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Business Unit 3 Flashcards

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1
Q

State the four roles of marketing

A
  1. Identifying customer needs
  2. Creating awareness
  3. Generating sales
  4. Building customer loyalty
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2
Q

Explain the three reasons why customer/consumer patterns may change

A
  1. Changes in consumer preferences
  2. Economic factors
  3. Technological advancements
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3
Q

Define Niche Marketing

A

Niche Marketing is targeting a specific, well-defined segment of the market.

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4
Q

State two pros and cons of Niche Marketing

A

Pros: 1. Less competition
2. Targeted marketing efforts

Cons: 1. Limited customer base
2. Risk of market changes

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5
Q

Define Mass Marketing

A

Mass Marketing is targeting a broad audience with a single marketing strategy.

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6
Q

State two pros and cons of Mass Marketing

A

Pros: 1. Larger potential market
2. Economies of scale

Cons: 1. Higher competition
2. Less targeted messaging

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7
Q

State the 5 different ways markets can be segmented

A
  1. Demographic
  2. Geographic
  3. Psychographic
  4. Behavioral
  5. Firmographic
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8
Q

Explain three benefits of market segmentation to a business

A
  1. Better targeting of customers
  2. Improved customer satisfaction
  3. Increased market share
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9
Q

Define Primary Research

A

Primary Research is the collection of original data directly from sources.

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10
Q

State two pros and two cons of postal questionnaires

A

Pros: 1. Cost-effective
2. Anonymity for respondents

Cons: 1. Low response rates
2. Limited depth of responses

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11
Q

State two pros and two cons of Online Surveys

A

Pros: 1. Quick data collection
2. Wide reach

Cons: 1. Potential bias in respondents
2. Technical issues

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12
Q

State two pros and two cons of Interviews

A

Pros: 1. In-depth insights
2. Flexibility in questioning

Cons: 1. Time-consuming
2. Potential interviewer bias

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13
Q

State two pros and two cons of Focus Groups

A

Pros: 1. Diverse perspectives
2. Interactive discussions

Cons: 1. Dominance of vocal participants
2. Groupthink

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14
Q

Define Secondary Research

A

Secondary Research is the analysis of existing data collected by others.

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15
Q

State two pros and two cons of Government Sources

A

Pros: 1. Credible information
2. Free access

Cons: 1. May be outdated
2. Limited scope

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16
Q

State two pros and two cons of paid for market reports e.g. Mintel

A

Pros: 1. Comprehensive data
2. Expert analysis

Cons: 1. High cost
2. May not be specific to niche markets

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17
Q

Why is sampling necessary

A

Sampling is necessary to gather insights from a smaller group to make inferences about the larger population.

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18
Q

State two benefits and two limitations of developing new products

A

Benefits: 1. Increased market share
2. Meeting changing consumer needs

Limitations: 1. High costs
2. Risk of failure

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19
Q

State two benefits of having a strong brand image

A
  1. Customer loyalty
  2. Competitive advantage
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20
Q

State the role of packaging (give 3)

A
  1. Protection of the product
  2. Communication of brand identity
  3. Facilitation of storage and transport
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21
Q

State the main stages of the product life cycle and raw graph

A

Stages: 1. Introduction
2. Growth
3. Maturity
4. Decline

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22
Q

State 4 extension strategies

A
  1. New uses for the product
  2. New markets
  3. Product improvements
  4. Rebranding
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23
Q

State two pros and two cons of Cost plus Pricing

A

Pros: 1. Simple to calculate
2. Ensures costs are covered

Cons: 1. Ignores market demand
2. May lead to overpricing

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24
Q

State two pros and two cons of Competitive Pricing

A

Pros: 1. Attracts price-sensitive customers
2. Encourages market share growth

Cons: 1. Reduced profit margins
2. Price wars

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25
State two pros and two cons of Penetration Pricing
Pros: 1. Quick market entry 2. Builds customer base Cons: 1. Low initial profits 2. Difficult to raise prices later
26
State two pros and two cons of price skimming
Pros: 1. High initial profits 2. Recoups development costs Cons: 1. Attracts competition 2. Limits market size
27
State two pros and two cons of promotional pricing
Pros: 1. Boosts short-term sales 2. Attracts new customers Cons: 1. Can devalue brand 2. Unsustainable long-term
28
Define Price Elastic Demand
Price Elastic Demand is when a small change in price leads to a significant change in quantity demanded.
29
Define Price Inelastic Demand
Price Inelastic Demand is when a change in price has little effect on the quantity demanded.
30
State two benefits and two drawbacks of using a wholesaler
Benefits: 1. Bulk purchasing 2. Reduced distribution costs Drawbacks: 1. Less control over pricing 2. Potential for stock issues
31
Define E-Commerce
E-Commerce is the buying and selling of goods and services over the internet.
32
State two opportunities and two threats of E-commerce to a business
Opportunities: 1. Global reach 2. Lower operational costs Threats: 1. High competition 2. Cybersecurity risks
33
State the legal controls involved in marketing
Legal controls include regulations on advertising, consumer protection laws, and data privacy laws.
34
State two problems of foreign markets
1. Cultural differences 2. Regulatory challenges
35
State two benefits and two drawbacks of joint venture
Benefits: 1. Shared resources 2. Access to new markets Drawbacks: 1. Shared profits 2. Potential for conflicts
36
State the four roles of marketing
1. Identifying customer needs 2. Creating awareness 3. Generating sales 4. Building customer loyalty
37
Explain the three reasons why customer/consumer patterns may change
1. Changes in consumer preferences 2. Economic factors 3. Technological advancements
38
Define Niche Marketing
Niche Marketing is targeting a specific, well-defined segment of the market.
39
State two pros and cons of Niche Marketing
Pros: 1. Less competition 2. Targeted marketing efforts Cons: 1. Limited customer base 2. Risk of market changes
40
Define Mass Marketing
Mass Marketing is targeting a broad audience with a single marketing strategy.
41
State two pros and cons of Mass Marketing
Pros: 1. Larger potential market 2. Economies of scale Cons: 1. Higher competition 2. Less targeted messaging
42
State the 5 different ways markets can be segmented
1. Demographic 2. Geographic 3. Psychographic 4. Behavioral 5. Firmographic
43
Explain three benefits of market segmentation to a business
1. Better targeting of customers 2. Improved customer satisfaction 3. Increased market share
44
Define Primary Research
Primary Research is the collection of original data directly from sources.
45
State two pros and two cons of postal questionnaires
Pros: 1. Cost-effective 2. Anonymity for respondents Cons: 1. Low response rates 2. Limited depth of responses
46
State two pros and two cons of Online Surveys
Pros: 1. Quick data collection 2. Wide reach Cons: 1. Potential bias in respondents 2. Technical issues
47
State two pros and two cons of Interviews
Pros: 1. In-depth insights 2. Flexibility in questioning Cons: 1. Time-consuming 2. Potential interviewer bias
48
State two pros and two cons of Focus Groups
Pros: 1. Diverse perspectives 2. Interactive discussions Cons: 1. Dominance of vocal participants 2. Groupthink
49
Define Secondary Research
Secondary Research is the analysis of existing data collected by others.
50
State two pros and two cons of Government Sources
Pros: 1. Credible information 2. Free access Cons: 1. May be outdated 2. Limited scope
51
State two pros and two cons of paid for market reports e.g. Mintel
Pros: 1. Comprehensive data 2. Expert analysis Cons: 1. High cost 2. May not be specific to niche markets
52
Why is sampling necessary
Sampling is necessary to gather insights from a smaller group to make inferences about the larger population.
53
State two benefits and two limitations of developing new products
Benefits: 1. Increased market share 2. Meeting changing consumer needs Limitations: 1. High costs 2. Risk of failure
54
State two benefits of having a strong brand image
1. Customer loyalty 2. Competitive advantage
55
State the role of packaging (give 3)
1. Protection of the product 2. Communication of brand identity 3. Facilitation of storage and transport
56
State the main stages of the product life cycle and raw graph
Stages: 1. Introduction 2. Growth 3. Maturity 4. Decline
57
State 4 extension strategies
1. New uses for the product 2. New markets 3. Product improvements 4. Rebranding
58
State two pros and two cons of Cost plus Pricing
Pros: 1. Simple to calculate 2. Ensures costs are covered Cons: 1. Ignores market demand 2. May lead to overpricing
59
State two pros and two cons of Competitive Pricing
Pros: 1. Attracts price-sensitive customers 2. Encourages market share growth Cons: 1. Reduced profit margins 2. Price wars
60
State two pros and two cons of Penetration Pricing
Pros: 1. Quick market entry 2. Builds customer base Cons: 1. Low initial profits 2. Difficult to raise prices later
61
State two pros and two cons of price skimming
Pros: 1. High initial profits 2. Recoups development costs Cons: 1. Attracts competition 2. Limits market size
62
State two pros and two cons of promotional pricing
Pros: 1. Boosts short-term sales 2. Attracts new customers Cons: 1. Can devalue brand 2. Unsustainable long-term
63
Define Price Elastic Demand
Price Elastic Demand is when a small change in price leads to a significant change in quantity demanded.
64
Define Price Inelastic Demand
Price Inelastic Demand is when a change in price has little effect on the quantity demanded.
65
State two benefits and two drawbacks of using a wholesaler
Benefits: 1. Bulk purchasing 2. Reduced distribution costs Drawbacks: 1. Less control over pricing 2. Potential for stock issues
66
Define E-Commerce
E-Commerce is the buying and selling of goods and services over the internet.
67
State two opportunities and two threats of E-commerce to a business
Opportunities: 1. Global reach 2. Lower operational costs Threats: 1. High competition 2. Cybersecurity risks
68
State the legal controls involved in marketing
Legal controls include regulations on advertising, consumer protection laws, and data privacy laws.
69
State two problems of foreign markets
1. Cultural differences 2. Regulatory challenges
70
State two benefits and two drawbacks of joint venture
Benefits: 1. Shared resources 2. Access to new markets Drawbacks: 1. Shared profits 2. Potential for conflicts

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