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AS BUSINESS > UNIT 3 - Marketing > Flashcards

UNIT 3 - Marketing Flashcards

1
Q

Chapter 16 - What is marketing?

Marketing

A

The management task that links the business to the customer by identifying and meeting the needs of customers profitability. Getting the right product at the right time at the right place at the right price

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2
Q

Chapter 16 - What is marketing?

Asset-led marketing

A

an approach to marketing that bases strategy on the firm’s existing strengths and assets instead of purely what the customer wants

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3
Q

Chapter 16 - What is marketing?

4 types of marketing

A
  • product orientation
  • market orientation
  • Asset-led marketing
  • societal marketing
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4
Q

Chapter 16 - What is marketing?

societal marketing

A

Considers not only the demands of consumers but also the effects on all members of society involved in some way when the firm meets these demands

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5
Q

Chapter 16 - What is marketing?

Equilibrium price

A

The market price that equates supply and demand for a product

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6
Q

Chapter 16 - What is marketing?

features of markets (5)

A
  • market size
  • market growth
  • market share
  • competitors
  • market location
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7
Q

Chapter 16 - What is marketing?

Market growth

A
  • percentage change in total size of a market over a period of time
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8
Q

Chapter 16 - What is marketing?

Product differentiation

A

making a product distinctive so that it stands out from competitor’s products in consumers perception.

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9
Q

Chapter 16 - What is marketing?

Consumer profile

A

a quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class

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10
Q

Chapter 16 - What is marketing?

3 different market segmentations

A
  • demographic
  • geographic
  • psychographic
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11
Q

Chapter 17 - Market research

market research

A

the process of collecting, recording and analysing data about conusmers, competitors and the market

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11
Q

Chapter 17 - Market research

market research

A

the process of collecting, recording and analysing data about conusmers, competitors and the market

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11
Q

Chapter 17 - Market research

market research

A

the process of collecting, recording and analysing data about conusmers, competitors and the market

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11
Q

Chapter 17 - Market research

market research

A

the process of collecting, recording and analysing data about conusmers, competitors and the market

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12
Q

Chapter 17 - Market research

market research

A

the process of collecting, recording and analysing data about conusmers, competitors and the market

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13
Q

Chapter 17 - Market research

Sources of primary research

A
  • focus groups
  • surveys
  • test marketing
  • observations
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14
Q

Chapter 17 - Market research

Sources of secondary research

A
  • government publications
  • libraries
  • internet
  • internal company records
  • market intelligence reports
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15
Q

Chapter 17 - Market research

Sample

A

a group of people selected to take part in market research to represent the wider population

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16
Q

Chapter 17 - Market research

random sampling

A

every member of the target population has equal chance of being selected

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17
Q

Chapter 17 - Market research

stratified sampling

A

specified sub-group + random sampling to select a number from each stratum

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18
Q

Chapter 17 - Market research

Quota sampling

A

Population has been stratified ad interviewer selects appropriate number from each stratum

19
Q

Chapter 17 - Market research

Systematic sampling

A

every nth item in the target population is selected

20
Q

Chapter 17 - Market research

Inter-quartile range

A

range of the middle 50% of the data

21
Q

Chapter 18 - Product & price

4p’s and 4c’s

A
  • product - customer solution
  • price - cost to customer
  • place - convenience to customer
  • promotion - communication with customer
22
Q

Chapter 18 - Product & price

Marketing mix

A

the 4 key decisions that must be taken in the effective marketing of a product

23
Q

Chapter 18 - Product & price

CRM

A

Customer relationship management:
Using marketing activites to establish successful customer relationships so that existing loyalty can be maintained

24
Q

Chapter 18 - Product & price

attributes of product

A
  • intangable (opinions)
  • tangible (comparison with measureable features)
25
Q

Chapter 18 - Product & price

Product

A

the end result of production that is made to satisfy a consumer’s need

26
Q

Chapter 18 - Product & price

Product positioning

A

the consumer perception of a product or service as comapred to its competitors

27
Q

Chapter 18 - Product & price

Product portfolio analysis

A

Analysing the range of existing products of a business to help allocate resources effectively between them

28
Q

Chapter 18 - Product & price

Product life cycle

A

the pattern of sales recorded by a product from lauch to withdrawl from the market and is one of the main forms of portfolio analysis

29
Q

Chapter 18 - Product & price

Consumer durable

A

manufactured product that can be reused and is expected to have a reasonably long life, such as a car

30
Q

Chapter 18 - Product & price

Price elasticity of demand

A

measures the responsivness of demand following a change in price

31
Q

Chapter 18 - Product & price

How do managers determine the appropriate price? (6)

A
  • whether its a new or existing product
  • competitors prices
  • competitive conditions in the market
  • costs of production
  • Objectives
  • PeD
32
Q

Chapter 18 - Product & price

Competition-based pricing methods

A
  • market skimming (setting high)
  • Market penetration (setting low)
33
Q

Chapter 18 - Product & price

Cost-based pricing methods

A
  • full cost pricing
  • mark-up pricing
  • target pricing
  • contribution-cost
34
Q

Chapter 18 - Product & price

Price reflects

A
  • value added
  • brand image
  • profitability
35
Q

Chapter 19 - Promotion and place

promotion

A

the use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations ro inform and persuade customers to buy

36
Q

Chapter 19 - Promotion and place

Promotion mix

A

The combination of promotional techniques a firm uses to sell a product

37
Q

Chapter 19 - Promotion and place

Above-the-line promotion

A

a form of promotion that is undertaken by a business by paying for communication with customers.
Eg. advertising

38
Q

Chapter 19 - Promotion and place

Below-the-line promotion

A

promotion that is not directly paid-for means of communication, but based on short-term incentives to purchase

39
Q

Chapter 19 - Promotion and place

Ways of below-the-line promotion (6)

A
  • sponsorship
  • merchandise
  • personal selling
  • direct mail
  • sales promotionpublic relations
  • branding
40
Q

Chapter 19 - Promotion and place

Ways of below-the-line promotion (6)

A
  • sponsorship
  • merchandise
  • personal selling
  • direct mail
  • sales promotionpublic relations
  • branding
41
Q

Chapter 19 - Promotion and place

Purposes of packaging (4)

A
  • protect
  • inform
  • support image
  • aid recognition
42
Q

Chapter 19 - Promotion and place

Channel of distribution

A

refers to the chain of intermediaries a product passes through from producer to final consumer

43
Q

Chapter 19 - Promotion and place

3 channels of distribution

A
  • direct selling
  • single-intermediary channel
  • two-intermediaries channel
44
Q

Chapter 19 - Promotion and place

Internet marketing

A

Referds to advertising and marketing activities that use the internet, email and mobile communications to encourage sales via e-commerce

45
Q

Chapter 19 - Promotion and place

E-commerce

A

the buying and selling of goods and services via an eletronic medium

46
Q

Chapter 19 - Promotion and place

Viral marketing

A

The use of social media sites or text messages to increase brand awareness or sell products

47
Q

Chapter 19 - Promotion and place

Intergrated marketing mix

A

The key marketing decisions complement each other and work together to give consumers a consistent message about the product

48
Q

Chapter 18 - Product & price

at what point does a product become elastic?

A

When it is more than 1

AS BUSINESS (6 decks)

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