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Unit 3 Flashcards

1
Q

sales value (not on it)

A

level of sales in given period in terms of amount spent

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2
Q

sales volume (not on it)

A

level of sales in given period in terms of units sold

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3
Q

market share (not on it)

A

the sales of one brand as % of total market sales in a given period.
sales of product/total market sales x 100

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4
Q

sales growth (not on it)

A

% change in sales volume or value over given period

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5
Q

market growth (not on it)

A

% change in total sales in market over given period

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6
Q

internal influences on marketing objectives + decisions

not on it

A
  • overall strategy
  • ambition of managers
  • existing position of business
  • amount business can produce
  • finance
  • employees
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7
Q

external influences on marketing objectives + decisions

not on it

A
  • political
  • human resources
  • social
  • technological
  • competitive
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8
Q

globalisation (not on it)

A

increasing trade between countries + growing internalisation of business

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9
Q

marketing research (not on it)

A

involves gathering + analysing data relevant to the marketing process

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10
Q

competitiveness (not on it)

A

measures the extent to which a business offers good value for money relative to competitors

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11
Q

primary market research (not on it)

A

collects + analyses data for first time to use for marketing purpose.
eg interview customers, send out questionnaire

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12
Q

secondary market research (not on it)

A

collects + analyses data that already exists for marketing purpose.
eg annual reports

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13
Q

sample (not on it)

A

group of people or items selected to represent target population

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14
Q

target population (not on it)

A

items or people that are relevant to market research being under taken

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15
Q

the value of sampling (not on it)

A

+ saves money as does not have to include the whole population
+ quicker than trying to talk to all of pop.

  • risk of relying on sample which may be incorrect
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16
Q

market mapping (not on it)

A

analyses market conditions to identify one position of one product or brand relative to others in the market in terms of given criteria

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17
Q

correlation (not on it)

A

occurs when there is apparent relationship between one factor + another

perfect negative -1
no correlation 0
perfect positive +1

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18
Q

extrapolation (not on it)

A

tracking what has happened in the past to forecast what will happen in the future

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19
Q

confidence levels (not on it)

A

the probability that the research findings are correct

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20
Q

confidence interval (not on it)

A

possible range of outcomes for a given confidence level

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21
Q

PED = (not on it)

A

% change in quantity demanded / % change in price

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22
Q

size of price elasticity (not on it)

A

shows how responsive it is to price changes , bigger no. more quantity demanded changed

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23
Q

price elastic (not on it)

A

more than 1 -> change in demand is more than change in price

price increase: bigger % decrease in quantity demanded, revenue falls
price decrease: bigger % increase in quantity demanded, revenue rises

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24
Q

price inelastic (not on it)

A

less than 1 -> change in demand is less than change in price

price increase: smaller % decrease in quantity demanded, revenue rises
price decrease: smaller % increase in quantity demanded, revenue falls

