Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

business managment > markting unit > Flashcards

markting unit Flashcards

1
Q

market segmements

A

age, gender, location, socia economic grouping,religon lifestyle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

how is having target markets good for a business

A

so when doing markting they can market that product or service to them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is field research

A

Field research gathers primary information that is first-hand information. It has been collected by the business for a specific purpose.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

examples of field research

A

face-to-face interview
postal survey
focus group
hall test
telephone interview
online survey
observation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what is desk research

A

Desk research gathers secondary information that is second hand information. It has been collected for a different purpose.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

examples of desk research

A

The businesses or competitors sales figures
Newspapers
Websites
Government publications e.g. the Census
Commercial publications e.g. Keynote and Mintel reports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

advantages of field research

A

Competitive edge: only the business has access to the findings
Up to date: the business will know the date it was carried out
Accurate: Collected for the specific purpose for the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

disadvantages of field research

A

Expensive to carry out: the business has to create surveys, train employees to carry out interviews
Time consuming

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

advantages of desk research

A

Easy to access the information: it is usually in the public domain
Quicker than field research: you do not need to conduct, analyse or interpret the data
Inexpensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

disadvanges of desk research

A

Information can be out of date
Competitors can be using the same information
May contain bias

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

benifits of a hall test

A

Can see respondents reactions first hand
Can ask respondents further questions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

coast of a hall test

A

The respondent may feel obliged to give a positive response

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

benefits of a telephone interview

A

Can reach a large geographical area
Inexpensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

coasts of a telephone test

A

Could have a low response rate as customers see it as a “nuisance call”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

benefits of a online survey

A

Can send it to a large sample size
You can get feedback quickly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

coasts of a online survey

A

Limited to people with internet access

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

coasts of a focus group

A

This data is harder to analyse
Can be expensive to pay respondents to participate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

benefits of a focus group

A

Can gain information from respondents body language, facial expressions, tone
Can explore topics in depth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

benefits of a face to face interview

A

Two way communication
Can clarify any misunderstandings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

coasts of a face to face interview

A

Can be expensive
Business needs to train staff how to interview

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

benefits of a postal survey

A

Inexpensive
Can target specific postcodes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

coasts of a postal survey

A

Low response rate as seen as junk mail

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

benefits of a observation

A

Can see real life behaviours in action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

coasts of a observation

A

Analysis of the observation could be bias

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

what are the 4 ps in the markting mix

A

product,place,price,promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

what is a product

A

A good or a service that is sold to customers or other businesses. This includes the after-sales service and packaging.
A product should have a USP (Unique Selling Point).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

what is place

A

This is the process by which the product reaches the market and consumers.

This includes where the consumer purchases a product from the business.

This can be in a physical location, through a website or an app. It also includes how the product is distributed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

what is a promotion

A

to show people your product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

what is price

A

This is what customers pay in order to obtain the product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

what are the stages you go through to develop a product

A

idea genertation
development
prototype and testing
modifications
launch to market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

product life cycle stages

A

interdouction growth maturity decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

how do u draw a product life cycle diagram

A

sales up the side time at the bottom

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

interdouctuon

A

The product has just been launched in the market and sales are slow. No profit is made yet due to still covering advertising costs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

growth

A

ales begin to rise as more customers become aware of the product. The business may begin to make profit at this stage..

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

maturity

A

The sales and profit are at their peak in this stage as the product is now well known. This means less advertising is needed now.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

decline

A

Sales and profit begin to fall because newer products are entering the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

branding advantages

A

Can save money on marketing once the brand is a household name
Higher price can be charged
Easier to launch new products
Customer loyalty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

branding disadvantages

A

Fakes can appear- expensive to fight
One product can affect whole brand image
High initial costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

factors to consider when setting a price

A

competition
image
quality of raw materials
production coast
profit per unit
demand
the econmy

37
Q

what is price skimming

A

A new product enters the market at a high price then lowers over time

38
Q

what is penetration pricing

A

The price is set low when entering the market then rises once the product has become popular with customers. Used in a market with lots of competitors.

39
Q

what is premium pricing

A

The price is set higher than competitors to achieve the image of quality

40
Q

what is low economy pricing

A

The price is set lower than competitors to be the cheaper alternative

41
Q

what is competitive pricing

A

Businesses charge the same price as their competitors then compete on factors other than price

42
Q

what is deystoryer pricing

A

The price of a product is set much lower than competitors so they can’t compete

43
Q

what is coast plus pricing

A

This is a strategy used to set the price. The cost to make the product is calculated then a % of profit added to create the price.

