Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Studies Y10 > 2.4 Marketing Mix > Flashcards

2.4 Marketing Mix Flashcards

1
Q

The 4 ps of the marketing mix are…

A

Price
Product
Place
Promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What does tangeble mean?

A

Can be touched . Eg, products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does intangible mean?

A

Can’t be touched. Eg. Services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The 5 different pricing strategies are …

A

Cost-plus pricing
Competitor pricing
Price Skimming
Promotional pricing
Penetration pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What’s cost- plus pricing ?

A

Adds a % onto the cost of producing a product, resulting in a sale price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Cost-plus pricing advantages

A

Prices are easier to calculate
Ensures each product will make a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Cost plus pricing disadvantages…

A

Doesn’t take into account competitor prices
Doesn’t encourage a business to lower prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is promotional pricing ?

A

Reduction in price to attract customers to products. Eg. BOGOF.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Promotional pricing advantages

A

Attracts customers into stores
Breaks loyalties with other brands
Encourages customers to buy more

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Promotional pricing disadvantages

A

Customers may get used to promotional prices and not want to pay normal ones
Stock may be unavailable for customers who usually pay full price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Price skimming is….

A

When a product is more advanced than that of competitors, a business may set a high price because people will pay it. After time,demand decreases along with the price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is competitor pricing ?

A

Competitor pricing is setting a price based on prices charged by another business or competitor on a similar product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Penetration pricing is…

A

When a new business sets lower prices than competitors to attract customers and break customer loyalties with other brands

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Promotion is ….

A

How a business informs its customers about a new product or service and persuades them to buy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Promotional methods include ….

A

Tv advertising
Radio advertising
Social media
Billboards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Tv advertising advantages…

A

Helps reach a larger audience
Target market reached based on programmes watched
Engaging visual elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Tv advertising disadvantages

A

Costly
Mainly suitable for larger businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Advantages of social media advertising

A

Social media pages are quick to update
Cheaper then other promotional methods such as tv advertising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Disadvantages of social media advertising

A

Time consuming to monitor and update
Negative feedback can be reviewed by other customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Radio advertising advantages…

A

Portable so can reach customers anywhere
Cheaper then tv advertising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Radio advertising disadvantages…

A

No engaging visual elements
People can skip adverts

22
Q

Advantages of business doing website advertisements

A

Videos on the website can show a product in more detail
Most business will have their own website
Used to send a message to buyers and persuade them

23
Q

What’s invention…

A

Introduction of a total new idea

24
Q

Whats Innovation…

A

Improvement of an original idea

25
Q

What’s design…

A

Related to the style of the product

26
Q

What are the point of sale promotions?( promotions that happen when the customer is buy in the product)

A

Price reduction
Loss leaders
Competitions
Free samples

27
Q

What factors do customers condiser before buying a product ?

A

Design
Functionality
Convenience
Branding

28
Q

What’s an invention
What’s an innovation
What’s the design

A

Invention- introduction of a totally new idea
Innovation- the improvement of an original idea
Design- related to the style of a product

29
Q

What does the product life cycle do?

A

Describe the stages a product goes through from when it was first thought of to when it’s finally removed from the market.

30
Q

4 stages of the product life cycle?

A

Introduction
Growth
Maturity
Decline

31
Q

What does the introductionstage involve ?

A

Researching , developing and launching a product.

32
Q

What does the growth stage involve ?

A

When sales are increasing at their fastest rate

33
Q

What is the maturity stage in the product life cycle?

A

Sales are near their highest, but the rate of growth is slowing down.
This could be because of new competitors.

34
Q

What is the decline stage in the product life cycle?

A

Final stage where sales begin to fall.

35
Q

Advantages of the product life cycle?

A

Helps you identify when an extension strategy is needed.

36
Q

Disadvantage of the product life cycle …

A

Doesn’t take external factors until consideration.eg competitor lowering prices

37
Q

What does place mean in the 4ps of marketing?

A

Where products and services are sold
How the business gets products to the consumer

38
Q

What’s a distribution channel?

A

The organisations a product passes through to get from a producer to a consumer
How products and services get to a customer.

39
Q

What’s a shopping mall?

A

Public transport links, choice of stores and is under cover.

40
Q

What’s a retail park?

A

Less traffic, free/ available parking, click and collect services and easier buying large items such as furniture

41
Q

What were the 3 main distribution channels ?

A

Producer—Wholesaler—retailer —customer
Producer-retailer-customer
Producer-customer

42
Q

What does the term break bulking mean?

A

Buying in bulk and then breaking that up and selling it in large quantities

43
Q

What does a wholesaler do?

A

They buy in bulk from the producer then break bulk to the retailer

44
Q

How do wholesalers help small shops?

A

It means small shops don’t have to pay to store large goods that could also go off

45
Q

What’s a regional distribution centre? (RDC)

A

Owned by a retailer and store products that they will later sell in stores

46
Q

The 2 ways a business can get its goods/ services to a consumer…

A

Physical distribution-movement of goods we can see and touch
Digital distribution- distribution of goods by downloading from a website or app. Eg Apple Music

47
Q

Examples of digital distribution include..

A

Music
Apps
Films
Games

48
Q

Advantages of digital distribution..

A

Goods are available instantly
Cost savings as no packaging or postage costs
Businesses don’t have to store goods

49
Q

Digital distribution disadvantages include….

A

Not everyone has acess to the internet
Not all goods can be downloaded

50
Q

What’s market data?

A

Market data is information that will help a business make marketing decisions

51
Q

What data might business consider ?

A

Change in demand
Market share
Effect of promotion
Target market

Business Studies Y10 (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions