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Business > Unit 4 G11 > Flashcards

Unit 4 G11 Flashcards

1
Q

Quantitative VS Qualitative Data

A

Collecting measurable data
Collecting non-numerical data (non-measurable)

Hard data
Soft data

Objective
Subjective

Easy to measure but requires a large sample
Doesn’t require a large sample but hard to analyze

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2
Q

Market Size

A

The total amount of sales of an industry

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3
Q

Interview Pros and Cons

A

In-depth data and flexible

Time-consuming, hard to get a large sample

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4
Q

Differentiation

A

The process of using the USP to make the company or product stand out from its competitors

It’s cost-effective, but doesn’t guarantee sales

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5
Q

Three Segmentations

A

Demographic

Geographic

Psychographic

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6
Q

Pros and Cons of Marketing Plan

A

Reduces risks and fosters interdependence and motivates

Doesn’t guarantee success and time-consuming

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7
Q

Market Growth

A

Percentage of positive change in market size

(Market size now - Market size before)/Market Size Before * 100

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8
Q

Product Orientation

A

Relies on innovating something new

Inward-looking

Success will lead to almost no competition, but if it fails it was a waste of time and money

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9
Q

Marketing Plan

A

A document that records marketing objectives and strategies

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10
Q

Segmentation, Targeting and Positioning

A

Segmentation is dividing potential customers into groups with similar characteristics

Targeting is the process of selecting the relevant market segments

Positioning is presenting the product in a way to create the desired customer perception (Product Perception Map)

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11
Q

Market Orientation

A

Relies on market research and identifying people’s needs and wants

Outward-looking

Quick response to needs and wants, but expensive and time-consuming

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12
Q

Primary Research

A

Gathering first-hand (new) data

Advantages: Up-to-date, unique and confidential, advantage over rivals

Disadvantages: Time-consuming, requires qualified people, and prone to bias

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13
Q

Market Analysis Pros and Cons

A

Professional and trustworthy and readily available and well-presented

Expensive

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14
Q

Niche VS Mass Market

A

Very specifically and narrowly defined group of customer, targeted

Very unspecific and broadly defined group of customer, untargeted

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15
Q

Systematic and Ad-hoc

A

Systematic: Continuous and regular
Ad-hoc: When necessary and irregular

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16
Q

Consumer Profile

A

A description of an ideal customer

17
Q

Online Content Pros and Cons

A

Easy to access and free

Most unreliable and biased

18
Q

Three Targets

A

Undifferentiated

Differentiated

Concentrated

19
Q

Media Article Pros and Cons

A

Easy to access and reflects current trends

Biased

20
Q

Purpose of Market Research

A

Provides up to date data

Helpful for setting GOST

Reduces risk

21
Q

Pros and Cons of High Market Share

A

Market power, brand recognition, market leader

Forced to meet expectations, high market share doesn’t mean being profitable

22
Q

Secondary Research

A

Gathering second-hand data

Advantages: Quickly accessed

Disadvantages: Available to everyone, might not fit organization’s needs

23
Q

Market Research

A

Gathering and analyzing information about the market and customers’ needs in order to develop a market strategy

24
Q

Observation Pros and Cons

A

Convenient way to identify behavioural patterns and verify marketing strategies

Reasons for behaviour are not explained

25
Q

Marketing Cycle

A

A series of reflective actions an organization goes through to maintain the reflective nature of marketing

26
Q

Academic Journal Pros and Cons

A

Peer-reviewed and reliable

Theoretical

27
Q

Government Publication Pros and Cons

A

Reliable and up-to-date

Some data is secret and not business focused

28
Q

Survey Pros and Cons

A

Easy to analyse and complete, good response rate

Needs large sample, respondents usually fill in randomly

29
Q

Focus Group Pros and Cons

A

Less guidance and less bias

Small sample size, observer interference

30
Q

USP

A

A special feature a product or organization has that makes it stand out from its competition

It’s cost-effective, but doesn’t guarantee sales

31
Q

Market Share

A

The percentage a specific company has in terms of market size (how much the company takes up of the market size)

Sales of company / Market Size * 100

Business (4 decks)

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