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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
What is desk research
Finding and reusing existing information This is secondary information Available internally and externally to the organisation
26
What are internal sources
Sources of market research information from inside of the business
27
What are external sources
Sources of market research information from outside the business
28
What is field research
Involves gathering you information about a market for your own specific purpose This is Primary information Requires direct contact with customers
29
Methods of field research
``` Surveys Interview Focus group Hall test Observation Social network ```
30
Advantages of desk research
Cheap | Quick and Easy to collect
31
Disadvantage of desk research
Info that already exists and is available to competitors May be less than useful Inaccurate
32
Advantages of field research
Valuable info Reliable info Up to date Not available to competitors
33
Disadvantages of field research
Expensive | Time consuming
34
Advantages of surveys
Inexpensive Immediate response for telephone surveys Large number of reviews
35
Disadvantage of surveys
Many people don’t like telephone surveys | Must be easy to answer
36
Test manketing advantages
Customer can indicate areas about the product that they didn’t like. If the product fails, expenses of national launch is saved
37
Disadvantages of test marketing
Not a representation of the whole country
38
Advantages of interview
Quick 2 way communication Prompt the responding to answer
39
Disadvantages of interview
Researchers have to be trained which can be costly | Home interviews are unpopular
40
Advantages of focus groups
Quantitive info gained
41
Disadvantages of focus groups
Qualitative information is difficult to analyse
42
Advantages of hall tests
Qualitative info gained
43
Disadvantages of hall tests
Quantitive info is difficult to analyse
44
Which type of market research should be considered
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
In order to be high quality info, what must it have
``` Accurate Appropriate Complete Timely Concise Cost affective Available Objective ```
46
What is market segmentation
Involves market research information to split the consumers in your market to separate and identifiable groups (segments) with specific wants
47
Examples of segments
``` Age Gender Income Religion Location Taste/fashion Lifestyle/ preferences Marital status ```
48
Why is market segmentation important
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
Benefits of marketing
``` Improved customer satisfaction Improved customer loyalty New sales opportunities Improved service Improved profit Improved market share Decreases wastage Less chance of failure ```
50
Disadvantages of target marketing
Increases costs | Complicated to manage
51
What is the marketing mix made up of
Product Price Place Promotion
52
What is product
The product is the actual good or service that is provided by the business and then sold in a market
53
What are the main areas of activity in the product element of the marketing mix
Product development Product life cycle Branding
54
What are risks a business could have when it develops a new product
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
What is the product life cycle
A series is stages that a product will pass through in its lifetime
56
What are the stages of the product life cycle
``` Development Introduction Growth Maturity Decline ```
57
What is development
Cost in developing the product. There are no sales
58
What is Introduction
The product is launched and customers are aware of it.
59
What is growth
Sales rise, competitors may launch their own version of the product
60
What is maturity
Product is fully established. Sales may fall as competitors enter the market
61
What is decline
Customers are interested in other products
62
What factors should a business consider when choosing a suitable supplier
``` Price Quality Delivery time Quantity Storage space Reliability ```
63
What is price
How much the product costs
64
What is quality
How well the product is
65
What is delivery time
How long it takes the product to be delivered
66
What is quantity
How much product you buy
67
What is storage space
How much space you have for the products
68
What is reliability
Delivered on time, right quantity, good quality
69
What are the factors if production
Capital Enterprise Land Labour
70
What is capital
The money invested into the business and the equipment it can be used to buy
71
What is enterprise
All of the ideas for goods and services and organising all the resources needed
72
What is land
The earth natural resources
73
What is labour
The physical and mental effort carried out by people
74
What are the types of production
Capital intensive Labour intensive Automation
75
What is capital intensive
Where mainly machinery are used for production
76
What is labour intensive
Where mainly human workers are used for production
77
What is automation
Where production is controlled by computers
78
What is the production process
Input Process Output
79
What is input
Raw materials
80
What is process
The making of the product
81
What is output
The finished product
82
What are examples of the production process
Crisps Potatoes-cut, season, cook-crisps Tables Trees(cut and treat)-shape-table
83
What are the problems of understocking
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
Problems of overstocking
Storage related costs Cash tied up in stock Less chance of theft detected Increased wastage as stock may perish
85
What is another word for Minimum level
Buffer
86
What is another word for maximum level
Economic
87
What is minimum level
Minimum amout of product the business would want to hold in stock
88
What is reorder level
Acts as a trigger point so that when stock falls to this level, the next supplier order should be placed
89
What is maximum level
Max level of stock a business can or wants to hold
90
What is lead time
Amount of time between placing the order and receiving the stock
91
What is reorder quantity
This is the amount of stock required to return stock levels to the economic stock level

Nat5 Business (3 decks)

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