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Business BTEC Level 3 > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

Definition: Competitor pricing

A

Pricing which has reached the same levels as its competitors

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2
Q

Definition: cost Plus pricing

A

Pricing where a percentage has been added on to the original price.

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3
Q

What are the four pricing strategies?

A

Cost plus pricing

Promotional pricing

Penetration pricing

Price skimming

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4
Q

What is the sole purpose of packaging?

A

Contact Details

Protects the Product

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5
Q

What is the sole purpose of branding

A

Giving a name and an identity for a product

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6
Q

What is physical environment

A

Where a customer buys a product or experiences a service

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7
Q

What are the 7ps in Marketing?

A

Price
Product
Place
Promotion
People
Physical environment
Process

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8
Q

The main business distributors include:

A

Wholesalers

Retailers

Business to consumer

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9
Q

Features of digital marketing media

A

Online news platforms

Forums

Mobile apps

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10
Q

What is digital marketing

A

Process of promoting goods and services online

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11
Q

Definition: Niche market

A

Smaller segments of the market

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12
Q

Yes or no, are niche markets small segments of the market?

A

Yes.

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13
Q

What is the main purposes of marketing?

A

Satisfy demand

Recognise demand

Anticipate demand

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14
Q

What are the characteristics of market segmentation

A

Age

Gender

Location

Income

Religious beliefs

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15
Q

What are the external influences of marketing

A

Social

Economic

Environmental

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16
Q

What are the main methods of primary research?

A

Interviews

Trials

Focus groups

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17
Q

Uses of internal Secondary research

A

Sales records

Customer data

Loyalty cards

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18
Q

Definition: quantitative data

A

Data which is collected from graphs and tables

19
Q

Definition: Qualitative data

A

Data which is collected via focus groups and interviews.

20
Q

What are the Quantitative data methods?

A

Online polls

Surveys

21
Q

What are the qualitative data methods?

A

Interviews

Focus groups

22
Q

Four features of the product life cycle

A

Introduction

Growth

Maturity

Decline

23
Q

What is brand loyalty?

A

A measure of how willing a customer is to buy a product

24
Q

What is a brand

A

Product with a recognisable name

25
Q

What is a mass market

A

Large amount of customers with different characteristics

26
Q

What does public relations focus on?

A

A businesses reputation

27
Q

What is Penetration Pricing?

A

Pricing that has reached its lowest level.

28
Q

What is ethics

A

It’s about what’s right or what’s wrong in a business and in real life

29
Q

What is Brand value?

A

A premium that has been added on to a product or service as a result of its reputation

30
Q

Daily monitoring of a social media campaign

A

YouTube
Blogs
Twitter
Facebook

31
Q

Marketing messages need to

A

Identify the problem

Identify target market

Be straightforward

32
Q

What is Guerrilla marketing

A

Uses Unconventional methods to boost sales production

33
Q

Forms of Secondary research

A

Questionnaires

Census Data

News articles

34
Q

What is Market Share?

A

Percentage of the market that a business takes up

35
Q

What is psychographic market segmentation

A

Divides the Market into age, gender location, lifestyle, income and religious beliefs .

36
Q

What is Market Segmentation

A

Involves splitting the market into different niches

37
Q

What does the brand value include?

A

Customer Behaviour

Brand value

Brand Quality

Brand image

38
Q

What are the legal requirements for marketing?

A

Legal

Truthful

Honest

39
Q

What is a Unique Selling point?

A

A Product or service that is superior to its competitors

40
Q

What is a SMART Objective?

A

Specific
Measurable
Achievable
Realistic
Timed

41
Q

What is stimulating demand?

A

Keep a specific product going

42
Q

What are the four market segmentations?

A

Psychographic

Geographic

Demographic

Behavioural

43
Q

What does PESTLE stand for?

A

Political
Economic
Social
Technological
Legal
Environmental

Business BTEC Level 3 (3 decks)

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