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Nat5 Business > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

What is a market

A

A market for a good or service exists in consumers and sellers are in contact with each other and are able to buy and sell it

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2
Q

What are the types of marketing

A

Direct to markets and indirect market

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3
Q

What is a direct market

A

Consumers and sellers are in direct contact

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4
Q

What is an indirect market

A

Consumer And sellers are not in direct contact

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5
Q

What are the sizesof marketing

A

Local national and global

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6
Q

What is Local

A

The market involves consumers and sellers in a small area immediately around a business

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7
Q

What is national

A

To market involves consumers and salaries within a country

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8
Q

What is global

A

The marketinvolves buyers and sellers all around the world

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9
Q

What is marketshare

A

Market shareis its percentage of all the sales in the market. Increasing market share some help a business to grow

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10
Q

What is market growth

A

a total increase in sales of a market

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11
Q

What is marketing

A

Marketing is one of the Functional activities of a business

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12
Q

What is the role of marketing in a Business

A

Identified the current goods and services that consumers want
Anticipate the goods and services that consumers would want to in the future by looking at C current trends
Create products that satisfy these current and future needs and wants

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13
Q

Why is marketing important

A

Marketing is important because it ensures that organisations produce what people want and make consumers aware of products available

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14
Q

What is the purpose of marketing

A 
To achieve organisational objectives
To raise product awareness
To obtain customers in Newmarket
To inform customers about the products
To estimate and determine what customers want
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15
Q

What benefits can marketing bring

A 
Survival
Positive business image
Increased customer satisfaction
Increased use of the business by consumer
Increase the profit budgets or donations
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16
Q

What is market research

A

It is the process of gathering recording and analysing information about a market

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17
Q

What types of information that market research is usually concerned with

A

Types of consumers
Current and future customer wants
Customer options of a business and its competitors
Actions of competitors within the market

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18
Q

Why is market research important

A

Because it means that a business should have information that should help it make quality marketing decisions.
This means the business is more likely to be successful by achieving its objectives and satisfying consumers

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19
Q

How is market research carried out

A

Decide on the type of information that has to be gathered
Decide on the best method to get to the information required
Carry out market research
Analyse and market to research gathered to help you decide what the business should do next

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20
Q

What is quantitive information

A

Based on facts and figures
Very specific
Helpful in finding out how things in a market are changing

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21
Q

Example of quantitative information

A

Sales figures

stock levels

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22
Q

What is qualitative information

A

Based on opinion

Helpful in finding out why things in a market are changing

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23
Q

Example of qualitative information

A

How to improve quality at a staff meeting

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24
Q

Types of market research

A

Desk research and Field research

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25
Q

What is desk research

A

Finding and reusing existing information
This is secondary information
Available internally and externally to the organisation

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26
Q

What are internal sources

A

Sources of market research information from inside of the business

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27
Q

What are external sources

A

Sources of market research information from outside the business

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28
Q

What is field research

A

Involves gathering you information about a market for your own specific purpose
This is Primary information
Requires direct contact with customers

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29
Q

Methods of field research

A 
Surveys
Interview 
Focus group
Hall test
Observation 
Social network
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30
Q

Advantages of desk research

A

Cheap

Quick and Easy to collect

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31
Q

Disadvantage of desk research

A

Info that already exists and is available to competitors
May be less than useful
Inaccurate

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32
Q

Advantages of field research

A

Valuable info
Reliable info
Up to date
Not available to competitors

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33
Q

Disadvantages of field research

A

Expensive

Time consuming

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34
Q

Advantages of surveys

A

Inexpensive
Immediate response for telephone surveys
Large number of reviews

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35
Q

Disadvantage of surveys

A

Many people don’t like telephone surveys

Must be easy to answer

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36
Q

Test manketing advantages

A

Customer can indicate areas about the product that they didn’t like.
If the product fails, expenses of national launch is saved

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37
Q

Disadvantages of test marketing

A

Not a representation of the whole country

38
Q

Advantages of interview

A

Quick
2 way communication
Prompt the responding to answer

39
Q

Disadvantages of interview

A

Researchers have to be trained which can be costly

Home interviews are unpopular

40
Q

Advantages of focus groups

A

Quantitive info gained

41
Q

Disadvantages of focus groups

A

Qualitative information is difficult to analyse

42
Q

Advantages of hall tests

A

Qualitative info gained

43
Q

Disadvantages of hall tests

A

Quantitive info is difficult to analyse

44
Q

Which type of market research should be considered

A

The types of info needed
The market that the business is in
The time available for the research to be carried out
The finance available for conducting the research
The other resources available for conducting the research

