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Business > Marketing/Mr Lenaghen Ohkyaaay > Flashcards

Marketing/Mr Lenaghen Ohkyaaay Flashcards

1
Q

Explain Marketing

A

Marketing is the process of identifying,anticipating and satisyfing customer requirements profitably

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2
Q

What is the purpose of market research?

A

Identify, Understand and Inform Customers
Leading to more sales

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3
Q

What is another name for Primary Research?

A

Field Research

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4
Q

Explain Primary Research

A

It is a research which involves collecting new data and information that has never been collected before

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5
Q

Advantages of Primary Research

A

1) Information is reliable as it is taken directly from customers
2)Information is detailed and up to date

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6
Q

Disadvantages of Primary Research

A

1) Inaccurate and people may not give honest answers or take it seriously
2) Time and Money

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7
Q

What is another name for Secondary Research

A

Desk Research

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8
Q

Explain Secondary Research

A

It is a research method which uses the data collected by someone else

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9
Q

Advantages of Secondary Research

A

1)Information is cheaper as it has already been collected
2)Information can be accurate if take from a reliable sources
3) Information is immediately available

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10
Q

Disadvantage of Secondary Research

A

1)Information may be out of date
2)Unlikely to be collected for the same purposes

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11
Q

Examples/methods of Primary Research

A

1)Product Trial
2) Surveys
3)Questionnaires

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12
Q

Examples/methods of Secondary Research

A

1)Magazines
2)Newspapers
3)Market Reports
4)Websites

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13
Q

Define the Term Sampling

A

Sampling is the process of creating a small unbiased population to be used in a test or an experiment and removes the idea of surveying everyone in a market or a populationD

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14
Q

Define the Term Random Sampling

A

Random sampling does not target any specific market segment and people included in the sample are generated at random

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15
Q

Define the Term Quota Sampling

A

Quota sampling is a sampling in which the researcher will choose the characteristics they wish the respondents to have

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16
Q

Advantage of Random Sampling

A

1) Less biased
2)Simple
3)Easy

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17
Q

Disadvantage of Random Sampling

A

1) May not reflect target market
2) can be expensive as a larger sampling is required

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18
Q

Advantage of Quota Sampling

A

Cheaper as less respondent required

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19
Q

Disadvantage of Quota Sampling

A

Harder to eliminate bias in the selection process

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20
Q

Define Market Segmentation

A

Market Segmentation is the process of dividing business’ target market into different groups

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21
Q

Types of Business Segments

A

Location
Demographic
Behavioral
Lifestyle

22
Q

Define Marketing Mix

A

the combination of products, pricing, places and promotions it uses to differentiate itself from the competition.

23
Q

What are the three different pricing policies?

A

Skimming
Penetration
Competitor based

24
Q

Explain Skimming

A

Skimming is the process of the business setting their prices relatively high before their competitors have a chance to enter the market

25
Q

Advantages of Skimming

A

The initial high price gives the impression of high quality

26
Q

Disadvantage of Skimming

A

If price is high, not many people may be able to afford it

27
Q

Explain Penentration

A

this is when a low price is set at the beginning in order to gain entry to an existing business
The price is then increased when customer loyalty increases

28
Q

Advantages of Penetration

A

Ensures Sales
Suitable for a competitive market
More people can afford it

29
Q

Disadvantages of Penetration

A

Poor image as low prices are often perceived as low

Customers may become dissatisfied as once price increases

30
Q

Explain Competitor Based Pricing

A

Is when a business accepts the price which its competitors are charging and then prices its products same level or lower in order to gain advantage over the competitors

31
Q

What are the factors which affect price

A

Demand
Cost of production
Seasonality
Competition

32
Q

Explain Cost of Production

A

The business has to calculate the price of manufacturing the goods, wages and transport charges, and the price charged to the consumer which would cover all of these costs and make a profit

33
Q

Explain Demand

A

Estimating the price according to the demand
high demand= high price
low demand= low price

34
Q

Explain the price which the market can bear

A

This is involves setting a price which the customers can afford and are willing to pay

35
Q

Explain Seasonality

A

Demand for certain products increase during certain time of the year. At these times of greatest demand the price is highest and falls immediately after

36
Q

What are the stages of Product Life Cycle

A

1) Introduction
2) Growth
3)Maturity
4)Saturation
5)Decline

37
Q

Explain the Introduction stage

A

Product is sold for the first time
Slow sales as customers are often hesitant to buy new products/ideas
Advertising costs are high
Skimming or penetration price policy is used

38
Q

Explain the Growth Stage

A

Sales are rapid as most people are aware of the product and more customer loyalty is achieved
Competitor based pricing would be introduced

39
Q

Explain Maturity Stage

A

Sales level would be maintained but not increasing
Product has established a place in the market

40
Q

Explain Consumer Rights Act 2015

A

Must be of satisfactory quality(should not be faulty or damaged at time of sale)
must be fit for purpose
goods must be as described( products should match descriptions)

41
Q

Explain Consumer Protection Act

A

designed to protect customers from products that do not reach level of safety

Any product not achieving the level of safety expected by consumers is said to be defective
Any person injured by a defective product is entitled to sue a product

Product should be used with reasonable care. Therefore manufactures can prove that the product was defective because of the way the consumer used it

42
Q

Explain Traditional Channel of Distribution

A

Manufacturer to wholesaler to retailer to consumer

43
Q

Explain Modern Channel of Distribution

A

Manufacturer to retailer to consumer

44
Q

Explain Direct Channel of Distribution

A

Manufacturer to Consumer

45
Q

What are the 4 Methods of Promotion

A

Advertising
Sales promotion
Sponsorships
Public Relation

46
Q

Explain and Give Examples of Advertising

A

Advertising refers to the process of drawing
attention to a product, a brand or a company.

Newspapers
Radio
TV

47
Q

Explain and Give Examples of Sales Promotion

A

Sales Promotion is any short term strategies used to persuade customers to purchase a product

Buy One Get One Free
Discounts
Loyalty Points

48
Q

Explain Sponsorships

A

Many large businesses will sponsor an event, team
or individual in order to build up brand awareness.

49
Q

Explain Public Relation

A

Method of promotion which creates a positive image for a business

Charity events

50
Q

Explain Trade Descriptions Act

A

Goods and services supplied must be accurately described giving full information(Business cannot provide false/misleading descriptions)

The Country of origin must appear on all packaging

Prices of Goods and Services Must be Genuine

51
Q

Explain ASA

A

Advertising Standard Authority

Deals with complaints about advertising

Sets a guidelines and a code of practice for advertiser

Ensures advertisements are legal,decent,honest and truthful

52
Q

Explain OFCOM

A

Office of Communication

protects consumer from harmful or offensive materials on television/radios

Business (13 decks)

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