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BUSINESS > unit 2 chap 1 nature of marketing > Flashcards

unit 2 chap 1 nature of marketing Flashcards

1
Q

what is a market?

A

can be held anywhere

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2
Q

what is common in all markets?

A

sellers looking to sell products or services

consumers looking to buy products or services

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3
Q

how does a business assess a market for the demand of a product?

A

1) size of market
2) market niches
3) potential market growth
4) exisiting market segments

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4
Q

mention the external factors that affect marketing objectives
5

A
  • tech
  • customer behavior
  • competitor behavior
  • change in law
    suppliers
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5
Q

how does marketing opperate within an organization?

A

marketing depaetment does not operate in isolation witin a firm

marketing dep obj has to align w businesses obj
such as = inc in proft + sales
inc in market share + good business image

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6
Q

what are the 2 things maketing objcvtives are converned with?

A

product and markets

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7
Q

marketing obj concerned w product and markets?

A

product
- inc sales
- create brand loyalty
- delvelop product range

market
- survival in market
- change market position
- inc market share

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8
Q

what are the internal factors that affect marketing obj

A
  • forecasted sales + profit
  • availaibiltiy of finance
  • market research findings
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9
Q

explain the imp of having clear marketing obj and their requirement

A

marketing obj–> set out what A business wants to achieve –> from its marketing activities

  • THUS OBJ HAVE TO BE
  • Consistent w ocverall aims
  • clearly comminicated to all deps in org
  • if clear + realistic obj –> they will provuide clear sense of direction to org + marketing dep to become market leader
  • if clear–> progress can be monittered
    this will form basis of marketinf strategy for business
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10
Q

what does supply mean

A

the ability and willingness to sell a product or service

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11
Q

supply relation explain
and why

A

whenprice increases supply increases

  • most firms want to make profit –> if a price of product high–> thus more profit made on each unit sold (assume p doesnt change)

thus other firms encouraged to make + sell that product as see opp to make profit

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12
Q

mention the non price factors of supply

A

cop
technology change
weather
govt policy

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13
Q

what does the term demand mean?

A

the abililty and willingness to buy a good or a service

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14
Q

the non price factors of supply lead to a ____________

A

shift in the supply curve

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14
Q

supply affected due to price leads to__________

A

movement along the same supply curve

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15
Q

what is the r/s of demand and price
AND explain why

A

if the prices increase
demand falls
(inverse relation)

consumers look to buy as cheaply as possible
when prices increase of a product —> ppl not able to afford (assuming disposbale income does not increase)

thus ppl look for cheaper substitute alt

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16
Q

mention the non price factors of demand

A

-income
- price of substitte goods
advertising
- change in pop structure
- tastes and trends

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17
Q

non price factors of demand lead to ______________

A

shift in the demand curve

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18
Q

demand affected by price lead to movement along the demand curve

true or false

A

true

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19
Q

below the equalibrium point is ______________

A

excess demand

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19
Q

what is market equalibrium?

A

where the demand and supply forces meet at one point

19
Q

above the market equalivrium means ___________

A

exess supply

20
Q

what are national markets?

A

business that opperates WITIHIN country NOT overseas

21
Q

what are international markets?

A

business that opprrates within local boundary and targets oversees customers –> GIVES ACCESS TO MORE CUSTOMERs

22
how does an international market differ from a national market?
legal differences--> diff regulations unstable govts-->civil voilence cultural differences --> use of lang/diff products demanded/ dress code business practices ---> diff working comditions/ use of gifts toc achieve contracts larger markets/segments cheap labor/material
23
what are the 2 approaches to marketing
product oreintation market oreitnation
24
explain market oreintation
focus on meetimg needs of customer market research used to identify customer needs + perception + demand ---.info allows firm to develop products catering to demand of customers effective apraoch in competive market --> market oreinted approach said to be used to survive + thrive in market
25
explain product oreintation
firm concentrates on producing products + invest high prop of resrouces on PRODUCT FEATURING rather than MARKETING product made w/o carrying pout market research THEN business tries to find customers to buy it (DYSON)
26
what are the benifits of market oreientation
1) possible for firms to use D and S to deterimine prices 2) very imp approach in fast changing markets --> allows speedy respose 3) decreases number of market failures ' 4) reduces wastage as unwanted products not produced 5) market reserach feedback allows business to tailor production + marketimg to needs of customers before compettitos
27
product oreinted refers to __________ ________ approach
inward looking marketing
28
what are the 3 things marketing strategy should consider?
target market the marketing mix strenghts of the business
29
what is a NICHE market
smallest portion of the larger market cator the specifi c wants and needs of customers
30
what is marketing stretegy for?
it is desgned to achieve marketing obj
31
what is a mass market
selling into the largest part of the market where many similar products + servives maj needs of customer similar
32
mention 2 adv of opetating in a Mass market
ecos of scale less risky--> business not dependant on upon smqaller segment sakles revenue higher
32
mention 2 disadv of operating in a niche market
high compitition ped capital usually high --> expensive machinery --> may not sell all
32
mention 2 adv of operating in a niche markrt
price skimming--> can set a premium price less competiton
33
mention 2 disadv of operating in a Mass market
- competiton high - difficult to diferentuiate btw diff products and swevices - PED - expensive machinery
34
what does consmuer marketing incluide
1) Conveince products purchased frequnelty--> bought on impulse + sold to larger market 2) Shopping products requires market research+ planning by the customer before buying not bought frequwently 3) SPECIALTY PRODUCTS bought infrequnwtly bec expensie+ have strong brand loyalty
35
what does industrial marketing include
1) CAPITAL ITEMS - machinery + vehicle + equipment 2) MATERIALS AND COMPONEMENTS - that are needed for production to take place 3) SERVICES AND SUPPLIES - business services and utilities
36
difference btw industrial and consumer marketing
- different prices - diff amrketing fro B2B AND B2C - diff packaging - diff types of segmentation - diff promotion
37
what does USP mean
unique seeling point - special feature of a product that difereites it from competitors product
38
what are the benifits of USP
- effective way to distance a product or service from competitive rivals - competitive ADV created - fall in PED - can charge high price due to exclusive design - differentiated --> high sales --> high market share - consumers attracted to EXSCLUVE SPECIAL DIFFERENT nature of product or service --> create brand loyalty + brand image
39
what is product differentiation
making a product distinctive so that it stands out from competitors' product in CONSUMER PERCEPTION
40
define the term competitive adv
once there is gap in the market--> firms convince customer to buy their products by doing this they will try to gain a competitive adv esp where products are similar + identical
41
what are product differeintiation benifits
- if marketing concerned with strengthening product position in eyes of the customer --> PD Can become v Imp + profitable activity - creates CA for sellers --> as customer views such products as Unique --> pulls customers away from competitor products - premium product--> allowing premium price to be charged -imp part of effective marketing strategy
42
mention the methods of gaining a competitive advantage
- good location - value for money - brand name - customer service - facilities - image
43
what is social marketing
this approach considers not only demand of conumers BUT ALSO effects on all members of public socoerty in some way
44
mention 3 benifits of increased market share
- increased scale of operation --> thus ecos of scale - increase in no of customers --> inc in sales - bsuiness becomes moe powerful in the market --> can dictate prices - retaliors eagar to stock that brand of goods --> prominnante sales position in retail outlets
45
what are the factors that rate of market growth depends on
- countrys rate of eco growth - change in comsumer income - change in consumer taste -- development of new markets + products --> leads to fall in sales of exisitng market and products - chang ein tech --> can boost market sales

BUSINESS (13 decks)

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