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my flashcards<3 > business- marketing > Flashcards

business- marketing Flashcards

1
Q

What is marketing?

A

Process of Identifying anticipating and satisfying customer needs profitably

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2
Q

What does identifying mean?

A

Finding out by using market research about current products

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3
Q

What does anticipating mean?

A

Analysing data and predicting what might happen in the market

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4
Q

What does? satisfying mean

A

Making sure the customers are happy with the product

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5
Q

What is the purpose of marketing?

A

About understanding customers and finding ways to provide goods/ services which customers demand

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6
Q

What is the purpose of market research ?

A

Reduce risk- make sure correct price

Identify customer needs

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7
Q

What is primary research?

A

Entrepreneur does for themselves

Data collected first hand

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8
Q

What is secondary research?

A

Can be done inline by someone else

Data that already exists and has been already collected for a different purpose

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9
Q

Questionnaires + and -

A

Document given to customers

+ relatively cheap, good quality data - money can be spent on advertising
+ quick and easy done by the responder so decisions made quicker and more efficiently

  • reply rates are often low
    -easily ignored - not enough respond - not enough information gathered - incorrect decisions
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10
Q

Interviews + and -

A

+ done by telephone or face to face - detailed information

+ interviewers can explain questions if there misunderstanding - correct decisions - increase productivity

  • time consuming - expensive - done through advertising
  • customers maybe feel uncomfortable- bias - inaccurate data collected - product fail
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11
Q

Focus Group + and -

A

Small groups if people who represent the target market for the product and are asked questions and given info on it

+detailed information about customer taste- specific changes could be made - sales increase
+detailed opinions - qualitative info

-can be costly and time consuming to conduct - has to be carefully managed
-may not reflect viewpoints of others fully- can get biased panel

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12
Q

Trialling + and -

A

+ opportunity for business to trial a good or service to see consumers views on it

  • expensive to set up
    -chosen area must represent target marker for info to be valid and useful
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13
Q

Census + and -

A

questionnaire given by the government to be completed by the whole country

+detailed info
-out of date
(done every 10 years)

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14
Q

Competitors website + and -

A

+ range of different things like prices

  • established business so they have brand loyalty a new business doesnt
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15
Q

Customer reviews + and -

A

+ what they like and dislike specific rating on the product

  • may be established business so reviews may not apply to the new one
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16
Q

magazines and trade press + and -

A

+ quick and cheap - good source of analysis

  • not specific enough
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17
Q

Whats qualitative and quantitative data?

A

Qualitative: based in opinions - more detailed like focus group and interviews

Quantitative: data thats numerical like questionnaire or as graphs - easy to analyse

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18
Q

Qualitative data + and -

A

+ highlight issues that need addressing like why customers don’t buy
+focuses on needs and wants of a customer providing insight

  • expensive to collect and analyse - needs skill
    -based around opinions so there is a risk its biased
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19
Q

Quantitative data + and -

A

+ data is simple
+ can be compared to other competitors

-doesn’t explain behind reasons behind the numerical trend
-lacks reliability if sample size and method isn’t valid

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20
Q

What is a :

Market
Customer
Consumer

A

Market- place where buyers and sellers meet and a sale takes place

Customer- person that buys a product or service

Consumer- person thay uses the product or service

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21
Q

What is market segments?
And what does segmentation include?

A

-Groups if customers within a market thay have a similar interests

-gender
-age
-location
-income

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22
Q

Socio economic groups +

A

+Advertising can be targeted to a specific market segment so its more effective - saves cost - increase in profit - least profitable markets are avoided

+ensures customers wants and needs are matched leading to customer satisfaction meaning increase in sales

+business make better informed decisions leading to increase in profits due to targeted profits

23
Q

What’s market size?

A

Number of customers

24
Q

Formula for market share?

A

Business sales
——————— X 100
Market sales

25
Q

Formula for market growth?

A

Change
———— X 100
Original

26
Q

2 benefits of calculating market share

A

-Good indicator of competitive advantage

-explains overall market split between competitors

27
Q

What are the 4 P’s?

A

Product

Price

Place

Promotion

28
Q

What is a product? + how can it be different? + what makes it successful?

A

-Tangible item capable of satisfying customer needs

-design formulation
-name needs to be easy to remember

-quality needs to be good
-efficiency

29
Q

What is invention and innovation?

A

Invention- creation if an entirely new product

Innovation- existing product/service that’s improved

30
Q

Whats a product life cycle?

A

Model which shows the stages a product goes through over its life

31
Q

What are the functions of the product life cycle?

A
  • helps identify expected sales at each stage

-when the product is most profitable

32
Q

What are extension strategies?

A

Keeps the product on the market for longer when a product reaches maturity or saturation

E.g new packaging, advertising

33
Q

Price skimming + and -

A

+high profits straight away help pay back research and development costs
+product may get a reputation so brand loyalty

-cant last for long as competitors will launch rival products putting pressure on price
-slow down growth if sales of the product as its expensive and no more customers are willing to buy the high price

(Involves setting a high price before other competitors come into the market)

34
Q

Price penetration + and -

A

(Business offers low prices on goods and services)

+builds customer usage and loyalty
+long term profitability of having higher sales and higher market share

-only short term and lowers profits
-difficult to raise selling price in the future

35
Q

Cost plus + and -

A

(Involves setting a price based in cost and adding a fixed amount of profit)
= mark-up

+profit is guranteed
+easy to calculate

-if price set too high it will be too expensive compared to rivals therefore uncompetitive

36
Q

Competitor pricing + and -

A

+ selling prices should be in line with rivals and competitive = attracts customers

-business mau need to attract customers other than price like good qualities and food customer service leading to special offers
-competitor pricing changes

37
Q

Promotional pricing + and -

A

(Short term reducing price to attract customers to buy products)

+sales volume will increase improving cashflow and increasing market share
+encourages customers to trial a product who may become loyal once price increases

-only buy the products when on promotion
-brand image may be tarnished by too many promotions and customers expect offers

38
Q

2 factors influencing pricing decisions

A

Product lifestyle

Degree of competition

39
Q

What is promotion and why promote? + give two methods

A

Promotion is an aim to ensure that customers are aware of the existence of the products and remind them about it.

-informs customers about the product
-persuades them to buy it

-sales promotion
-Advertising

40
Q

What influences promotional decisions?

A

-Stages in the product life cycle
-competition

41
Q

What is the point of sale?

A

Place which a retail transaction takes place

42
Q

+ and - of sales promotion

A

+ effective at achieving a quick boot sales
+encourages customers to trial a product

-effect lasts short term
-customers will come to expect the offers or promotions

43
Q

Advertising + and - (give examples)

A

+effective for building brand awareness and loyalty
+wide coverage meaning messages can be communicated effectively

-expensive mostly
-lacks flexibility

E.g websites, social media,television

44
Q

Social media + and - to promote

A

+Cheap to set up
+encourages engagement with the customer

-negative comments go viral

45
Q

Websites + and - to promote business

A

+visual display of the goods and services like videos and links to clips to showcase goods
+easily accessed through the use of search engines like google

-content needs to be reviewed and updated
-expensive to set up and maintain

46
Q

What is place?

A

Physical movements of a good/ service from producer to consumer

47
Q

What is location?

A

Physical store

48
Q

What is a channel of distribution?

A

Path of a product takes from producer to the final user

49
Q

Modern chain meaning?

A

No wholesalers meaning savings are passed onto the other

50
Q

Intermediaries + and - ?

A

+producer access thousands of customers by selling to retailers
+helps to distribute product widely and save manufacturer costs of trying to distribute directly to customers

-want to make a profit so the prices is increased at each stage
-selling in to someone else the producer loses control. Producer may not approve of their display

51
Q

E-commerce and m-commerce + and -

A

+opportunity to reach a wider target
+reduces the need to hold large amounts of stock as the need to be storer centrally and not spread across a no. of stores

-expensive to create and maintain a website
-limits power of face to face

52
Q

Whats the marketing mix?

A

How a business combined its product,price,promotion, place to be successful

53
Q

Why is market data important?

A

-Creates a Detailed understanding of the market

-so marketing strategies are effective and objectives are met

my flashcards<3 (10 decks)

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