Business: Marketing Flashcards
(38 cards)
Marketing Definition
Marketing is the anticipation, identification and fulfilment of customers needs
What is the activities involved in marketing
- Carrying out market research
- Developing and designing the PRODUCT
- Deciding the right PRICE to charge
- Deciding on the best method of PROMOTION
- Deciding on the right PLACE to sell them
What is market segmentation
A market segment is a part of the market which contains a group of buyers with similar characteristics
What are 2 reasons as to why firms segment
- Firms can’t or don’t want to supply a full range of products
- A marketing campaign can be targeted at a particular group of people
Name 4 market segments
- Age
- Gender
- Family size
- Income
What is market research
Market research is the gathering, recording and analysing of information about the possible market for a good or service
What is 2 facts about market research
- Customers want value for money and will shop around to get it
- Now there is competitors abroad
What are 4 things that need to be found through market research
- If there is a gap in the market
- What customers like or dislike about the product
- What competitors are doing
- How much customers will buy of the product
What are 2 methods of market research
- Field
- Desk
What is the definition of Field research
Field research involves finding out information first hand directly from the public or customers
What are 2 advantages of field research
- Information is gathered specific to your purpose
- Information is up to date
What are 2 disadvantages of field research
- It is more expensive than desk research
- People might not give truthful answers
What are three main forms of field research
- Consumer panels
- Questionnaires
- Test marketing
What are questionnaires
These are forms with lots of questions. These are made to get opinions from the public. These could be in the forms of postal, face to face or telephone.
What is a consumer panel
This is when a group of people come together and look at the product. This allows their initial reactions to be recorded. They gather information from their opinions of the shape, colour, design and if they like or dislike the product
What is test marketing
This is when a small section of the market test a product in a limited area. This allows problems to be sorted before the launch of the product.
What is desk research
Desk research uses secondary information, already available from either inside or outside of the business
What are 2 advantages of desk research
- It’s cheaper to access rather than from scratch
- It’s less time consuming than field research
What are 2 disadvantages of desk research
- Information may be out of date
- Information is available for competitors
What are 3 forms of desk research
- Newspapers
- Reports
- Internet websites
What are 3 internal sources for desk research
- Trends in sales figures
- Customers records
- Loyalty cards: record the products customers buy
What are 3 external sources used in desk research
- Government statistics
- Internet websites
- Trade magazine
What are 3 problems with market research
- The people doing the interview may influence how people answer
- People do not behave consistently or predictably
- A sample of views does not reflect the nationwide opinion
What is a brand
A brand is a company or a product with a name, design or symbol which makes it instantly recognisable
