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Business > schedule D > Flashcards

schedule D Flashcards

1
Q

market size definition

A

total sales volume of the market

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2
Q

market share definition

A

the proportion of total market sales that a firm has

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3
Q

market growth definition

A

the percentage increase in the size of the market by value or volume over a period of time

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4
Q

internal influence on marketing objectives (CO)

A

Corporate Objectives
- a marketing objective should not conflict with a corporate objective

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5
Q

internal influence on marketing objectives (F)

A

Finance
- the financial position of the business affects scope and scale of marketing objectives

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6
Q

internal influence on marketing objectives (HR)

A

Human resources
- for services businesses in particular having a motivated, high quality workforce is a key factor in affecting marketing objectives

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7
Q

internal influence on marketing objectives (OI)

A

Operational issues
- operations plays a key role ensuring the business can either compete on cost or quality which will influence the target market of the product

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8
Q

internal influence on marketing objectives (OC)

A

organisational culture
- e.g. a marketing orientated culture is constantly looking for ways to meet customer needs.

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9
Q

external influence on marketing objectives (EE)

A

Economic environment
- key factor is determining demand e.g. rate of economic growth will impact demand

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10
Q

external influence on marketing objectives (CA)

A

competitors actions
- marketing objectives have to take account of likely competitor responses

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11
Q

external influence on marketing objectives (MS)

A

Market size
- a market who’s growth slows is less likely to support an objective of significant revenue growth or new product development.

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12
Q

external influence on marketing objectives (TC)

A

Technological change
- many markets are affected by rapid technological change, shortening product life cycle and creating great opportunities for innovation

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13
Q

external influence on marketing objectives (S&PC)

A

social & political change
- changes to legislation may create or prevent marketing opportunities

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14
Q

primary market research description

A

data collected first hand for a specific purpose
e.g. focus groups

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15
Q

advantages of primary market research (3 points)

A
  • directly focused to research objectives = fit for purpose
  • tends to be up to date
  • more detailed insights
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16
Q

disadvantages of primary market research (2 points)

A
  • time consuming and often costly
  • risk of survey bias - research samples may not be representative of population
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17
Q

secondary market research description

A

data that already exists and which has been collected for a different purpose
e.g. big data

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18
Q

advantages of secondary market research (3 points)

A
  • often free and easy to obtain
  • good source of market insights
  • quick to access and use
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19
Q

disadvantages of secondary market research (3 points)

A
  • can quickly become out of date
  • not always tailored to specific research needs
  • specialist reports often quite expensive
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20
Q

quantitive data definition

A

the gathering of statistical data to inform the company about peoples behaviour but doesn’t identify the reasons

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21
Q

qualitative data definition

A

the gathering of non statistical information that gives a company in depth insight into the reasons for human behaviour

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22
Q

reasons for carrying out market research (6 points)

A
  • identify potential customers
  • understanding your existing customers
  • set realistic targets
  • develop effective strategies
  • examine and solve business problems
  • identify business opportunities
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23
Q

risks for business of not carrying out market research (3 points)

A
  • might miss changing taste
  • inaccurate or inappropriate targets
  • cannot solve problems due to ineffective data
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24
Q

random sampling description

A

a sample is selected from an individual chosen by chance

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25
Q

quota sampling

A

a population is segmented into groups. judgement is made selecting respondents that are representative of that subgroup.

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26
Q

satisfied sampling

A

population separated into sub groups. respondents are randomly selected from those subgroups.

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27
Q

advantages of sampling (3 points)

A
  • data gathered allows us to make more informed decisions
  • sampling can give a competitive advantage
  • sampling allows us to access a broad range of data
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28
Q

disadvantages of sampling (2 points)

A
  • if sample size isn’t sufficient then data will be inaccurate
  • sample has to be asking correct demographic to be relevant.
29
Q

extrapolation definition

A

a statistical technique that predicts future trends based on existing data

30
Q

extrapolation method

A

last year - first year = X
X/years = Y
Y + last year = answer

31
Q

confidence levels definition

A

the probability that the research findings are correct (expresses as a %)

32
Q

how are confidence intervals used in quality management (2 points)

A
  • percentage reliability machines
  • chance that quality control samples will detect issues
33
Q

how are confidence intervals used in market research (2 points)

