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marketing performance Flashcards

UNIT 3

1
Q

what is relationship marketing

A

approach to build long term relationships with customers by providing consistent satisfaction

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2
Q

what is market analysis

A

examining market size and market growth

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3
Q

what is the marketing process

A

set marketing objective
analyse marketing data
make marketing decisions
implement marketing decisions
review marketing decisions

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4
Q

what are business ethics

A

are the actions morally right or wrong

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5
Q

describe some marketing objectives

A

sales volume
sales value
sales growth
market share
brand loyalty

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6
Q

internal influences on marketing decisions

A

finance
HR
operations
overall business strategy
existing market position

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7
Q

external influences on marketing decisions

A

PESTLE-C

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8
Q

what are the 6 W’s of marketing research

A

who buys
what product
what influences
where (distribution)
when (seasonal)
why

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9
Q

why does a business do market research

A

to understand the customer

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10
Q

what is primary research

A

done first hand

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11
Q

what is secondary research

A

gathered from pre-existing data

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12
Q

two types of data:

A

qualitative and quantitative

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13
Q

what is extrapolation

A

a method of forecasting sales based on previous data

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14
Q

what are confidence levels

A

probability the research is correct

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15
Q

what are confidence intervals

A

possible range of outcomes for a confidence level

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16
Q

what is PED

A

price elasticity of demand - the correlation between price of a product and the quantity demanded

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17
Q

how to calculate PED

A

% change in quantity demanded / % change in price

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18
Q

What is a price inelastic product

A

a change in price has little effect on quantity demanded e.g fuel/necessity goods

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19
Q

what is a price elastic product

A

a change in price has a large effect on quantity demanded e.g luxury goods

20
Q

A product is price elastic and the price increases, what happens to the quantity demanded

A

large % decrease in quantity demanded
revenue falls

21
Q

A product is price inelastic and the price increases, what happens to the quantity demanded

A

demand stays relatively the same
rev rises

22
Q

A product is price inelastic and the price decreases, what happens to the quantity demanded

A

demand stays relatively the same
rev falls

23
Q

A product is price elastic and the price decreases, what happens to the quantity demanded

A

rev rises as quantity demanded increases

24
Q

Calculate YED

A

Income elasticity of demand:

% change in quantity demanded/
% change in income

25
Q

what does a + YED mean

A

increase in income
increase in quantity demanded
normal good e.g flour sugar

26
Q

what does a - YED mean

A

increase in income
decrease in quantity demanded
inferior good e.g value beans

27
Q

how does market research affect areas of a business

A

cashflow forecasting
production levels
marketing budgets
staffing levels

28
Q

what is STP

A

segmentation
targeting
positioning

29
Q

how can a market be segmented

A

demographic
geographic
income
behavioural

30
Q

what is targeting

A

choosing which markets to focus on

31
Q

niche vs mass marketing

A

focused on a specific market
smaller market but more specific needs

broader market
less specialised/individual

32
Q

define market positioning

A

identifies the benefit and price combination of a product in relation to competitors

33
Q

7 p’s of the marketing mix

A

price
product
promotion
physical evidence
process
people
place

34
Q

what are the elements of the promotional mix

A

advertising
PR
sales promotion
sponsorship
branding

35
Q

what does the product life cycle do

A

shows the stages of sales of a product over its life

36
Q

what are the stages in the product life cycle

A

R&D
growth
maturity
stagnation
decline/extension strategies

37
Q

how to analyse a product portfolio

A

with the Boston Matrix

38
Q

what are the axis of the boston matrix

A

market growth and market share

39
Q

elements of the boston matrix

A

cash cow
dog
star
?

40
Q

6 influences on pricing

A

costs
stage of the products life cycle
PED
positioning
elements of the marketing mix
competitiveness of the market

41
Q

types of pricing decisions

A

price skimming
penetration pricing
dynamic pricing

42
Q

define price skimming

A

starting at a high price and skimming off money as new products are released

43
Q

define penetration pricing

A

starting cheap and increasing prices as popularity grows

44
Q

define dynamic pricing

A

when pricing changes in relation to quantity demanded

45
Q

what is e-commerce

A

the buying and selling of products through an electronic medium such as the internet

Business (14 decks)

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