The Role of Marketing Flashcards
What is marketing?
Define what is identifying profitability, and predicting customers.
Identifying - what customers want and what products and services are already on the market.
Profitability - The price of the product is greater than the cost of the input.
Predicting - Analysing data collected and using the owner’s skills to judge what might happen in these markets and how the product might be suited.
Primary resaerch
What is trialling?
Name 3 advantages and disadvantages of trialling?
Advantages:
Trialling is using 3 samples in the market to let customers examine, use and test a product.
By offering a trial, businesses demonstrate that they trust their product or service, which can help build customer confidence.
Trials can help reduce the risk for potential customers, which can encourage more people to sign up.
Trials can help generate interest in a product
Disadvantages:
Trials can be costly in terms of time and money.
There’s no guarantee that trialers will use the product.
Users may only engage with the product during the trial period, which can lead to low conversion rates
Primary research
Name me 3 advantages of questionnaire and 3 disadvantages.
Advantages:
They are faster.
They are cheaper
They are easy to analyse.
Disadvantages:
Respondents may not answer honestly, or they may answer how they think society would want them to.
If questions aren’t clear, respondents may have trouble interpreting them.
Questionnaires can’t always capture respondents’ feelings or reactions.
Secondary research
Give me 3 advantages of newspaper
Give me 3 disadvantages of newspaper.
Advantages:
Newspapers can stay in homes or offices for weeks or months, which can lead to repeated exposure to your ad.
Readers trust newspapers, so advertising in a well-established publication can add credibility to your brand.
Newspaper ads can be more timely than other mediums, allowing you to respond to changing social situations or audience responses.
Disadvantages:
The number of people who read newspapers has been declining, especially as more people turn to online media.
They may not specific to the business that is looking for new customers.
Advertisers have no control over where their ads appear, which can cause problems if competitors share the same space
Secondary research
What are the 3 advantages of a magazine?
What are the 3 disadvantages of a magazine?
Advantages:
You are able to see what the competitors are doing.
To reach a niche target market.
Niche-a specialized segment of the market for a particular kind of product or service
Building high trust and credibility.
Disadvantages:
It is costly
It can be difficult to measure the return on investment for magazine ads.
Many publications have reduced the size of their print products,
Sceonday research
What are the advantages of a cencus?
What are the 3 disadvantages of a cencus?
Advantages:
Understanding customers to make important decisions.
Identifying new store locations
Developing products and services
Disadvantages:
People may not be comfortable sharing personal details.
difficult to distribute.
Literacy rates: In countries with low literacy rates, many people may not be able to fill out the census form
Primary research
What are the 3 advantages of primary research?
What are the 3 disadvantages of primary research?
Advantages:
more control
doesn’t need to be shared with other companies.
Produce the most current data possible, which can be especially important in fast-moving sectors.
Disadvantages:
can be expensive
time-consuming
The data collected may be unique and difficult to compare
Secondary reasearch
What are the 3 advantages and 3 disadvantages of secondary research.
Advantages:
identify gaps in research that has already been undertaken.
can be quick and inexpensive to conduct.
can help understand the competitive landscape.
Disadvantages:
The data may not be reliable, valid, or credible.
Access to the data may be limited.
The concepts used in the data may not be the same as those used by the researcher.
What is the difference between quantitaive data and qualitative data?
Qualitative data - It involves finding the opinions of customers who use the product or service.
Quantitative data - It provides facts.
Give me an advantage and disadvantage of qualitative data?
An advantage is that it helps the business understand what customers and thinking and what they want.
A disadvantage is that it limits how much people can say about what they like or dislike.
Give me an advanatge and disadvantage of quantative data?
An advantage is that it is easy to analyse.
A disadvantge is that it limits how much people can say about what they like or dislike.
What is a focus group?
a small group of people, typically from a target market, are brought together to discuss their opinions and feelings about a product, service, or concept in a guided conversation,
What is the advantage and disadvantage of focus groups?
Topics can be explored in more depth and adapted based on participant responses during the discussion.
Can gather a significant amount of information relatively quickly compared to individual interviews.
Disadvantage:
A small group of participants may not accurately reflect the opinions of the wider target market.
Participants might conform to the opinions of others in the group, leading to less honest feedback.
What is cost-plus pricing?
This worked out by calculating the total cost to produce the product or service and then profit is added on the top.
What is promotional pricing?
A product or service is offered for slae at a cheaper price for limited time.
Why are price reductions used as way of promotion?
They are used to encourage sales and increase revenu and profits.
What is loss leader?
A product which is sold out at below the cost price to encourage customers into a shop or to try the product.
Why are competitions used as a way of promotion?
It is a way for the business to create a fan base, which engages customers with the product and to spread the message about the product.
Why are free samples used as a way of promotion?
They are used to introduce the product to new customers.
State 3 advantages and 3 disadvantages of social media.
The advantages:
Can show customer service with a quick response.
Increase customer engagment with the brand.
Customers can be kept informed about new products
The disadvantages:
Negative feedback can impact on the business reputation.
Need to stay engaged and active 24/7
difficult to meausre.
What is the definition of digitial distribution?
Give an example.
A delivery of media content such as videos.
State an advantage and diadvantage of digitial disturibution?
Advantage:
You can easily update and refine your product to keep them valuable and relevant.
Disadvantage:
