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Business GCSE > Unit 3- Marketing > Flashcards

Unit 3- Marketing Flashcards

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1
Q

Role of marketing department

A
  • Identify and satisfy customer needs
  • Loyalty (building customer relationships)
  • Gain information abotuu customers
  • Anticipate changes: find gaps in market and fill them
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2
Q

What happenns if Marketing department is successful?

A
  • Increase of market share, sales revenue, profitability
  • Raise customer awareness
  • Improve busienss image
  • Target/enter new markets
  • Develop new products
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3
Q

Why may customer ineterests change?

A
  • Taste/fashion changes
  • Change in automation
  • Change in incomes; more disposable
  • Ageing population: e.g: ageing cream in woman,
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4
Q

Why do markets become more competitive

A
  • Globalization is easy
  • Transportation improvements allow your product to easily be shared
  • Internet allows you to get anything, anywhere
  • Internet also allows gain on customer info(marketing department can use this)
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5
Q

How to improve poor publicity/ maintain good image?

A
  • Improve customer relations
  • Improve existing products: adds to diffrentiation
  • New products: increase in market share
  • Keep costs low
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6
Q

Defien a market

A

Has a good or service, includes total consumers(including potential ones) and can be measured by value/output of sales.
Two types: Mass market or niche market

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7
Q

Define a Mass market

A
  • Product with large sales
  • Designed to appeal to whole market
  • Hence; advertisement is expensive
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8
Q

Advantages of a Mass market

A
  • Large sales
  • Benefits economies of scale
  • Risks are spread as if one product suffers(e.g: a type of gummy flavour) other can be more popular
  • Oppurtunities for growth
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9
Q

Disadvantages of Mass market

A
  • Advertisement is expensive
  • Alot of competition
  • Standardized products cannot meet everyones needs
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10
Q

Defien a niche market

A

Smaller segment of a larger market, inelastic prices.

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11
Q

Advantages of niche market

A
  • Small firms sell to them, avoiding competition with larger firms.
  • Specific needs met
  • less competition with small firms.
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12
Q

Disadvantages of niche markets

A
  • Limited sales
  • only specialize in one product/area
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13
Q

Defien a market segment

A
  • Made by marketing department
  • They investigate it in great detail
  • Groups of potential customers that share similar characteristics but are reached out to in different ways.
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14
Q

Potential benefits of a Market segment being made to a business

A
  • Can identify gaps in market
  • can fill gaps in market/offers oppurtunities
  • Be cost effective
  • Enjoy high sales and money because of being cost effective
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15
Q

List a few ways of segmenting a market

A
  • Socio economic
  • Age
  • gender
  • Lifestyle
  • use of product
  • Region
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16
Q

Market segments and advertisements

A

Market segments alow to see the best way to adverstise the product, where, and when.

e.g: to teenagers, on TV, in the evenign when a famous program starts.

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17
Q

defien product-oriented?

A

Product is developed and then seen which market/outlet it is to be sold to, usually fo basic needs and agriculture.

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18
Q

Defien market-oriented

A

Most likely has a budget so it cannot risk developing a product with no strategy,so it has to research.

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19
Q

benefits of market oriented brands

A

Less risks and more prepared to meet future customer needs and if customer needs change. THey can launch confidently

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20
Q

Why is market research needed?

A

SO the company does not loose money in developing/promoting a product no one wants, with market research it effectively avoids bankrupcy

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21
Q

If a business has conducted good market research it can…

A

remain competitive internationally

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22
Q

2 types of information

A
  • Quantitive: “how many shoes were sold this month”
  • Qualitive: answers opinions/questions “What do customers like about this specific product?”
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23
Q

Process fo primary research

A
  1. What is the purpose
  2. decide what method
  3. size of sample+who will be asked
  4. Carry it out
  5. COllate+analyze data
  6. Produce a report with a summary and conclusion with recommendations drawn from conclusion
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24
Q

Defien primary research

A

First hand field research, is planned. Has a purpose to answer a question. Method depends on way type of product/service

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25
Q

4 methods of primary research

A
  • questionnaires
  • interviews
  • focus groups
  • observations
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26
Q

Advantages of questionnaires

A
  • Qualitive information
  • Customer opinions are clear
  • Cheap and easy
  • Can be linked to a raffel draw hence attracting sample group
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27
Q

Disadvantages of questionnaires

A
  • Time and money consuming
  • Can lead to dishonest answers if questions are unclear/confusing/misleading.
  • Collating also takes time.
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28
Q

Advantages of interviews

A
  • Interviewer can explain question, earning a clear response
  • Customer cans tate likes and dislikes
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29
Q

Disadvantage of interviews

A
  • Interviewee may bias interviewer and answer dishonestly
  • Time and money consuming
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30
Q

Difference between random and quota sample

A

a Random gives everyone a fair chance of being picked but everyone picked may not be interested, a quota sample may look for specific age, gender, or income.

