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business a-level > bob > Flashcards

bob Flashcards

1
Q

primary research

A

research that the business go out and do themselves for example asking members of the public to answer a questionnaire they have created

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2
Q

secondary research

A

research that a business doesn’t complete themselves an example of this could be looking on Google for data to base a product of off

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3
Q

market research

A

gathering data about customers, competitors and market trends

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4
Q

quantitative data

A

numeric

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5
Q

qualitative data

A

opinion based

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6
Q

geographic segmentation

A

when a company segment there target market by location, region, rural/urban

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7
Q

psychographic segmentation

A

when a company segment there target market by hobbies, class, life style

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8
Q

behavioural segmentation

A

when a company segment there target market by usage, loyalty, benefits

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9
Q

demographic segmentation

A

when a company segment there target market by age, sex, occupation, income

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10
Q

examples of competitive advantage (7)

A

product design, product quality, promotional offers, customer service, delivery times, ethical stance, product attributes

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11
Q

examples of adding value (8)

A

usp, inputs, celebrities, packaging, transformation, craftsmanship, quality, outputs

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12
Q

factors affecting demand (8)

A

competitors actions, changes in price, income levels, seasons, external shocks, demographics, advertising and branding, trends

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13
Q

what’s the PED formula?

A

% change in quantity demanded over % change in price

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14
Q

when is a product elastic?

A

when the PED is over 1 or below minus 1

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15
Q

when is a product inelastic?

A

when the PED is less than 1 or higher than minus 1

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16
Q

what’s the YED formula?

A

% change in quantity demanded over % change in income

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17
Q

how do you work out the % change?

A

(difference over original) x 100

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18
Q

what is penetration pricing in pricing strategies?

A

a business prices its products very cheap e.g. Pound land

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19
Q

what is competitive pricing in pricing strategies?

A

this is when a business bases its prices on its competitors e.g. McDonald’s does not charge £6 for a burger as everyone would got to burger king

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20
Q

what is psychological pricing in pricing strategies?

A

this is when a business charges for example £19.99 as the consumer then believes that product is cheaper as it does not say £20

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21
Q

what is price skimming in pricing strategies?

A

a business starts at a high price and slowly begins to reduce the price over time

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22
Q

what is cost-plus pricing in pricing strategies?

A

adding value- when a business chargers more than the product costs to manufacture to gain profits

23
Q

whats an advantage of psychological pricing?

A

this should increase sales as more people believe that the they are paying less which makes a profit

24
Q

whats an advantage of competitive pricing?

A

the business knows the market is there and the people will buy those products for that price or within a range

25
Q

whats an advantage of penetration pricing?

A

everyone can afford the product so they business can definitely sell products and also they have a wide target market

26
Q

whats an advantage of cost-plus pricing?

A

guaranteed profit if products or service is sold

27
Q

whats an advantage of price skimming?

A

the business can continue to sell products in different seasons to which the products are usually sold as the consumers get the product are able to buy for a cheaper price

28
Q

whats a disadvantage of psychological pricing?

A

the business is losing a few p per unit which all adds up and will decrease profits made

29
Q

whats a disadvantage of competitive pricing?

A

they are unable to sell there products for higher premium prices so they make less profit per product as they have less added value

30
Q

whats a disadvantage of penetration pricing?

A

less price per unit

31
Q

whats a disadvantage of cost-plus pricing?

A

competitors may add less value so consumers decide to go there instead

32
Q

whats a disadvantage of price skimming?

A

slowly the business earns less and less per unit and the brand image of the product maybe be taken as less premium

33
Q

why do businesses use pricing strategies? (6)

A

to increase sales, to enter new markets, to cover costs and make sure profit is made, to make a higher profit, to affect consumers perception of products, to maximize market share

34
Q

6 types of pricing strategies

A

competitive, predatory, price skimming, psychological, penetrative, competitive

35
Q

6 types of digital promotion

A

social media, viral strategies, advergaming, online adverts, consumer generated content, mobile communication

36
Q

6 types of sales promotion

A

BOGOF, special events, point of sale, price discounts, money off coupons, sample give away

37
Q

6 types of normal promotion

A

above the line advertising, below the line advertising, sponsorship’s, public relations, personal selling, direct marketing

38
Q

direct marketing

A

highly focused targeted mail based on what customers have already brought

39
Q

below the line marketing

A

usually for a niche market to create awareness, communicate information

40
Q

above the line marketing

A

used in mass markets for example tv adverts and online

41
Q

what is a sponsorship?

A

paid promotions with well known people to attract consumers to buy as a celebrity has been seen using it

42
Q

public relations

A

unpaid promotions with well known people

43
Q

personal selling

A

in a niche market

44
Q

social media in promotion

A

adverts through Facebook and Instagram etc

45
Q

mobile communications

A

extends online research and allows the customer to communicate while in the move

46
Q

viral strategies

A

a business using a marketing technique which they hope will be shared to increase awareness of there product e.g coca cola putting names on bottles

47
Q

advergaming

A

advergaming is when ads pop up on games possibly through apps or online games

48
Q

consumer generated content

A

content which has been make available to other consumers online e.g. cookies

49
Q

BOGOF

A

buy one get one free

50
Q

special events

A

an advent the business holds to encourage the consumer to buy products from them

51
Q

point of sale

A

usually a cardboard display close to the tills which is branded

52
Q

money off coupons

A

can be used to capture new customers- to add incentive

53
Q

samples/ giveaways

A

letting the customer try a free sample of your product to interest them and encourage them to buy your product

business a-level (1 decks)

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