44
Q

what is phycological pricing

A

The price is set just below a whole number to appear cheaper e.g. 99p, £249

45
Q

what is promotional pricing

A

Price is reduced for a short period of time

46
Q

what is price discrimination

A

A business charges different prices for the same product or service at different times of the day/ year e.g. off-peak

47
Q

factors to consider when choosing a location

A

demand, competitors , close to suppliers , cheap staff can easily access , good infrastructure, parking , government legislation ,government grant

48
Q

why do u want demand when choosing a location

A

A location with demand from consumers in the area who want their goods and services

49
Q

why do u want compitiors when choosing a loaction

A

A location away from competitors to attract more customers OR near competitors to give customers choice

50
Q

why do u want it to be cheap when choosing a location

A

A location with a cheap price or cheap rent

51
Q

why do u want it to be close to suppliers when choosing location

A

A location close to suppliers of raw materials to reduce lead time and transport costs

52
Q

why do u want staff to easily access your shop

A

location that staff can easily access and local people can be employed as they have the suitable skill set

53
Q

why do u want good infrastructure

A

. A location with good Infrastructure e.g. good road and rail links

54
Q

why do u want a place with parking

A

Some businesses will want a location with customer parking

55
Q

why would u want a place with government legislation

A

A suitable location not breaking any government legislation e.g Health and Safety Act

56
Q

why would u want a location where you could possibly get a goverment grant

A

Possibly a location where the business is eligible for a government grant

57
Q

different methods of distribution

A

road,rail, sea, air

58
Q

advantages of road

A

Door to door delivery
Cheapest method of transport

59
Q

disadvantages of road

A

Difficult to transport large items
Can be slow
Not environmentally friendly

60
Q

disadvantages of rail

A

Often rail stations are not located near customers or retailers so still require another method of transport

61
Q

advantages of rail

A

Can transport large quantities
Often quicker than road

62
Q

disadvantages of sea

A

Slow and time consuming
Very harmful to the environment
risk of piracy

63
Q

advantages of sea

A

Can transport large quantities in shipping containers

64
Q

disadvantages of air

A

Can’t transport large items
Very expensive

65
Q

advantages of air

A

Can transport items worldwide
Quick method of transport compared to sea

66
Q

advantages of ecommerce

A

Can sell to customers all over the world
Online shopping 24/7
Discounts can be given to customers
Businesses can save money because they don’t need a physical store
Whole product range can be shown

67
Q

disadvantages of ecommerce

A

Goods can’t be seen or handled before they are purchased.
Can be expensive to pay for an internet service provider.
Can be expensive to make and maintain a website.
Employees need training to maintain and update the website

68
Q

methods of promotion

A
  • discounts e.g BOGOF
  • celebrity endorsement
    -free samples
  • competition
    -loyalty card
  • adveristing
69
Q

diffrent forms of advertising

A
  • tv
    -newspapers
  • radio
    -cinema
  • social media
  • apps
  • billboards
  • direct mail
70
Q

advantages of tv

A

Can reach many customers
Can demonstrate the product
Target different markets depending on time/channel

71
Q

disadvantages of tv

A

Very expensive
Viewers channel hop during adverts

72
Q

advantages of newspapers

A

Can be aimed at different market segments
Can be kept for future reference

73
Q

disadvantages of newspapers

A

Can be expensive
Competitors also advertise here
Easy to flick past

74
Q

advantages of radio

A

Cheap on local stations
Captive audience with viewers less likely to channel hop

75
Q

disadvatages of radio

A

Listeners may not pay attention
Cannot see the product

76
Q

advantages of cinema

A

captive audience

77
Q

disadvantages of cinema

A

Limited audience
More likely to remember the film than the advert

78
Q

advantages of direct mail

A

Cheap
Can target market segments

79
Q

disadvantages of direct mail

A

Many consumers bin ‘junk mail’

80
Q

advantages of billboards

A

Usually in a busy location so large audiences
People may go past it more than once

81
Q

disadvantages of billboards

A

Deteriorate with the weather and vandalism

82
Q

advantages of apps

A

Can be downloaded onto the phone- send reminders and pop up adds

83
Q

disadvantages of apps

A

may be ignored or deleted

84
Q

advantages of social media

A

Can target large audiences
Can respond quickly to changes/customers
Relatively inexpensive

85
Q

disadvantages of social media

A

Customers may not see adverts unless they already follow the business

86
Q

data base

A

Information on customers can be stored in databases. These can be searched to find customers with specific characteristics. This can then be used for target marketing or promotional campaigns.

87
Q

epos

A

Electronic point of sale (EPOS) is used by the marketing department to gather information on customers buying habits

88
Q

QR codes

A

When a customer scans a QR code it will take them directly to a company website. They are often shown on promotional advertising billboards and magazines.
It enables the customer to access the goods quickly and easily. This could increase sales.

89
Q

ecommerce

A

E-commerce allows the marketing department to sell the businesses products online via website or app.

90
Q

email

A

This can be used to send surveys or promotions to customers.

91
Q

powerpoint

A

Can be used to display market research information, present promotional campaign or new adverts to management.

92
Q

apps

A

Apps can be used to give customers easier access to products and services. They can also be used to advertise products, for example ‘in-app’ advertising when playing games.

93
Q

spreadsheets

A

Can be used to analyse data from market research and create graphs and carry out calculations.

94
Q

desktop publishing

A

DTP software can be used to create professional looking advertisements to encourage customers to purchase products.

business managment (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions