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Business > Section 3 - Marketing > Flashcards

Section 3 - Marketing Flashcards

1
Q

Marketing

A

identifying customer wants and satisfying them profitably

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2
Q

customer

A

person/business/other organisation that buys goods/services from a business

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3
Q

customer loyalty

A

when existing customers continually buy products from the same business

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4
Q

customer relationships

A

communicating with customers to encourage them to become loyal to the business and its products

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5
Q

market share

A

percentage of total market sales held by one brand or business

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6
Q

consumer

A

buys good or services for personal use (not to re-sell)

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7
Q

mass market

A

where there is a very large number of sales of a product

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8
Q

niche market

A

small, usually specialised segment of a much larger market

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9
Q

market segment

A

identifiable sub-group of a whole market in which consumers have similar characterstics/preferences

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10
Q

market research

A

process of gathering, analysing, and interpreting information about a market

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11
Q

product-orientated

A

business’s main focus of activity is on the product itself

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12
Q

market-orientated

A

business carries out market research to find out consumer wants before a product is developed and produced

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13
Q

marketing budget

A

financial plan for the marking of a product/product range for some specified period of time
(specifies how much money is available to market the product or range so that the marketing department knows how much they can spend)

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14
Q

primary research

A

collection and collation of original data via direct contact with potential or existing customers (aka field research)

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15
Q

secondary research

A

uses information that has already been collected and is available for use by others (aka desk research)

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16
Q

questionnaire

A

set of questions answered for collecting data for market research

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17
Q

online surveys

A

requires the target sample to answer a series of questions over the internet (google forms)

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18
Q

interviews

A

asking individuals series of questions (often face to face or over the phone)

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19
Q

focus group

A

group of people who are representative of the target market and try out the product of the business

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20
Q

sample

A

group of people selected to respond to a market research exercise (like a questionnaire)

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21
Q

random sample

A

people are selected randomly as a source of information for market research

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22
Q

quota sample

A

people are selected on the basis of certain characteristics (age, gender, income) as a source of information for market research

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23
Q

marketing mix

A

all the activities which go into marketing a product or service (4 P’s)

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24
Q

USP

A

Unique Selling Point
(special feature of a product that differentiates it from the products of competitors

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25
Q

brand name

A

unique name of a product that distinguishes it from other brands

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26
Q

brand loyalty

A

when consumers keep buying the same brand again and again instead of choosing a competitor’s brand

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27
Q

brand image

A

image/identity given to a product which gives it a personality of its own and distinguishes it from its competitor’s brands

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28
Q

packaging

A

physical container/wrapping for a product
(used for promotion and selling appeal)

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29
Q

product life cycle

A

the stages a product will pass through
(from its introduction through its growth until it is mature, and then finally its decline)

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30
Q

extension strategy

A

way of keeping a product at the maturity stage of the life cycle and extending the cycle

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31
Q

cost-plus pricing

A

cost of manufacturing the product plus a profit mark-up

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32
Q

competitive pricing

A

product is priced in line with or just below competitors’ prices to try to capture more of the market

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33
Q

penetration pricing

A

when price is set lower than the competitors’ prices in order to be able to enter a new market

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34
Q

price skimming

A

where a high price is set for a new product on the market

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35
Q

promotional prcing

A

when a product is sold at a very low price for a short period of time

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36
Q

dynamic pricing

A

businesses change product prices (usually when selling online) depending on the level of demand

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37
Q

price elastic demand

A

where consumers are very sensitive to changes in price

38
Q

price inelastic demand

A

where consumers are not sensitive to changes in price

39
Q

distribution channel

A

product being passed from the place of production to the customer

40
Q

agent

A

independent person/business that is appointed to deal with the sales and distribution of a product or range of products

41
Q

promotion

A

where marketing activities aim to raise customer awareness of a product/brand, generating sales and helping to create brand loyalty

42
Q

advertising

A

paying for communication with potential customers about a product to encourage them to buy it

43
Q

informative advertising

A

emphasis of advertising/sales promotion is to give full information about the product

44
Q

persuasive advertising

A

advertising/promotion which is trying to persuade the consumer that they really need the product and should buy it

45
Q

target audience

A

people who are potential buyers of a product/service

46
Q

sales promotions

A

incentives
(special offers/deal aimed at consumers to achieve short-term increases in sales)

47
Q

what are 5 market changes

A

-consumer tastes
-fashion change
-changes in technology
-changes n incomes
-ageing populations

48
Q

4 ways businesses respond to market changes (and increased competition)?

A

-maintain good customer relationships
-keep improving its existing product
-bring out new products (to keep customers’ interest)
-keep costs low to maintain competitiveness

49
Q

advantages of mass marketing

A

-total sales are high
-if one product fails, there are other products that may be successful
-oppurtunies for the business to grow due to large potential sales

50
Q

disadvantages of mass marketing

A

-high levels of competition (from other similar businesses)
-high costs of advertising and promotion
-product/service may not meet the need of customers so sales may be lost

51
Q

advantages of niche marketing

A

small business may sell successfully and competition from larger businesses (focusing on mass marketing) can decrease
-needs of consumers can be more closely focused on (more specific target) (lead to consumer loyalty and good customer relations)

52
Q

disadvantages of niche marketing

A

-usually small and have limited sales potential
-doesn’t help business grow
-if the business fails, the product selling will fail but there won’t be other products to cover up the loss

53
Q

6 ways to segment a market

A

-socio-economic group
-age
-region/location
-gender
-use of the product
-lifestyle

54
Q

advantages of primary research?