45
Q

In order to be high quality info, what must it have

A 
Accurate
Appropriate 
Complete 
Timely
Concise
Cost affective
Available
Objective
46
Q

What is market segmentation

A

Involves market research information to split the consumers in your market to separate and identifiable groups (segments) with specific wants

47
Q

Examples of segments

A 
Age
Gender
Income
Religion
Location
Taste/fashion
Lifestyle/ preferences
Marital status
48
Q

Why is market segmentation important

A

When a business knows about its segments in the market they can meet the different needs of each segment by dealing with each of them in a separate, suitable way.

49
Q

Benefits of marketing

A 
Improved customer satisfaction 
Improved customer loyalty
New sales opportunities 
Improved service 
Improved profit 
Improved market share
Decreases wastage 
Less chance of failure
50
Q

Disadvantages of target marketing

A

Increases costs

Complicated to manage

51
Q

What is the marketing mix made up of

A

Product
Price
Place
Promotion

52
Q

What is product

A

The product is the actual good or service that is provided by the business and then sold in a market

53
Q

What are the main areas of activity in the product element of the marketing mix

A

Product development
Product life cycle
Branding

54
Q

What are risks a business could have when it develops a new product

A

Customers might not want the product
Money spent on developing the product may be wasted, leading to financial difficulties
The reputation of the business could be damaged if the product is of poor quality
External factors may impact the success of the product

55
Q

What is the product life cycle

A

A series is stages that a product will pass through in its lifetime

56
Q

What are the stages of the product life cycle

A 
Development
Introduction
Growth
Maturity 
Decline
57
Q

What is development

A

Cost in developing the product. There are no sales

58
Q

What is Introduction

A

The product is launched and customers are aware of it.

59
Q

What is growth

A

Sales rise, competitors may launch their own version of the product

60
Q

What is maturity

A

Product is fully established. Sales may fall as competitors enter the market

61
Q

What is decline

A

Customers are interested in other products

62
Q

What factors should a business consider when choosing a suitable supplier

A 
Price
Quality
Delivery time
Quantity
Storage space
Reliability
63
Q

What is price

A

How much the product costs

64
Q

What is quality

A

How well the product is

65
Q

What is delivery time

A

How long it takes the product to be delivered

66
Q

What is quantity

A

How much product you buy

67
Q

What is storage space

A

How much space you have for the products

68
Q

What is reliability

A

Delivered on time, right quantity, good quality

69
Q

What are the factors if production

A

Capital
Enterprise
Land
Labour

70
Q

What is capital

A

The money invested into the business and the equipment it can be used to buy

71
Q

What is enterprise

A

All of the ideas for goods and services and organising all the resources needed

72
Q

What is land

A

The earth natural resources

73
Q

What is labour

A

The physical and mental effort carried out by people

74
Q

What are the types of production

A

Capital intensive
Labour intensive
Automation

75
Q

What is capital intensive

A

Where mainly machinery are used for production

76
Q

What is labour intensive

A

Where mainly human workers are used for production

77
Q

What is automation

A

Where production is controlled by computers

78
Q

What is the production process

A

Input
Process
Output

79
Q

What is input

A

Raw materials

80
Q

What is process

A

The making of the product

81
Q

What is output

A

The finished product

82
Q

What are examples of the production process

A

Crisps
Potatoes-cut, season, cook-crisps

Tables
Trees(cut and treat)-shape-table

83
Q

What are the problems of understocking

A

Unable to cope with unexpected demands, leading to dissatisfied customers
Production may be stopped and sales may be lost
Placing high orders more often causes high administration costs and the business is likely to benefit from bulk buying
Damaged reputation and loss of customers loyalty

84
Q

Problems of overstocking

A

Storage related costs
Cash tied up in stock
Less chance of theft detected
Increased wastage as stock may perish

85
Q

What is another word for Minimum level

A

Buffer

86
Q

What is another word for maximum level

A

Economic

87
Q

What is minimum level

A

Minimum amout of product the business would want to hold in stock

88
Q

What is reorder level

A

Acts as a trigger point so that when stock falls to this level, the next supplier order should be placed

89
Q

What is maximum level

A

Max level of stock a business can or wants to hold

90
Q

What is lead time

A

Amount of time between placing the order and receiving the stock

91
Q

What is reorder quantity

A

This is the amount of stock required to return stock levels to the economic stock level

Nat5 Business (3 decks)

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