Unit 2 Flashcards
Definition: Competitor pricing
Pricing which has reached the same levels as its competitors
Definition: cost Plus pricing
Pricing where a percentage has been added on to the original price.
What are the four pricing strategies?
Cost plus pricing
Promotional pricing
Penetration pricing
Price skimming
What is the sole purpose of packaging?
Contact Details
Protects the Product
What is the sole purpose of branding
Giving a name and an identity for a product
What is physical environment
Where a customer buys a product or experiences a service
What are the 7ps in Marketing?
Price
Product
Place
Promotion
People
Physical environment
Process
The main business distributors include:
Wholesalers
Retailers
Business to consumer
Features of digital marketing media
Online news platforms
Forums
Mobile apps
What is digital marketing
Process of promoting goods and services online
Definition: Niche market
Smaller segments of the market
Yes or no, are niche markets small segments of the market?
Yes.
What is the main purposes of marketing?
Satisfy demand
Recognise demand
Anticipate demand
What are the characteristics of market segmentation
Age
Gender
Location
Income
Religious beliefs
What are the external influences of marketing
Social
Economic
Environmental
What are the main methods of primary research?
Interviews
Trials
Focus groups
Uses of internal Secondary research
Sales records
Customer data
Loyalty cards
Definition: quantitative data
Data which is collected from graphs and tables
Definition: Qualitative data
Data which is collected via focus groups and interviews.
What are the Quantitative data methods?
Online polls
Surveys
What are the qualitative data methods?
Interviews
Focus groups
Four features of the product life cycle
Introduction
Growth
Maturity
Decline
What is brand loyalty?
A measure of how willing a customer is to buy a product
What is a brand
Product with a recognisable name
What is a mass market
Large amount of customers with different characteristics
What does public relations focus on?
A businesses reputation
What is Penetration Pricing?
Pricing that has reached its lowest level.
What is ethics
It’s about what’s right or what’s wrong in a business and in real life
What is Brand value?
A premium that has been added on to a product or service as a result of its reputation
Daily monitoring of a social media campaign
YouTube
Blogs
Twitter
Facebook
Marketing messages need to
Identify the problem
Identify target market
Be straightforward
What is Guerrilla marketing
Uses Unconventional methods to boost sales production
Forms of Secondary research
Questionnaires
Census Data
News articles
What is Market Share?
Percentage of the market that a business takes up
What is psychographic market segmentation
Divides the Market into age, gender location, lifestyle, income and religious beliefs .
What is Market Segmentation
Involves splitting the market into different niches
What does the brand value include?
Customer Behaviour
Brand value
Brand Quality
Brand image
What are the legal requirements for marketing?
Legal
Truthful
Honest
What is a Unique Selling point?
A Product or service that is superior to its competitors
What is a SMART Objective?
Specific
Measurable
Achievable
Realistic
Timed
What is stimulating demand?
Keep a specific product going
What are the four market segmentations?
Psychographic
Geographic
Demographic
Behavioural
What does PESTLE stand for?
Political
Economic
Social
Technological
Legal
Environmental