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25
brand (not on it)
a 'promise of an experience' + conveys to consumers a certain assurance as to the nature of a product or service they will receive
26
patent (not on it)
protects new inventions + covers how things work etc
27
influences of PED (not on it)
- what alternatives there are -> is there are substitutes likely to be price elastic - patents or trade marks -> price inelastic - time period -> ST less changes on demand - habit -> price inelastic
28
YED = (not on it)
% change in quantity demanded/ % change in consumer income
29
luxuries income elasticity (not on it)
more than 1 | as incomes grow, proportionally more is spent on these products
30
necessities income elasticity (not on it)
less than 1 but greater than 0 | as incomes grow proportionally less is spent on necessities
31
segmentation (not on it)
identifying different groups of similar needs + identifying new customers, market + products - ignore the needs of potential customers
32
how can groups be segmented? (not on it)
demographic -> age, gender geographic -> tastes around the world, types of housing etc income -> A (professionals), B, C1, C2, D, E (casual labour) behavioural -> when they buy, how much they buy, brand loyalty
33
value of segmentation (not on it)
- identify what different groups want - helps to better design marketing mix - helps them to build a strong brand identify
34
market segments (not on it)
groups of similar needs + wants within a market
35
targeting (not on it)
when a business decides what segment it wants to operate in
36
a business will target a segment if.. (not on it)
- it has sufficient demand + potential profit to justify investment - ability to be competitive + gain sales
37
niche marketing (not on it)
if a business decides it wants to focus on a specific segment, concentrated marketing
38
mass market (not on it)
aims to provide products that meet some of the needs of a large proportion of the market + larger volumes to fulfil orders + promotional techniques to reach more customers - potentially more competition
39
positioning (not on it)
identifies the benefit + price combination of a product relative to competitors
40
factors influencing companies position relative to competitors
- price -benefit it offers - brand image level of service it provides
41
marketing mix
``` combination of marketing choices that can be used by a business to influence consumers to buy products price people physical environment place product promotion process ```
42
promotional mix
``` branding sponsorship sales promotion PR advertising direct mail direct marketing ```
43
consumer products
good bought for consumption by the general public convenience items - inexpensive, bought regularly shoppings good - less regular, more expensive eg clothes, computers speciality goods - unique designer
44
industrial products
goods bought for use in business processes
45
product life cycle
shows the sales of a product over its life, usually involves stages eg introduction, growth, maturity + decline R+D - costs high, high failure rate Intro - promotes heavily to boost sales but need to make sure have enough resources for demand growth - sales grow fast maturity - sales reach peak, at saturation sales may begin to drop depending on product decline - doesn't appeal to customers anymore, sales may be picked up if other competitors leave first
46
product portfolio analysis
examines the market position of all of the products of a business
47
what are the extension strategies?
``` find new uses increase usage find new market segments promote more effectively modify the product ```
48
boston matrix
analyses all of a firm's products in term of their market share + growth of the market ``` stars (high growth high share) -> profitable growth phase, most potential Question marks (high G low S) -> all new products, could succeed or could fail cash cow (low G high S) -> maturing phase, been produced in high volumes so cost = low dogs (low G low S) ```
49
factors that influence pricing
- costs - stages of life cycle - PED - positioning - competitiveness of market
50
penetration pricing
charges low prices to attract customers + gain market share, most suitable when demand is price elastic customers may expect low prices to continue
51
price skimming
occurs if relatively high price is charged when a product is launched eg new iPhone (innovative) appropriate when demand is price inelastic prices are then dropped as other competitors enter the market
52
what influences promotional decisions? TPMT
- target audience - promotional budget - message - technology
53
if a brand is strong may mean..
- demand is more price inelastic - customers may tell others - may be difficult for other brands to enter market - can achieve premium pricing - customers may remain loyal as they have confidence in its quality
54
multichannel distribution
customers can buy the product serval ways eg in store, online -> offers flexibility to customers, may lead to added costs but allows business to target wider market
55
e-commerce
buying + selling of products through an electronic medium
56
value of e commerce + Digital marketing
- gather more info about customers + process more quickly + efficiently - build relationships w customers more effectively being able to track what they buy - target very specific segments, can set up online very cheaply - target global market 24/7
57
factors that influence marketing mix MCTPLT
- market research accuracy - competitors - target market segment - positioning - location - type of product
58
B2B
- based on relationship with business buyers - often small + focused market - more complex + longer buying process - more specialised buyers eg L'oreal to hairdresser
59
what challenges do B2B businesses face?
- finding businesses to buy their products | - fewer sales (but likely to have higher profits)
60
how do B2B businesses market?
direct marketing campaigns personal selling trade magazines trade exhibitions eg
61
B2B and the marketing mix
Price depends on competitiveness of the market, but some profit may be sacrificed to build relationship to guarantee repeat purchases Promotion = less persuasive + more informative Place = trade shows
62
Short distribution channels
- industrial products - few customers - expensive, complex goods - infrequent sales - bulky products
63
Long distribution channels
- consumer products - many customers - inexpensive, Simple goods - standard products - frequent sales
64
Positives of using wholesaler
More market coverage as can deliver products from several manufactures in a single delivery
65
Positives of selling directly to the customer
More profitable as less intermediaries to give a slice of the profit to Can sell at lower price then retailers who have a long distribution channels More control over product
66
Value of niche marketing (not on it)
+ not likely to be challenged by the bigger businesses + possible to build intense customer loyalty -> easier to design marketing mix, when you know specific characteristics - not big so may be vulnerable to losing customers - can’t take advantage of economies of scale
67
What should firms aim for, shown by the Boston matrix
Firms should have a balanced portfolio, some products in each category
68
inferior good (not on it)
yed < 0 (negative) | incomes rise, demands fall eg Tesco branded food

Business (14 decks)

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