A

-up to date
-relevant to the business doing it
-carried out by the people who want to use the data
-first-hand
-most effective to gather specific information (to solve a specific problem)
-not available to other businesses (unless they do primary research)

55
Q

disadvantages of primary research?

A

-expensive (money and time)
-not available immediately (takes time to collect information)

56
Q

advantages of questionnaires

A

-detailed information can be gathered about product/service
-customers’ opinions can be gained
-can be online

57
Q

disadvantages of questionnaires

A

-answers may not be accurate depending on the quality of the question (misleading?)
-expensive (money and time)
-collating and analyzing results is time-consuming

58
Q

advantages of online surveys

A

-fast
-cheaper than other types
-easy for participant to complete
-data collected can be analysing using IT tools

59
Q

disadvantages of online surveys

A

-no interviewer to explain questions or gain more detail information (follow-up questions)
-can’t get to some people who don’t have access to the internet
-scope for fraud (answers may not be honest, could be done carelessly)

60
Q

advantages of interviews

A

-can explain questions to the interviewee if there is a problem (not understanding part)
-detailed (and more) information can be gathered (specifics)

61
Q

disadvantages of interviews

A

-interview could manipulate consciously or unconsciously
-time consuming
-expensive

62
Q

advantages of focus groups

A

-provide detailed information about consumers’ tastes/preferences
-interaction between the group members can help business understand people’s opinions better
-quicker (than indivisual interviews)
-cheaper (than indivisual interviews)

63
Q

disadvantages of focus groups

A

-time consuming
-expensive
-discussion could be influenced by others’ opinions (not personal, true opinion)
-domation could happen

64
Q

advantages of secondary research

A

-cheaper than primary research
-obtain information that can’t be gained using primary research (population)
-quicker than primary research

65
Q

disadvantages of secondary research

A

-data may be out of date
-data is available to all businesses so competitors may get it
-data may not be relevant as another business had to do primary research to gain this information (biased)

66
Q

what are 4 internal sources of secondary data

A

-sales department records, pricing data, customer record, sales reports
-opinions of distribution and public relations personnel
-finance department
-customer service department

67
Q

what are 4 externals sources of secondary data

A

-government statistics
-newspapers
-trade association
-market research agencies
-online sources

68
Q

What are the 4 p’s of the marketing mix

A

-price
-place
-promotion
-product

69
Q

what are the 4 types of goods

A

-consumers goods
-consumer services
-producer goods
-producer services

70
Q

what are the 6 stages of product development?

A

1) Generate ideas
2) further research
3) decide if the company will be able to sell enough
4) develop a prototype
5) test the market
6) full launch

71
Q

advantages of USP

A

-business will be first in the market
-diversification for business to grow
-businesses can expand into new markets
-businesses can expand into existing markets

72
Q

disadvantages of USP

A

-expensive (market research cost, analysing the findings research, producing trial products, including cost of wasted materials)
-lack of sales if the target market is wrong
-loss of company image if the new product to meet customer needs

73
Q

what are the 6 steps of the product life cycle?

A

1) developed
2) introduced
3) grow
4) maturity
5) saturation point
6) decline

74
Q

what are 6 ways to extend the product life cycle?

A

-introducing new variations of the original product (child version)
-sell into new markets (export to another country)
-make small changes to the product’s design, colour and packaging
-use new advertising campaign
-introducing a new improved version of the old product
-sell through additional different retail outlets

75
Q

what are 4 reasons a business can adopt new pricing strategies

A

-try to break into a new market
-try to increase its market share
-try to increase its profits
-try to make sure all its costs are covered and a target profit is earned

76
Q

advantages of cost-plus pricing

A

-easy to apply
-different profit mark-ups can be used in different markets
-each product earns a profit for the business

77
Q

disadvantages of cost-plus pricing

A

-could lose sales of competitors’ prices decrease
-total profit is only made if sufficient units of the product are sold
-no incentive to reduce costs (any increase in costs is just passed on to the customer as a higher price)

78
Q

advantages of competitive pricing

A

-Sales are likely to be high as the price is a realistic level (not over or under priced)
-Avoids price competition (reduces profits for all businesses in the industry)
-Often used when its hard for consumers to tell the difference between the product of different businesses

79
Q

disadvantages of competitive pricing

A

-If cost of production is higher than competitors, price could be more leading to losses
-Higher quality product might be sold at a more expensive price than competitors
-detailed research is needed for the decision of the price, and the research costs time and money

80
Q

advantages of penetration pricing

A

.

81
Q

disadvantages of penetration pricing

A
82
Q

advantages of price skimming

A
83
Q

disadvantages of price skimming

A
84
Q

advantages of promotional pricing

A
85
Q

disadvantages of promotional pricing

A
86
Q

what are the 6 aims of promotion?

A
87
Q

what are the 5 steps of the advertising process

A
88
Q

10 types of advertising media?

A
89
Q

what are the 9 types of sales promotion?

A
90
Q

advantages of sales promotion

A

Business (7 decks)

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