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31
Q

advantage of focus groups

A

Can observe and attain detailed information

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32
Q

disadvantage of focus group

A

People may bias people in their panel and lie.

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33
Q

Advantages of observation

A
  • Inexpensive
  • exact and precise numbers counted
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34
Q

Disadvantage of observation

A
  • Basic figures
  • No detailed responses
  • No reasons given in ‘response’ cannot know how to improve.
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35
Q

3 methods of observation

A
  • audits: counting how much stock sold
  • Watching: counting cars passing by
  • Recording: putting a metre ina TV, people’s behaviour during a service.
36
Q

Defien target market

A

The aimed customers

37
Q

Defien market research

A

Process fo gathering and collating the data about cutomers, competitors for the target market.

38
Q

Examples of internal desk information

A
  • Sales research, price data and research reports
  • Finance department
  • Opinions of personnel in document
  • Customer service department
  • Annual reports and accounts
39
Q

Examples of external desk info

A
  • Government statistics; age of population
  • Newspapers: forecasts trends of finance, field research cannot do this
  • internet
  • Market research agencies.
40
Q

Advantages of desk research

A
  • Quick
  • easy
  • affordable
  • Large range can be covered e.g newspapers and governemtn
41
Q

Disadvantages of secondary research

A
  • May not be up-to date
  • Not reliable
  • biased
  • DOes not represent the information properly(graph etc.)
42
Q

Accuracy of research depends on…

A
  • Age of research
  • bias
  • Size of sample
  • Well phrased/unbiased leading questions
  • Sample selected
  • How accurately information was collated
  • Who did the research
43
Q

For a questionnaire(designing)….

A
  • where will i carry it out
  • which group will i sample
  • WHat do i want to find out
44
Q

Making the questionnaire…

A
  • No more than 12
  • Short and clear
  • age group options(to find age)
  • Logical order
  • no leadign questions
  • no open ended
45
Q

Carrying out the questionnaire

A
  • make a grid
  • How many people will i ask?
  • What time of day?
  • Where will you carry it out
  • Will the last 2 effectt he answers?
46
Q

Ways of presenting data

A
  • Line graph
  • Tally chart
  • Bar chart
  • Chart(pie)
  • diagram
47
Q

Why may presenting data be important?

A
  • Clarify significant
  • Raw data must be converted so clear.
48
Q

Defien Marketing mix

A

all the factrs to market and sell a product

49
Q

4 P’s

A
  • promotion; discounts etc.
  • pricing; should try to cover costs
  • product; needs to be successful
  • place; channel of distrubution
50
Q

factors going into brand image

A
  • brand name
  • quality
  • loyalty
  • price
51
Q

what must the packaging of a product do?

A
  • make it easy to use
  • secure and proctect product
  • easy to transfer
  • informative
  • promotional(eye catching) and colourful
52
Q

Types of products

A
  • Consumer goods: give leisure(furniture, food)
  • Consumer services: help customer( salons)
  • Producer goods:(for their outlet)
  • Producer services: like maintainence, technicians, etc. for a factory
53
Q

factors of a successful product

A
  • satisfies wants and needs
  • makes wants and needs
  • desing; quality and price
  • Usp
  • price
54
Q

most important P

A

the product itself-making the product successful allows for the other P’s to happen as well as market segment, research, etc. before placing, pricing, and promoting product

55
Q

Marketing process

A
  1. make ideas
  2. shallow ideas
  3. Marketing dept. researches idea
  4. prototype
  5. sample
  6. launch
56
Q

benefits of making new products

A
  • USp
  • diversity
  • can enter new market
  • can enter existing markets
57
Q

drawbacks of more product

A
  • can fail to meet needs and wants
  • can not sell at all
  • company image is tainted
  • material waste
  • costs time and reseach
58
Q

