Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Busman flash cards > U2 AOS1 > Flashcards

U2 AOS1 Flashcards

1
Q

What is marketing

A

The action or business of promoting and selling products or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a customer base

A

A group of people who keep buying your products or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a business objective

A

A goal that the organisation wants to achieve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Connection between marketing, customer base and business objective

A

Once a business, has worked out their objectives, they will create a customer profile to help build a customer base. Then they will use various aspects of marketing to make sure that the customers buy their product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is brand identify

A

how the business wants to be perceived by customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Internal environment

A

factors that the business has control over from within the business. They include things such as managers, employees, location, policies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

External environment

A

made up of both the operating and the macro environment. The operating environment is (CCSI) and the Macro is (PEST)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Why is market research important

A

So that when a business releases a new product/service they can gather a good idea of whether it is likely to be successful for not

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Steps in market research

A
  1. Work out what you need
  2. Collect the primary and secondary data
  3. Analyse and interpret the information
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Examples of secondary data

A

can be divided into internal methods and external methods.
Internal – annual reports, company records, financial statement, customer feedback, or sales reports.
External – newspaper reports, magazines, trade associations etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Primary data

A

Facts and figures collected by the business itself

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Secondary data

A

Information that has already been collected by someone else for another purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Examples of primary data

A
  • Surveys
  • Experiments
  • Taste tests
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is market dimensions

A

Size of the market that the business has to advertise to

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are two types of market dimensions

A

Mass market - Products that are offered to every customer and promoted through mass media or mass retailers. eg McDonalds/Pepsi
Niche market - a smaller market with similar characteristics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is market segmentation?

A

The dividing up a total market into particular groups who share characteristics

13
Q

What are the different ways to divide up a market into segments

A
  • Demographic – Age, gender, income, occupation, education, nationality, family size etc
  • Geographic – climate, where the customers work/live, urban/rural, size of the city
  • Behavioural- regular product user, why do they want this product (quality/service/speed of delivery/price), purchasing (daily/weekly/monthly)
13
Q

What are consumer trends?

A

What consumers are looking for in the market

13
Q

What are the 7 Ps of marketing

A

Product, price, place, promotion, people, physical evidence and process

13
Q

What is product in terms of the 7 Ps

A

A product is a good or service that can be offered in an exchange for the purpose of satisfying a need or want.
A product can be tangible or intangible: tangible means that the product has a physical substance. Whereas intangible means a product that cannot be seen or touched.

14
Q

What is price in terms of the 7 Ps

A

Amount of money that the customer pays to be able to enjoy a certain product

14
Q

What is place in terms of the 7 Ps?

A

Making the product available to the customer, whether the customer chooses to purchase it or not. Place uses distribution channels which are the routes taken to get the product from the factory to the customer.

14
Q

What are the four traditional distribution channels?

A
  • Producer to customer
  • Producer to retailer to customer
  • Producer to wholesaler to retailer to customer
  • Producer to agent to wholesaler to retailer to customer
15
Q

What are the three cannel choices for market coverage?

A
  • Intensive distribution: saturate the market, for convenience goods.
  • Selective distribution: moderate proportion of all possible outlets, for clothing, furniture and electrical.
  • Exclusive distribution: only 1 retail outlet for a product in a large geographic area, for exclusive, expensive products.
15
Q

What is promotion in terms of the 7 Ps?

A

The methods used by a business to inform, persuade and remind a target audience about its products and services

15
Q

What are the stages of the product life cycle

A

introduction, growth, maturity, decline, extension

16
Q

What is quality customer service?

A

Prompt service, listening to customer needs, great product knowledge

17
Q

What are benefits of quality customer service?

A
  • Stronger customer loyalty
  • Gain a competitive advantage
  • Reduced marketing
18
Q

Examples of loyalty programs

A

Myer one, Woolies rewards and Qantas frequent flyer

19
Q

What is search engine optimisation (SEO)?

A

the process of improving a business’s website to increase its visibility when people search for products or services via various search engines

20
Q

What are advantages of digital marketing?

A
  • Much cheaper
  • Can target particular consumers
  • More efficient
21
Q

What are disadvantages of digital marketing?

A
  • Many people distrust digital marketing
  • Missing consumers do not have social media
  • Potential to put customers off with too many posts/emails
22
Q

What is the difference between advertising and PR

A

Advertising space is paid while public relations results are earned through providing the media with information in the form of press releases/pitches/stunts. Advertising also promotes the product whereas PR promotes the business.

23
Q

What is the main purpose of Public Relations?

A
  1. Promote a positive image: reinforce the favourable attitudes and perceptions consumers have regarding the business’s reputation.
  2. Effective communication of messages: promoting a business and/or product
  3. Crisis Management: protecting a business’s reputation after negative publicity
24
Q
A

Busman flash cards (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions