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IB BUSINESS HL > Unit 4. Marketing > Flashcards

Unit 4. Marketing Flashcards

1
Q

What is the role of marketing?

A
  • Managemen process of predicting, identifying, and meeting the needs and wants of customers in a profitable way.
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2
Q

What is market orientation?

A
  • Making products that can sell by intensive market research to identify and supply products in demand.
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3
Q

Benefits of market orientation?

A
  • Grater responsability to respond to market changes
    . Lower risk as products will sel.
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4
Q

What are the disadvantages of market orientation?

A
  • Market research can be very expensive.
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5
Q

What is product orientation?

A
  • Selling products that can be produced effectively by the business and are high quality.
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6
Q

What are the benefits of product orientation?

A
  • Qaulity is assured
  • Firm control its operations
  • Low market reserach costs.
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7
Q

What are the disdavantages of product orientation?

A
  • Not all products are successful
  • Lees responsive to market change.
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8
Q

What is commercial marketing?

A
  • The use of marketing strategies too meet needs and wants of customers profitability.
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9
Q

what is social marketing?

A

Implementation and planning of programs designed to foster social welfare.

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10
Q

What are the market characteristics?

A
  1. Market size.
  2. Customer base.
  3. Barriers to entry.
  4. Competition.
  5. Market growth rate.
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11
Q

What is market share?

A
  • The percentage of all sales in a market by a business
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12
Q

What is the formula for market share?

A

Firm’s sales revenue / Industry’s sales revenue x 100

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13
Q

What does a business look for by improving market share?

A
  • Acquiring a higher proportion of industrie’s sales
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14
Q

What does a business look for by improving market leadership?

A
  • Enjoying benefits of having the largest market share.
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15
Q

For what reason do marketing strategies evolve in a business?

A
  • Changing consumer tates.
  • Shorter product life cycles.
  • Internet
  • Globalization
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16
Q

What are ethical problems related with marketing?

A
  • Pester power.
  • Cunfusion marketing.
  • Unsubstantionated claims.
  • Information disclosure
  • Bait adn switch.
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17
Q

What is pester power?

A

Using children to harrass their parents

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18
Q

What is confusion marketing?

A

giving excessive price information to swamp customers.

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19
Q

What is unsubstantiated marketing?

A
  • making unproven claims.
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20
Q

what are the elements of marketing planning?

A
  1. Key marketing objectives
  2. Key marketing strategies to achieve them.
  3. Marketing budget.
  4. Marketing mix outline
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21
Q

What is the role of marketing planning?

A

process of devsing marketing obejectives and appropiates marketing strategies to achieve these obejectives.

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22
Q

What are the 7 p’s (marketing mix) ?

A
  1. Product
  2. Price
  3. Promotion
  4. Place
  5. People
  6. Physical evidence
    7.Process
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23
Q

What are the factors that can limit the effectiveness of marketing objectives?

A
  1. Finance
  2. Costs of production
  3. Soacial issues
  4. Time logs
  5. Actions and reactions of competitors
  6. Political and legal enviroment.
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24
Q

What is market segment?

A

A distinct group opf customers with similar characteristics and similar needs and wants

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25
Q

What is target market?

A

Refers to each distinctive market segment having its own marketing mix.

  • Helps identify needs and wants of different customers.
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26
Q

What is niche marketing?

A
  • Targeting specific abd well-defined market segment.
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27
Q

What are the advanatges of niche marketing?

A
  • Better marketing focus
  • Less competition
  • Higher profit margins
  • Easier to gain customer loyalty.
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28
Q

What are the disadvantages of niche marketing?

A
  • Limits custome rbase
  • Few opportunities for EOS
  • Profitable niche markets attract comeptition.
  • Must do constant research.
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29
Q

What is Mass Marketing?

A

Undifferentiated marketing where individual markets segments are ignored.

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30
Q

What are the advantages of mass marketing?

A
  • Economies of scale
  • no need to modify merket strategies for different customer segments.
  • Larger customer base, higher profits.
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31
Q

What are the disadvantages of mass marketing?

A
  • Fierce competition
  • High barriers to entry.
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32
Q

What is a product postion map?

A

Tool that reveals the customer’s peroception of a product in relation to others in the market.

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33
Q

What are premium products?

A

High quality and high price

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34
Q

Whata are Economy products

A

Low quality and low price

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35
Q

What are bargain products?