Outline product life cycle

A
  1. Development- research
  2. Introduction- promotional pricing, few sales
  3. Growth- rapid sales
  4. Maturity- competitors, competitive pricing, most sales
  5. Saturation- no new competitors, no growth nor decline
  6. Decline- may promo price to get rid of stock; out of business
59
Q

Main factors of product lfie cycle

A

price(3 and 6) and promotio(stage 2)

60
Q

Methods to extend lifcyle of product

A
  1. more outlets
  2. improve product
  3. variation-childrens ver
  4. new countries
  5. better packaging
  6. new advert campaign

usually stages maturity and saturation

61
Q

reasons price can change

A
  • needs more MS
  • New market
  • cover costs
  • mroe proift(however they may overlook this and price according to consumer perception
62
Q

Influences of price

A
  • supply
  • demand
  • producer
  • outler
  • customer
63
Q

Types of pricing

A
  • psychological: pricing to alter customer perception of product
  • skimming: high price as only one in market, attract customers, slowly lower
  • promotional: lowest price possible-also rid of demand
  • dynamic: high demand=high price
  • cost-plus:[total cost/output + %markup]
  • competitive: matching competitor
  • penetration: new markets
64
Q

factors of cost-plus pricing

A
  • easy to apply
  • BUT maybe higher than competitors
65
Q

Factors fo competitiv

A
  • research requires time and money
  • BUT allows to not over or under price
66
Q

Factors of psychological

A
  • money= status
  • can charge .99
  • supermarkets to make you thin better value
  • Brands
  • little revenue lost
  • BUT competitiors may do the same
67
Q

Factors of penetration

A
  • less profit
  • BUT allows more sales and enter of new market
68
Q

factors of skimming

A
  • high quality perception
  • BUT may loose sales
69
Q

factors of promotional

A
  • get rid of stock
  • spikes interest
  • BUT little profit
70
Q

FActors of dynamic

A
  • more sales+profits
  • all seats/produce sold
  • BUT costs time and money to research
  • causes customer to browse best price
71
Q

Define price elastic demand

A

demand depends on price, as price increases the demand decreases

vice verse for prince inelastic demand, demand does not decrease as much when price increases.

72
Q

Aims of promotion

A
  • Inc sales
  • introduce products
  • create+improve brand image
  • issues by gov
  • COmpetitors
73
Q

informative vs persuasiv

A
  • informative for laptop want know ram etc
  • persuasive= aftershave want to look attractive
74
Q

Cycle of promo

A
  • Objectives
  • budget
  • target market
  • media to be used
  • watch it burn
75
Q

Need of cost effectiveness in promotion

A
  • small businesses dotn have too much
  • need to be effective with not too little budget
  • needs to be effective
  • compare to predicted sales
76
Q

ads of sales promo(short term)

A
  • inc sales in time of year
  • new consumers to old product
  • old customers to new product
  • old customers to buy in bulk
  • new customers to sway away from competitors
77
Q

what do sales promo/promo in gen dep on?

A
  • product life cycle: the stage its in
  • the nature of target market: eg local vs nation vs international
  • nature of product: alchohol promo in saudia? nu uh
  • nature of location: if most pop illeterate newspaper is useless
78
Q

internet and how its useful in 4 p’s

A
  • Promo: can do online in pop ups
  • Product: new features to phone etc
  • Price: can do dynamic as research well done
  • place:
79
Q

Advantages of product to consuer directly

A
  • by mail catalogue via internet
  • suits some products
  • cuts out price
  • simple
80
Q

Dis of product to consumer

A
  • common
  • may not suit product
  • impracticle if far away
  • expensive sometimes
81
Q

ad of prod to retailer to consumer

A
  • large amt to retailer sold
  • less cost of distrubution
82
Q

dis of prod to retail to cons

A

no direct contact with consumer

83
Q

ad of prod to wholes to retail to cons

A
  • wholes can advise abt sales
  • can ship so less cost
  • buy no pay later for cons in retail
  • storage fore retail
  • small QUANTITIES compared to rpev route, so less helf life helped
84
Q

dis of prod to whole to retail to cons

A
  • maybe long way
  • maybe spoilt by time arrive
  • may be more expensive
  • not in large stock or range
85
Q

ad of prod to agent to wholes to retail to cons

A
  • agent has better knowledge of local
  • if business is lost
86
Q

dis of prod to agent to wholes to retail to cons

A

less control of sales

Business GCSE (5 decks)

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