Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Lc Business > 5.2 Marketing > Flashcards

5.2 Marketing Flashcards

(73 cards)

Start Studying
1
Q

What is the marketing concept?

A

Ensures a business focuses on the needs and wants of a consumer before developing a good or service.

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

What is marketing?

A

Business processes used to understand, anticipate and satisfy consumer needs now and in the future.

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

What does marketing require?

A

1- conducting market research
2- developing a marketing strategy and plan
3- formulating a marketing mix

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

What is a marketing strategy?

A

Examining the overall business objectives and develops marketing activities to achieve these goals.

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

What are the results of a marketing plan?

A

Benefits business goals
Shows finances for a business
Benchmarking (standard to compare)

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

What is market segmentation?

A

Involves dividing a market into different sections to target products more effectively to consumers.

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

What are the types of market segmentation?

A

• Geographic - Location/area, eg Kilkenny people target to the county Kilkenny.
• Demographic - Age, income, Gender, eg Tesco Finest for higher class, more wealthy.
• Psychographic - Beliefs, attitudes, lifestyle & social status, eg consumers concerned about the environment will only buy recycled packaged items.

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

What are the benefits of market segmentation?

A

• Increases sales - Products meet consumer needs & wants = increased sales.
• Increases market share - Allows a business to focus on a small section & slowly grow.
• Lowers costs - Not making products consumers won’t buy.

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

What is a target market?

A

Specific group of consumers who share common needs and wants. The business aims its products to these people, eg kids.

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

What is a niche market?

A

Small group of consumers within a larger market who have different needs & wants to the majority. They will pay a high price for products that meet their needs, eg vegan food.

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

What are the advantages of niche marketing?

A

• Less competition - Other brands focus on the larger market.
• Consumer loyalty.
• New products - Easier to make new ones as customers are loyal & willing to try.

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

What are the disadvantages of niche marketing?

A

• Economies of scale.
• Growth.
• Competition.

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

What is product positioning?

A

Creating a positive image of a product that remains in the consumer’s mind, increasing a firm’s sales.

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

What is involved with PRODUCT?

A

Product design
Brand name
Packaging
Product life cycle

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

What does product design include?

A

CASE
Cost
Appearance
Safety
Environmental

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

What is a patent?

A

Gives exclusive legal ownership rights to the inventor of a product or process. No other business can use this invention without the agreement of the patent owner.

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

What is a brand name?

A

A distinctive name given to a business and the goods and services it develops. A brand name is usually registered & cannot be used by others.

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

What is a brand logo?

A

Shapes, colours, symbols etc used to identify a brand.

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

What are the advantages of a brand name for a business?

A

• Increased recognition - Brand names make products more recognisable.
• New products.
• Premium price - Associated with high quality, allowing for higher prices.
• Increased consumer loyalty - Trust brand names & become loyal.

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

What are the advantages of a brand name for a consumer?

A

• Consumer image.
• Benefits of a product.
• Reduces disappointment.
• Higher quality products.

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

What are own brand products?

A

Products sold by retailers under their name, known as ‘retailers products’, eg Supervalu milk.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What are the advantages of own brand products for retailers?

A

• Product specification - Control over colour, packaging etc.
• Increased profits - Can be sold at low price.
• Consumer loyalty - Sell a wide range & consumers become loyal.
• Different target markets, eg Tesco Finest people & value people.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are the disadvantages of own brand products for retailers?

A

• Increased advertising.
• Business reputation.
• Cost.
• Economic conditions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What does packaging include?

