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Business studies - Unit 2 > Marketing plan (2.1) > Flashcards

Marketing plan (2.1) Flashcards

1
Q

What is marketing ?

A

Marketing is the management process involved in identifying , anticipating an satisfying consumer requirements profitably.

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2
Q

What are marketing objectives ?

A

Marketing objectives are the the goals of a business which they want to achieve through the use of marketing. Should be SMART ( increase sales by 10% by 2014)

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3
Q

What is marketing plan ?

A

Most large companies will have a marketing plan which both lists marketing objectives and then sets out the marketing strategy of how they will achieve the objectives.

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4
Q

What is a mass market product ?

A

This is where you attempt to sell to all customers buying that particular product or service. Eg: Coca cola

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5
Q

What is the niche market ?

A

This is when you focus on selling to a much smaller specialist group or customers. Eg Sports car

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6
Q

Benefits and drawbacks of mass market ?

A

Benefits:

  • Larger market so greater sales and potential profits
  • Economies of scale, eg: buying in bulk
  • can build a global brand

Drawbacks:

  • High advertising cost
  • lower prices
  • increased competition
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7
Q

Benefits and drawbacks of niche marketing ?

A

Benefits:

  • can charge higher prices
  • stronger brand loyalty and expert knowledge of the niche.
  • Avoid larger competitors so less competition

Drawbacks:

  • risk of mass company entering the niche
  • The niche may quickly disappear
  • higher costs because you cannot bulk buy.
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8
Q

What does the marketing strategy consist of ?

A

The 4 ps

  • price
  • promotion
  • product
  • placement
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9
Q

Price ?

A

Price is the price consumers pay and the benefits which come from buying the product

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10
Q

Promotion ?

A

Promotion: businesses will us e a combination of promotion techniques.

  • ‘above the line’, is advertising through the media ( TV, Magazines, newspapers)
  • ‘Below the line’ this is not using advertising to promote a product, examples: sales promotion , PR, Sponsorship, personal selling.
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11
Q

Product ?

A
  • many product orientated firm believe that the product is the most important part of the marketing strategy
  • the product can give a firm a USP and a competitive advantage over rivals.
  • new product development can bring in new customers.
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12
Q

Place ?

A
  • this is about all the different ways in which the product is distributed from the suppler to the consumer.
  • with the internet this is changing as wholesalers can now sell straight to the customer.
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13
Q

What is a product life cycle ? and what is its sequence?

A

The product life cycle tries to gauge the progress of a particular product in term of its sales in its anticipated life time (Development, introduction, growth, maturity, saturation, and decline)

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14
Q

What stage is the product life cycle if:

1) cash flow and profits are good?
2) cash flow and profits are a problem ?
3) Marketing strategies needed to boost sales?

A

1) growth, maturity
2) decline, introduction development
3) introduction, decline

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15
Q

What are the extension strategies of PLCs ?

A
  • Re-launch of a product by changing , image, features packaging
  • Find a new target market, eg: another nation
  • find a new use for the product, eg: lucozade
  • By altering market mix
  • try and entice customers to buy product reguarly
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16
Q

What is the Boston matrix ?

A

Boston matrix is a way of analysing the product portfolio of a business and consist of stars, cash cows, problem childs, and dogs.

it allows the business to make decision on which products to invest in and which one to discontinue.

17
Q

What ares of the Boston matrix is:

1) cash flow and profits good
2) cash flow and profits a concern
3) marketing strategies are needed to boost sales

A

1) star, cash cow
2) dog, problem child
3) cash cow , problem child

18
Q

Why would a company use branding ?

A

Brand names create an identity for the product and highlight the ways in which it is different from competing products.

19
Q

Benefits of branding ?

A
  • makes the product recognisable, this allows product differentiation, meaning you the select that product.
  • build up reputation of brand , which boosts sales
  • Suggests quality product, allows you to put up the price.
  • develop brand loyalty, resulting in repeat purchases.
  • gives a firm a competitive advantage.
20
Q

Drawbacks of branding ?

A
  • High advertising costs
  • Cheaper non branded product may result in lower sales
  • threat to brand name and reputation
  • in a recession, consumers may not be able to afford them
21
Q

What is a patent ?

A

A patent protects the functionality of a product in terms of how it works and its application. the patent will give the owner the right to prevent others from producing, importing or selling their invention, without prior permission. if they don’t the owner can sue.

22
Q

What is product innovation ?

A

this involves inventing or designing a new or improved product , such as Dysons blade less fans

23
Q

What is process innovation ?

A

this involves the use of new technology in the production process and may play a big part in cutting costs. Eg: Robots

24
Q

What is a copyright ?

A

Gives legal protection against copying to authors composers and artists. infringements can be pursued through legal action.

25
Q

What is a trademark ?

A

A trademark is a sign which can distinguish your goods or services from those of your competitors.

26
Q

What is a social trend ?

A

A social trend is when there is a change in society that affects consumer attitudes and in doing so their buying habits change.

27
Q

How would a business react to customers wanting businesses to trade ethically ?

A

Business would react by:

  • selling products that reflect this change, eg: fair trade, organic
  • using promotion to stress their role in selling these products.
  • possible taking advantage bu raising their prices
28
Q

How would a business react to customers wanting businesses to support local community ?

A

Business would react by:

  • Selling a % of products sourced from the local environment
  • sponsoring local community events
  • giving grants to the local area
  • promoting their role in the community
29
Q

How would a business react to customers wanting businesses to be more concerned of food miles and the environment ?

A

Businesses would react by:

  • selling product that reflect the social change , eg: fish from sustainable sources
  • Using promotion to stress their role in selling these products.
  • Possible taking advantage and raising prices.
30
Q

How would a business react to customers buying more over the internet ?

A

Business would react by:

  • increase marketing of their products over the internet
  • shutting or closing down high street shops
  • changing promotion and pricing strategy to fit the online side
31
Q

What is price elasticity of demand ?

A

Measures the change in quantity sold when the price changes. if it is zero , the price has no effect. between zero and -1 , demand is inelastic. if it goes beyond -1 price is elastic.

32
Q

What is the equation of PED ?

A

PED = % change in quantity demanded / %change in price

Business studies - Unit 2 (4 decks)

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