A

High quality with low prices (no sustainable)

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36
Q

What are cowboy products?

A

Poor quality and high price

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37
Q

What are the two marketing positioning methods?

A
  • Cost leadership: excel as low-cost suppliers.
  • Differentiation: distinct products produced for competitive edge.
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38
Q

What is unique selling point?

A

Any aspect of a business’s product that makes it stand out from its competitors.

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39
Q

What is differentiation?

A
  • Act of distinguising a business and its products from rivals in the industry.
  • Making a prodcut stand out.
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40
Q

What is market research?

A

Refers to marketing activities that are designed to discover the opinions and preferences of potential and existing customers.

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41
Q

Why business use market resarch?

A
  • Reduces risks with new product launches.
  • Predicts future demand changes.
  • Gives business up to date information on new products and trends.
  • Assits in improving the marketing strategy by developing the marketing mix
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42
Q

How to market resarch?

A
  1. Indentify consumer needs and tastes.
  2. For product ideas
  3. Pre testing
  4. Launch product and monitor sales
43
Q

What are the methods of primary market research?

A
  1. Sureys.
  2. Interviews.
  3. Focus groups.
  4. Observations
44
Q

What are the advantages of primary market research?

A
  • Relevance, directly answer questions
  • Up to date
  • Confidential
  • Unique
45
Q

What are the disadvantages of Market research?

A
  • Time consuming
  • Costly
  • Bias
  • Not useful for long time.
46
Q

What are the secondary market research methods?

A
  • Market analyisis
  • Academic journals
  • Government publications
  • Media articles.
47
Q

what are the advantages of secondary market research methods?

A
  • Cheaper and faster to collect
  • Huge range of information
  • Often based on large sample sizes
48
Q

What are the disadvanatges of secondary market research?

A
  • Oudated
  • Partial information
  • Widely available for competitors.
49
Q

What is Qualitative research?

A

Refers to non-numerical answers and opinions from respondents and usually is part of primary research

50
Q

What is Qualitative research?

A

Refers to factual and measurable information.

51
Q

What are the 5 D’s of unethical marketing?

A

Damage: harmful questions
Deceitful: plagiarism
Deceptive: Misleading methods
Disclosure: invasion of privacy
Detachment: misleading questions

52
Q

What is sampling?

A

Practice of selecting a small group of population for primary resarch purposes.

53
Q

What is Quota sampling?

A
  • Certain number of people selected from different market segments.
54
Q

What is random sampling?

A

Giving evryone equal selection opportunity by randomly selecting them.

55
Q

What is stratified sampling?

A

Involves segmentation with respondents based on proportion of the population.

56
Q

What is Cluster sampling?

A

Select several geographical areas and randomly intervoew people in these cluster.

57
Q

What is snowballing?

A

Research carried out with indiciduals who then suggest other firends and family therefore increasing sampe size.

58
Q

What si convenience sampling?

A

respondents are selected according to their proximity and accessibility.

59
Q

What is a product?

A

good or service that satisfy the needs and wants of customers.

60
Q

What are the types of products?

A
  • Fast moving consuming goods
  • consumer perishable
  • Consumer durables.
61
Q

What is the product life cycle?

A

Refers to the different stages if a products life span in term of sales and growth.

62
Q

What are the stages of the product life cycle?

A
  1. R&D
  2. Launch
  3. Maturity
  4. Decline
63
Q

What are the extension strategies for the product life cycle?

A
  1. Price reduction
  2. Redesign
  3. Repackaging
  4. Brand extemsion
  5. Product differentiation.
64
Q

What is the Boston Matrix

A

Marketing tool that helps managers plan for a balanced product portfolio.

65
Q

What are question mark products?

A
  • High market gorwth, low market share.
  • Cash absortion products
  • Cna become a star or a dog
66
Q

What is a star product?

A
  • High market growth, high market share
  • Generates profit but needs marketing
  • Can turn into cash cow or question mark
67
Q

What is a cash cow product?

A
  • Low market growt, high market share.
  • Mature products
  • Good cash flow and profits
  • Little investment or extension strategies.
  • Main source of finance.
  • Can become a dog
68
Q

What is a dog product?

A
  • Low market growth, low market share
  • Little revenues.
69
Q

What si branding?

