses concentrate on the product to have it the best they can therefore they carry out little market research
