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Business Management Unit 2 > AOS2: Marketing a Business > Flashcards

AOS2: Marketing a Business Flashcards

1
Q

Marketing

A

The process that provides the link between the producers and the consumers

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2
Q

Marketing Concept

A

Where the business focuses on satisfying the needs of the consumer rather than just selling a product

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3
Q

Market-oriented Approach

A

Where the business simultaneously achieves its business objectives and satisfying customers

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4
Q

Pareto Principle

A

Idea that approximately 80 per cent a business’ revenue is generated by approximately 20 per cent of their customer base.

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5
Q

Internal environmental factors that affect the establishment of a customer base

A

Culture of business, owners and managers, Employees

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6
Q

Macro environmental factors that affect the establishment of a customer base

A

Economic factors, technological developments, legislation and regulation,

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7
Q

Operating environmental factors that affect the establishment of a customer base

A

Customers (Loyalty, respect to customers) Competitors

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8
Q

Market Research

A

Systematic procedure used to develop and analyze new and existing information.

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9
Q

What does market research assist a business to do?

A

Reduce the risk or uncertainty attached to introducing a new product, assess current products, and determine whether changes need to be made, predict future changes or trends

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10
Q

Exploratory Research

A

type of research design that involves collecting information in an unstructured and informal manner, such as reading an article.

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11
Q

Descriptive research

A

Type of research design that incorporates such things as consumers’ attitudes, intentions and behaviour.

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12
Q

Causal Research

A

Aims to find the cause and effect of certain actions.

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13
Q

Primary Data

A

Refers to information gathered by the business owners themselves

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14
Q

Secondary Data

A

Refers to information previously collected

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15
Q

Examples of primary data sources

A

Surveys/Questionnaires, Interviews, Direct Observation, Focus Groups

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16
Q

Examples of secondary data sources

A

Company records, financial statements, annual reports, libraries, newspapers, magazines

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17
Q

Best method to gather quantitative research

A

Questionnaire

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18
Q

Best Method to gather qualitative research

A

Focus Groups

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19
Q

Market

A

Comprises customers and potential customers with similar needs and desires who may purchase a product or service through the exchange of money

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20
Q

Mass Marketing

A

When a business markets its product or service to an entire market

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21
Q

Niche Market

A

Subset of a larger market with its own needs and preferences

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22
Q

Market Segment

A

Relatively similar group of customers who are likely to respond in similar ways

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23
Q

Market Positioning

A

Where a product is placed within a market with regards to its image, price and age of the target market

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24
Q

Market Segmentation

A

Defines and subdivides a large generic market into distinct subsections of potential customers who have similar specific needs and wants

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25
Q

Marketing Mix

A

Seven variables that are used when undertaking marketing strategies: product, price, place, promotion, people, physical evidence and process

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26
Q

Forms of segmentation and their variables

A

Geographic- region, size of city, suburban or rural

Demographic- age, gender, income level, education

Psychographic- Social class, personality, lifestyle

Behavioral- Needs, kind of shopping

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27
Q

Target Market

A

Group of customers the business actually wants to sell its products to

28
Q

Generic Market

A

Broadly similar needs of customers are met by sellers offering a variety and often diverse range of products; e.g. the entire drinks market

29
Q

Product market

A

When a consumer is looking for a particular item; e.g. a particular type of drink

30
Q

Examples of trends and behaviors due to COVID-19

A

Increased online transactions and usage of technology, shift to the suburbs, change in purchases

31
Q

Factors influencing consumer behavior

A

Cultural, social, personal, psychological, situational

32
Q

Product

A

Anything that can be offered to a market to satisfy a need or want

33
Q

Consumer profile

A

Statistical picture of the typical consumer of a product based on demographic data

34
Q

Stages of Product Development

A

Idea Development, Idea Screening, Idea Evaluation, Developing the product, Commercialization of the product

35
Q

Product Mix

A

Full set of all products being sold by a business

36
Q

Product Line

A

Broad group of products intended for basically similar uses and have reasonability similar characteristics

37
Q

Brand

A

Distinguishing name, symbol or design used to identify one manufacturer’s product and differentiate it from another product.

38
Q

Price

A

Amount of money paid by customers for a product

39
Q

Penetration pricing

A

where the price is set lower than that of competitors, to get customers to try the product and then remain with the company.

40
Q

Skimming pricing

A

Used for products that are of high quality and have an ‘image’ attached to them

41
Q

Loss Leader

A

Price on a product is set low in order to attract customers to buy other products in the range that are more expensive

42
Q

Psychological pricing

A

Strategy where the price is set in accordance with the value consumers place on the product

43
Q

Complementary Pricing

A

Where the price is set low on one item and high on another item that would normally go together

44
Q

Place

A

involves making decisions to ensure that the right quantity of a product is in the right location, at the right time.

45
Q

Direct distribution channel

A

Where the manufacturer sells their product directly to the customer

46
Q

Indirect Distribution Channel

A

Involves the use of a retail outlet, where products are stored and displayed.

47
Q

Advantages of direct distribution

A

Cuts out retail profit margin, pricing are under control of producer

48
Q

Disadvantages of direct distribution

A

Producer needs to warehouse the stock, not on display

49
Q

Advantages of indirect distribution

A

Cost of holding stock passed on

50
Q

Disadvantages of indirect distribution

A

Profit is shared with retailer, out of control of the manufacturer.

51
Q

Promotion

A

Involves the business communicating with its actual or potential customers by informing them about the business’s products or services

52
Q

People

A

Staff must be appropriately trained and motivated, have the right attitude and be suited to their role

53
Q

Examples of physical evidence

A

Evidence showing a service was performed, the physical environment it was performed and the signs and symbols of the business

54
Q

Product life cycle: Introduction

A

Lauch of the product, sales at this stage are low, profits are non-existent and competition is scarce.

55
Q

Product Life Cycle- Growth

A

Sales will be growing fast, with profits rising then flattening out.

56
Q

Product Life Cycle: Maturity

A

Level of sales has stabilized. Demand has been satisfied and the product doesn’t yet need to be replaced.

57
Q

Product Life Cycle: Decline

A

The product should be withdrawn from the market, or exported.

58
Q

Customer Relationship Marketing

A

Uses marketing strategies to develop relationships with clients, gain customer loyalty and bring value to the brand

59
Q

Examples of Customer Relations Strategies

A

Providing quality customer service and establishing customer loyalty programs

60
Q

Examples of technological developments in marketing

A

Social media, Email marketing, Search engine optimization, AI, Data analytics, management of data

61
Q

Public relations

A

Practice of promoting goodwill among the public to present a favorable image

62
Q

Planned public relations strategy

A

Strategies established ahead of time, setting out a series of steps to be undertaken

63
Q

What should a well-planned public relations campaign achieve?

A

Increased customer base, increased demand for products, gain a competitive edge, enhancing credibility, creating goodwill within the community

64
Q

Examples of strategies used for planned public relations

A

Free publicity, develop relationships with the community, public information, media releases, social media, sponsors

65
Q

Crisis public relations

A

When a crisis has arisen that a business has to respond to and manage their brand

66
Q

Green marketing

A

Marketing of products that are presumed to be environmentally preferable to others

67
Q

How can businesses gain green marketing opportunities?

A

Using recycled products, using green energy, decreasing level of waste

Business Management Unit 2 (4 decks)

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