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NAT5 Business > Term 3 > Flashcards

Term 3 Flashcards

1
Q

What are the four P’s?

A

Product
Price
Place
Promotion

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2
Q

What is market research?

A

It is the systematic gathering, recording, and analysing of data about an organisations products or service, and its target market.

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3
Q

what is the need for market research?

A

-anticipate changes in the market
-identify changes in customer tastes
-identify who is buying the product
-identify new opportunities for products
-keep ahead of competitors
-ensure product is at the correct price

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4
Q

what does the product element of the marketing mix involve?

A

-new product development
-packaging
-branding
-product life cycle

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5
Q

what else are firms referring to when they say product?

A

a service that they are offering

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6
Q

what is the order of the product life cycle?

A

development -> introduction -> growth -> maturity -> saturation -> decline

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7
Q

what happens during the development stage?

A

the company research the product and create prototypes, no profit is generated

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8
Q

what happens during the introduction stage?

A

the product is officially released, no profit is made as the business is still paying of its debts from the development stage

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9
Q

what happens during the growth stage?

A

the product makes it steepest incline in sales and profits

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10
Q

what happens during the maturity stage?

A

the increase in sales and profit continues to rise but at a steadier pace

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11
Q

what happens at the saturation stage?

A

the product reaches is highest point in sales and profits

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12
Q

what happens in the decline stage?

A

the product sales begin to decline, generating less profit for the business

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13
Q

What is the product life cycle?

A

the amount of time a product goes from being introduced into the market until it’s taken off the shelves

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14
Q

What does the pricing section of the marketing mix involve?

A

-location
-age target
-brand popularity/reputation
-quality of product
-government legislation on maximum and minimum pricing

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15
Q

Why is product development important for a business?

A

Because it allows the business to get possible consumers opinions on the product before its official release, and it gives the company a clear guide to follow when creating the product

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16
Q

What are the benefits of a business having a good brand image?

A

-the logo will get instant recognition from consumers,
-it makes it easier for the buyer to decide whether they will purchase the product or not
-ensures a stable level of demand,

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17
Q

What are the possible drawbacks of developing a brand name?

A

-imitators are very difficult to stop,
-a single bad event, with bad publicity, can affect the whole range of same brand products,
-promotion costs will be high,

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18
Q

what are some examples of into the pipeline promotion?

A

-point of sale material,
-sale or return,
-staff training,
-dealer loaders,

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19
Q

what are some examples of out of the pipeline promotion?

A

-free samples,
-loyalty schemes,
-vouchers,
-special offers,

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20
Q

what is ‘sale or return’?

A

when the distributor will take back any unsold stock, this reduces the risk to the retailer and entices them to stock more,

21
Q

why is staff training important?

A

so that the retailer feels confident dealing with customers

22
Q

what are ‘dealer loaders’?

A

they are offers given to retailers to entice them to bulk buy, e.g. if they buy a certain amount of stock they will get a free case which they can either keep for themselves or sell

23
Q

what is into the pipeline promotion?

A

it is when manufacturers need to promote their products to retailers to encourage them to stock their products

24
Q

what is out of the pipeline promotion?

A

promotions aimed at customers

25
Q

what do free samples do?

A

allow the customer to try the product before committing to a larger purchase

26
Q

what are loyalty schemes used for?

A

to entice return customers, where customers can work towards receiving something free

27
Q

what are vouchers used for?

A

to entice customers to return

28
Q

what are some examples of special offers?

A

BOGOF or short term reductions in price

29
Q

what does BOGOF stand for?

A

buy one. get one free

30
Q

what are the three main aims of promotion?

A

-persuading = to purchase products,
-informing = telling consumers about the product,
-reminding = that the product still exists,

31
Q

what is direct selling?

A

where the manufacturer delivers the product straight to the consumer

32
Q

what is wholesaler function?

A

when the manufacturers deliver to the wholesaler and a shop or store buys from the wholesaler and the consumer buys from the shop,

33
Q

what is retailer function?

A

when the manufacturer sells the product to the retailer and then the consumer buys from the retailer

34
Q

what are the two main types of promotion?

A

above the line, and below the line

35
Q

what is above the line promotion?

A

TV and newspapers to reach mass audience

36
Q

what is below the line promotion?

A

promotion which is directly controlled by the business

37
Q

what is the rate of consumption?

A

how many units of a product a business uses each day

38
Q

what is lead time?

A

the amount of time between ordering something and receiving it

39
Q

what is buffer stock?

A

it is the stock which you have incase your order of stock comes in late or you have forgot to order it

40
Q

What is limited liability?

A

When you only stand to lose the value of your own shares if the firm shuts

41
Q

What is unlimited liability?

A

It is when you are responsible for all debts

42
Q

Who owns controls and finances a sole trader?

A

Owned-sole trader
Controlled-sole trader
Financed-owners savings

43
Q

Who owns controls and finances a partnership?

A

Owned-2 or more partners
Controlled-partners in charge of an area
Financed-partner’s capital

44
Q

who owns controls and finances a private limited company?

A

owned-shareholders
controlled-board of directors
financed-partners capital

45
Q

who owns controls and finances a public company?

A

owned-government
controlled-head teacher/chief constable
financed-public purse (taxes)

46
Q

who owns controls and finances a charity?

A

owned-board of trustees
controlled-the manager of a shop
financed-donations

47
Q

how do you achieve good customer service?

A

-train staff
-use customer surveys
-make sure you have up to date IT

48
Q

why would a business want good customer service?

A

-increase in sales
-customer loyalty
-competitive edge

49
Q

how would you measure customer service?

A

-check against targets
-measure the incline in customer loyalty
-measure the decline in customer complaints

NAT5 Business (13 decks)

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