A
  • statistical estimates for sales forecasting
  • reliability of data from customer surveys
34
Q

three steps of segmentation (3 points)

A
  1. segmentation - potential customers are split into different groups
  2. target - you chose which groups you are going to sell to
  3. position yourself - apply your marketing mix
35
Q

demographic segmentation (4 points)

A
  • age
  • gender
  • race
  • religion
36
Q

geographic segmentation

A

based on where people live

37
Q

income segmentation

A

based on their income

38
Q

behavioural segmentation

A

based on behavioural patterns rather than characteristics
e.g. frequency of purchase, reason for purchase

39
Q

benefits of segmentation (3 points)

A
  • increased brand loyalty
  • increased demand
  • creates personal relationship with customer
40
Q

drawbacks of segmentation (2 points)

A
  • its expensive (marketing, R&D, raw materials)
  • targeting small markets can lead to less profitable goods
41
Q

advantages of mass marketing (4 points)

A
  • target a wider market meaning more sales
  • benefit from economies of scales
  • no need to carry out segmentation (cheaper)
  • raises more brand awareness
42
Q

disadvantages of mass marketing (5 points)

A
  • not meeting the customers needs
  • less added value with products
  • large market = more competition
  • increased pressure to decrease prices
  • initially expensive to purchase machinery
43
Q

advantages of niche marketing (3 points)

A
  • meets customers needs well
  • can survive in large market by targeting a small segment
  • added value and increased brand loyalty mean they can charge premiums
44
Q

disadvantages of niche marketing (3 points)

A
  • tough to grow
  • typically fashion trends meaning they are high risk
  • dont benefit from the economies of scale
45
Q

factors affecting positioning (4 points)

A
  • price
  • products
  • market mapping
  • image
46
Q

PED definition

A

the correlation between price and the quantity demanded

47
Q

PED of a price elastic product

A

(less than) -1>

48
Q

PED of a price inelastic product

A

between 0 and -0.9

49
Q

the 7p’s of the marketing mix

A
  • Product
  • price
  • place
  • promotion
  • people
  • process
  • physical environment
50
Q

consumer product: convenience item (2 points)

A
  • products where the ease with which a consumer can get the product is a key priority
  • business can charge premium for the convenience
51
Q

consumer product: shopping goods (2 points)

A
  • products where the consumer compares products before making a decision
  • brought less frequently
52
Q

consumer products: speciality (2 points)

A
  • products that a customer will spend time thinking about and often research before buying
  • infrequent
53
Q

industrial products: materials and parts (3 points)

A
  • raw material components
  • mostly sold to other industrial users
  • price and service are key issues
54
Q

industrial products: capital items

A
  • used in production or operations
    e.g. IT systems
55
Q

product lifecycle: development (3 points)

A
  • investment in R&D
  • product testing
  • negative cash flow
56
Q

product lifecycle: introduction (3 points)

A
  • when product is launched
  • sales may start slow
  • may require investment into marketing
57
Q

product lifecycle: growth (3 points)

A
  • sales begin to increase
  • product awareness is increasing
  • positive cash flow
58
Q

product lifecycle: maturing (3 points)

A
  • rate of growth is slowing
  • sales can still be high
  • could be due to increase in competition
59
Q

product lifecycle: decline (2 points)

A
  • sales are falling
  • perhaps better substitutes
60
Q

extension strategy

A

this is when a product is adapted and given a new lease of life used to increase sales in a market that has become saturated

61
Q

drawback of extension strategy

A

opportunity cost - do you spend the money on the extension or on developing a new product

62
Q

Boston Matrix: Dog (3 points)

A

low market share
low market growth
cut off product

63
Q

Boston Matrix: cash cow (3 points)

A

high market share
low market growth
milk as much money as possible

64
Q

Boston Matrix: star (3 points)

A

high market share
high market growth
turn into a cash cow

65
Q

Boston Matrix: question mark (3 points)

A

relatively high market share
low/declining growth
turn (back) into a star

66
Q

YED of a normal good

A

0-1

67
Q

YED of a luxury good

A

> 1

68
Q

YED of an inferior good

A

0>

Business (14 decks)

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