A

DRIPS
Differentiation
Recycle/ regulations
Image
Protection
Size - diff coke sizes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What is the product lifecycle?
Refers to the stages a product goes through from introduction to decline. It is used to track sales and growth of a product over time.
26
What are the stages of the product life cycle?
• Introduction • Growth • Maturity • Saturation • Decline
27
What is the introduction stage?
Low sales, invest in promotion, may generate a negative cash flow at the beginning. Attempt to increase awareness
28
What is the growth stage?
Sales increase and continued investment to meet the demand. Increase brand/product awareness
29
What is the maturity stage?
Sales and profits peak. There is a positive cash flow.
30
What is the saturation stage?
Sales and cash flow start to slow as new firms enter the market.
31
What is the decline stage?
Sales and profits reduce. Business must decide to retire or continue to sell the good.
32
What stage does the extended product life cycle not have?
Saturation.
33
How to extend the product life cycle?
• Product - features or rebranding. • Price - new strategy, eg lower cost. • Place - new location, e.g., online. • Promotion - new advertising campaign, e.g., Instagram.
34
What is rebranding?
A marketing strategy to change the name, logo, image or products of a firm, often due to changes in the target market or advances in technology.
35
What is price?
The amount paid for goods or services by a consumer.
36
What factors determine selling price?
• Competitors price. • Stage of product's life cycle, eg price skimming may be charged at the start to recover R&D. • Product image - High price for premium products. • Cost - Price should cover firm's costs (Production, marketing, distribution). • Demand - Higher demand = high price, eg hotels during concerts.
37
What are low pricing strategies?
• Penetration pricing. • Loss leader.
38
What is penetration pricing?
Setting a low initial price on a new product to appeal immediately to the mass market.
39
What is loss leader pricing?
Business sells product below cost price, hoping to encourage customers to buy more items. Only works for retailers selling more than one product
40
What are high price strategies?
• Premium pricing. • Price skimming.
41
What is premium pricing strategy?
Business charges a higher price than competitors, giving the impression of high quality.
42
What is price skimming strategy?
High price charged when a product is launched to recover from R&D costs, attracting consumers willing to pay more.
43
What is psychological pricing?
Eg 4.99 not 5. Appears product is cheaper.
44
What is markup pricing?
The business adds a profit percentage to the cost price of the item, eg 10%.
45
What is tiered pricing?
Consumers choose price level that fits their budget, allowing a business to appeal to more target markets, eg Tesco value and finest.
46
What is price discrimination?
Different segments of the market are charged different prices for the same product, eg Irish Rail - student fares vs adults.
47
What is bundle pricing?
Business sells multiple items together at a lower price than sold separately, giving the impression of value for money, eg phone companies do family bundles.
48
What are wholesalers?
Firms that buy in large quantities from producers and sell in lower quantities to retailers, e.g., Musgraves.
49
What are agents?
Hired by a firm to sell their products in an area, e.g., abroad.
50
What are retailers?
Shops that buy from wholesalers or producers and sell either in person or online (e-tailers).
51
What is the channel of distribution?
The route a product follows and the businesses involved in moving a product from the producer to the final consumer.
52
What are the advantages and disadvantages of the producer-wholesaler-retailer-consumer channel?
Benefits: large target market, consumer convenience, simplified distribution. Drawbacks: cost, consumer feedback lacks, profits.
53
What are the advantages and disadvantages of the producer-retailer-consumer channel?
Benefits: target market, lower prices, promotion. Drawbacks: discounts, transport, copycat products.
54
What are the advantages and disadvantages of the producer-agent-consumer channel?
Benefits: target market familiarity, lower cost, react to changes. Drawbacks: loss of control, loyalty, costs.
55
What are the advantages and disadvantages of the producer-consumer channel?
Benefits: profits, consumer feedback, consumer awareness. Drawbacks: cost, expertise, time consuming.
56
What factors affect the channel of distribution method chosen?
Cost, nature of product (shelf life), target market, business image, e.g., Nespresso, market size.
57
What is promotion?
Used to increase consumer awareness through techniques to persuade consumers to purchase a product.
58
What does the promotional mix include?
Advertising, sales promotion, public relations (PR), personal selling.
59
What is advertising?
Communicating information about a product to consumers to remind, inform, and persuade them to buy.
60
What are the types of advertising?
• Informative. • Reminder, e.g., Kellogg's My Perfect Bowl. • Persuasive. • Generic (state organizations). • Comparative.
61
What is informative advertising?
Advertising that provides information about a product, showing what it does & giving factual information, e.g., TV ads like Flash showing how products remove stains.
62
What is reminder advertising?
Advertising that reminds consumers about the brand & its products, often used when a product is in decline, e.g., Kellogg's My Perfect Bowl campaign.
63
What is persuasive advertising?
Advertising that persuades consumers that they need the product, used in the introduction phase to gather interest, e.g., L'Oreal persuading consumers to buy for healthier hair.
64
What is generic advertising?
Advertising a specific good/service in the industry, often for state-owned organizations, e.g., HSE healthy eating campaigns.
65
What is comparative advertising?
Brand or product is advertised as superior to those of competitors based on quality or price, e.g., Aldi & Dunnes.
66
What are the types of advertising medium?
Television, radio, newspapers, social media, business website.
67
What should be considered when choosing an advertising medium?
Cost, type of product, target market, stage in product life cycle.
68
What are sales promotions?
Short-term gimmicks used to attract consumers to buy goods or services, helping to increase sales & profits, e.g., offers.
69
What are the types of sales promotions?
• Loyalty cards. • Special offers. • Free samples. • Discount codes. • Merchandising.
70
What is public relations?
Marketing technique used to create a positive public image for a business and the goods or services it sells. May have a PRO (public relations officer).
71
What are methods of increasing PR?
• Sponsorship. • Endorsement. • Press communications. • Charities.
72
What is personal selling?
Face-to-face selling where staff use information, knowledge, and customer service to persuade consumers, e.g., Harvey Norman.
73
What are two state bodies protecting consumers in relation to marketing?
CCPC (Competition and Consumer Protection Commission) and ASAI (Advertising Standards Authority Ireland).

Lc Business (30 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions