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Business AQA GCSE > Unit 5: Marketing > Flashcards

Unit 5: Marketing Flashcards

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1
Q

What is Marketing Mix?

A

The Elements that must be considered for good marketing

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2
Q

What are the Four Ps in Marketing Mix?

A

1) Product: Producing products that fulfil customers needs/wants

2) Price: Reasonable price for product

3) Promotion: attract more customers

4) Place: The area which the product is sold needs to be near target customers

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3
Q

What is Market Research?

A

Identifying the size of a market, its competitors and finding out what customers want/need

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4
Q

What is Segmentation?

A

Dividing people within a market into different groups [Age, Income, Location and Gender]

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5
Q

Why is Market Research Beneficial for a Business?

A
  • They can make calculated Business Plans
  • Identifying and Satisfying the Customers needs will allow a business to; Increase sales, Beat Competition etc…
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6
Q

What is Primary Research?

Describe an Advantage and a Disadvantage.

A

Gathering new data [interviews, postal questionnaires etc…]
(+) Up-To-Date, relevant and specific
(-) Expensive and Time-Consuming

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7
Q

What is Secondary Research?

Describe an Advantage and a Disadvantage.

A

Using Research that has been conducted [internet, news etc…]
(+) Cheap and easily accessible
(-) Possibly out of date and not specific about you products

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8
Q

What is Quantitative data ?

A

Numerical Data [Statistics etc…]

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9
Q

What is Qualitative data ?

A

Subjective Data

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10
Q

What is a Products Life Cycle?

  • Look at Product Life Cycle *
A

1) Research and Development of Product
2) Introducing Product to the Market
3) Growth [Product begins to establish itself]
4) Maturity [Peak of product; most profit]
5) Decline [market favours ‘new’ things and sales drop]

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11
Q

What is ‘Extension Strategy’?

A

When a Business attempts to drag out the life of a product

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12
Q

What are some Extension Strategies?

A
  • Adding Different Features
  • Targeting new markets [Eg; new country , age group etc…]
  • Lowering Price
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13
Q

What is Product Portifolio?

A

The products a Firm sells

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14
Q

What is the Boston Matrix?

  • Look at a Boston Matrix Box*
A

A way for a Firm to analyse its product portfolio [the Market Share of each product is considered, as well as its growth.]

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15
Q

What does Broad Product Portfolio mean?

A

To Sell a range of Different Products in your business

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16
Q

What is Diversification?

A

Designing and producing more products

17
Q

What are the Benefits of Developing New Products?

A
  • Businesses are less reliant on the maturity of one product
  • Increase Revenue
  • New opportunities to expand and grow the business
18
Q

What are the Risks of Developing New Products?

A
  • Costly; investing into research and development is expensive
  • Time-Consuming
  • Wasting recourses; if customers happen not to be interested
  • Ruin Reputation; if a the new product is low quality
19
Q

Benefits of developing a Brand Image?

A
  • Easily Recognised [increase trust in Quality]
  • Increase Repeat Purchase [as product is established]
20
Q

What is a Unique Selling Point [USP]?

A

A feature that sets your product apart from that of the competitors

21
Q

What are Internal Factors that can influence Pricing Decisions?

A
  • Objectives and Aims [maximise profits, or market share]
  • Life Cycle of Product
  • Internal Costs [cost for equipment, energy etc…]
22
Q

What are External Factors that influence Pricing Decisions?

A
  • Nature of Market [is it a high end luxury market or one for bargain-grabbing]
  • Competition in Market [the price competitors price their products etc…]
23
Q

What is Price Penetration

Describe a Pro and Con.

A

Firms offering very low prices for new products to get lots of people to try it.

(+) Establish Market Share
(-) Little Profit

24
Q

What is Loss Leader Pricing

Describe a Pro and Con.

A

Setting Price of a certain Product below cost so customers will buy other products that actually make profit.

(+) Draw traffic away from competition
(-) No profit made

25
Q

What is Price Skimming

Describe a Pro and Con.

A

Charging a high price when products are in high demand

(+) Maximising Profits
(-) Unattractive to lower income Consumers

26
Q

What is Competitive Pricing

A

Charging similar Prices to other Firms

27
Q

What is Cost-Plus Pricing

Describe a Pro and Con.

A

Charging based on the amount of profit you want to make

(+) Consistent rate of return
(-) Price may be to high which can be unattractive to customer

28
Q

What is Promotion?

A

Publicizing a product in order to increase sales

29
Q

How can Firms Promote their Product/Service?

A

1) Advertisement; Newspapers, Magazines, Poster, Billboards, Internet, Television and Leaflets etc…

2) Sponsor; Giving Money to an Organisation and in return, their product is displayed by the organisation at an event

3) Public Relations; communicating with media about product/service

4) Sales Promotion; Free Samples, 2 for 1 Offers, coupons etc…

5) Use of Social Media

30
Q

What is Promotional mix?

A

Using a Combination of promotional methods to promote a product

31
Q

The different factors that influence a firms’ promotional mix?

A
  • Finances; More £ = Paying for promotion with higher reach
  • Nature of Product; Some Products need lots of description
  • Competitors; Cause disruption in Competitors Promotion
  • Nature of Market; if the market place is rapidly growing more money may be pumped into promotion etc…
32
Q

What does ‘Channels of Distribution’ mean

A

How products get from manufacturers to consumers

33
Q

What is E-Commerce?

A

Selling Goods and Services Online

34
Q

What is M-Commerce?

A

Allowing Goods and Services to be bought on wireless mobile devices

35
Q

Benefit of E-commerce on Business

A
  • Access Wider Markets [so more potential customers]
  • Saves money [domains are cheap compared to rent]
  • Open 24/7 unlike most stores
36
Q

Drawback of E-Commerce on Business

A
  • Some Consumers may be reluctant to buy online
  • May have to Employ specialist groups to run E-Commerce 24/7

Business AQA GCSE (6 decks)

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