Test Flashcards
What is branding
Branding is a way of identifying the business.
How your customer recognise and experiences your business
5 elements of brand identity:
Logo Slogan Jingle Key colour Package
Benefits of branding
Customer more likely to remember
Eases awareness
Customer loyalty
Customer satisfaction
What is marketing mix
Marketing mix is a combination of factors that can be controlled by a company to influence customers to purchase its products
What are the four factors of the marketing mix?
Product
Price
Place
Promotion
What is product in the marketing mix?
Product is the features and appearance of goods and services
What is price in the marketing mix?
Price is how much customers pay for a product
What is place in the marketing mix?
Place is the point where products are made available to customers
What is promotion in the marketing mix?
Promotion is how customers are informed about products
How can you adjust the factors in the marketing mix to become more successful?
Change the price
Sell it in more shops
Create new advertising
Release something new
What is market segmentation?
Market segmentation is the process of dividing a market of potential customers into groups, based on different characteristics
Give examples of market segmentation
Age Gender Location How much money you make Religion
What are the two types of market research?
Primary/field
Secondary/desk
What is market research
Market research is the action or activity of gathering information about customers needs and preferences
What is field research?
Field research is when you gather information which has not been collected
Give an example of field research
Sending a questionnaire through the post
What is desk research
Desk research is when you gather information that have already been collected
Give an example of desk research
Copying information from local newspapers
What are the three types of production methods?
Job
Batch
Flow
What is job production
Job production invokes one person producing a single, unique product from start to finish
Advantages of job production
High quality
Easily changed to meet customer requirements
Disadvantages of job production
Very slow
Can only make a small quantity
What is batch production
Batch production involves a group of identical products being made at the same time
Advantages of batch production
Large quantity produced quickly
Batches can be changed to suit customer requirements
Disadvantage of batch production
Employees have nothing to do between batches
What is flow production
Flow production involves parts being added onto a product as it moves along a production line
Advantage of flow production
Large quantity produced quickly
Disadvantage of flow production
If a fault occurs during production this can cause the whole production line to stop