A
  • Form of differentiating a product form his competitors.
70
Q

What is a brand?

A

Name, symbol, or sign that represent a business.

71
Q

What is the importance of branding?

A
  • Legal instrument.
  • gives the product better chance of survival.
  • recognition
  • Loyalty
  • Distributiin adavantages.
72
Q

What is the importance of packaging?

A
  • Product differentiation
  • Protects the product
  • Helps promote brand and image
  • Labelling provides information
73
Q

What is the definition of price?

A
  • Amount payed by customers for a good service
74
Q

What are the pricning methods?

A
  • Cost-plus pricing
  • Penetration pricing
  • Price skimimming
  • Psycological pricing
  • Loss- leader pricing
  • Price discirimnation
  • Price leadership
  • Preadtory pricing
75
Q

What is cost-plus pricing?

A
  • Ading a percentage of predetermined mark-up to the average cost and using it as a selling price.
76
Q

What is penetration pricing?

A

Setting low price initially to entire customers. Once the brand recognintion and market share increases, price is increased.

77
Q

What is price skimming?

A

Initial launch price is high to recoup R&D costs.
Since no subtitues, can set high price and make profit, after competitors start coming it can lower the price.

78
Q

What is psycological pricing?

A

Involves reducing number down to make seem the price lower.

79
Q

What is loss leader pricing?

A

Selling below average costs. It attracts customers to buy other products of the business.

80
Q

What is price discrimantion pricing?

A

When product is sold st different prices to different customers.

81
Q

What is price leadership?

A

Firm sets the price for a dominat product snd competitors follow the same price.

82
Q

What is Perdatory pricing?

A

Temporarily reducing price to force rivals out of the industry.

83
Q

What is promotion?

A

Methods of communicating in the market to sell a firm’s products.

84
Q

What is AIDA?

A

Atenttion
Interest
Desire
Action

85
Q

What are the types of promotion?

A
  • Above the line
  • Below the line
  • Promotional mix
86
Q

What is above the line (ATL)?

A
  • Any form of paid promorion through independent mass-media resources
87
Q

What is below the line (BTL)?

A

Any form of non-mass media promotional activities website, where the business has direct control.
No extended media agencies.

88
Q

What is promotiona mix?

A
  • Consists of Both ATL & BTL
89
Q

What is the impact of viral marketing?

A

Electronic spreading and transfer of promotional messages.

90
Q

What is the impact of social media marketing?

A

refers to the practice of gaining internet traffic thorugh social media sites.
- encourage people to share the adverts.

91
Q

What is social networking marketing?

A
  • Any platform used for communicating and sharing instagram and Facebook.
92
Q

What is Guerilla marketing?

A

The use of unconventionl and creative methods of promotion that communicate a product’s benefits.

  • For low bufget businesses.
93
Q

What is place?

A

How a product reaches the customer from the manufacturer.
- Is about getting the right product to the right place.

94
Q

What are teh channels of distribution?

A
  • The means used to get a product to the consumer.
95
Q

What is e-commerce?

A
  • The trading of goods and services via the internet and computer networks.
96
Q

What are the features of e-commerce?

A
  • Operates 24 hours a day.
  • Growth in mobile devices gives opportunity for online trading
  • global reach
  • Easy access to information.
  • Customer reviews.
  • Reduced barrierrs to entry for business
97
Q

What are the types of e-commerce?

A
  • Business to business
  • Business to consumer
  • Consumer to consumer
98
Q

What is business to business?

A
  • E-commerce catered for needs of other businesses.
99
Q

What is business to consumer?

A
  • E-commerce directly centered to end-user.
100
Q

What is consumer to consumer?

A
  • E-commerce that enables customers to trade with eachother.
101
Q

What are the benfits of e-commerce to businesses?

A
  • Inexpensive
  • Source of revenue
  • Annother channel of distribution.
  • Reduced packaging costs.
  • Lower overhead costs.
102
Q

What are the disadvanatges of e-commerce to businesses?

A
  • Consumer’s can interact with product
  • Product return can ruin reputation.
  • Shipping charges and tax can turn consumers away
103
Q

What are the advanages of e-commer for consumers?

A
  • Convenient
  • Prices are lower
  • Opportunity to re-sell
104
Q

What are the disadvanatges of e-commerce for consumers?

A

IB BUSINESS HL (6 decks)

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