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Business IGCSE > Business: Unit 3-Marketing > Flashcards

Business: Unit 3-Marketing Flashcards

1
Q

customer

A

a business or person which buys goods or services from a business

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2
Q

customer loyalty

A

when customers continually buy from a business

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3
Q

customer relationships

A

communicating with customers to encourage them to become loyal to the business

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4
Q

marketing

A

identifying customer wants and satisfying them profitably

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5
Q

role of marketing

A
  • identify customer needs
  • satisfy customer needs
  • maintain customer loyalty
  • customer relationships
  • gain info about customers
  • anticipate changes in cutomer needs
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6
Q

why do we use marketing(benefits to the business)(5)

A
  • raise customer awareness of product/service
  • increase market share
  • increase revenue and profitability
  • develop new products/improve existing ones
  • enter new markets
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7
Q

what drives change in consumer spending patterns (4)

A
  • population characteristics
  • technology
  • consumer tastes in fashion
  • income
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8
Q

for a business to stay competitive, it must (4)

A
  • maintain good customer relationships
  • keep improving existing product
  • bring out new products
  • keep costs low to mantain competitiveness
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9
Q

market(who is it made up of)

A

made up of total number of customers and potential customers and sellers for that particular good/service

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10
Q

mass market

A

a very large numbe of sales of a product

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11
Q

niche market

A

a small, specialised segment of a much larger market

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12
Q

market segment

A

an identifiable sub-group of a whole market in which consumers have similar characteristics of preferances

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13
Q

market segmentation(6)

A 
age
gender
lifestyle
use of product
religion
income
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14
Q

primary research(3 +, 2-)

A

information the firm itself has made that is related directly to the preson/company being researched
e.g: questionnaires, interviews, samples

+detailed information
+inexpensive
+detailed answer

  • can take lots of time
  • interviewer might influence interviewee
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15
Q

secondary research(2 +, 3-) and 2 subgroups

A

information that has already been collected and is available to others

internal sources: within firms own sources
external sources: outside the business

+cheaper
+some info can’t be obtained from primary research

  • broad results
  • data might be outdated or innacurate
  • might not have the info youre looking for
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16
Q

new product cycle (6 steps)

A
  1. generate ideas
  2. select best ideas
  3. decide if company will be able to sell enough
  4. develop prototype
  5. launch prototype in one area
  6. go to full launch
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17
Q

new product(4 +, 4-)

A

+unique selling point
+diversification
+expand into new markets
+expand into existing market

  • costs of market research
  • costs of trial products
  • lack of sales if target market is wrong
  • potential loss of company image
18
Q

unique selling point

A

special feature of a product that differenciates it

19
Q

brand name

A

unique name of a product

20
Q

brand loyalty

A

consumers keep buying the same brand again and again withoout choosing a competitor’s brand

21
Q

brand image

A

image or identity given to a product which gives it a personality of its own and distinguishes it from competitor’s brands

22
Q

product life cycle(6)

A 
development
introduction
growth
maturity
saturation
decline
23
Q

5 types of pricing and definition

A 
cost plus-cost of manufacturing+profit
competitive-price justbelow competitors
penetration-price lower than competitors
price skimming- high price for new products
promotion-very low price
24
Q

price elasticity

A

measurement of how responsive the market is when there is a change of price in a product

25
Q

price-elastic demand

A

the percentage of loss is greater than the percentage of increase in price

26
Q

price-inelastic demand

A

the percentage of loss is smaller than the percentage of increase in price

27
Q

producer—> consumer

A

+simple
+lower price for customer

  • impractical(consumers don’t live near factories)
  • not good for products that can’t be sent by post
28
Q

producer–>retailer–> consumer

A

+producer can sell large quantities
+reduced distribution costs

  • no direct contact wiht costumers
  • price is higher
29
Q

producer–>wholesaler–>retailer–>consumer

A

+using a wholesaler saves storage space
+small retails can purchase fresh products in small quantities
+wholesaler can give advice to retailer

  • may be expansive for a small shop
  • takes longer for fresh produce to reach shops
  • wholesaler may be far from shop
  • consumer price is higher
30
Q

producer–>agent–>wholesaler–>retailer–>consumer

A

+manufacturer can be helped by agent to sell in other markets
+agents are aware of local conditions->they can select the best place to sell in

-producer has less control over the way the product is sold to customers

31
Q

promotion

A

publicizing a product/brand to increase customer awareness or increase sales

32
Q

aims of promotion

A 
create a brand image
introduce a new product into a market
increase competition
improve a company's image
increase sales
33
Q

advertisement

A

informative advertisement: propotion focuses on giving information about a product

persuasive advertisement: promotion focuses on convincing the customer that really need the product

34
Q

target audience

A

people who are potential buyers of a product/service

35
Q

advertising process(5 steps)

A
  1. set objectives
  2. decide advertiement budget
  3. create advertisement budget
  4. select the media to use
  5. evaluate effectiveness of campaign
36
Q

advertising media

A

television, radio, newspaper, magazines, billboards, cinema/DVD, leaflets

37
Q

sales promotion

A

using incentives to increase sales

-sales, gifts, free samples

38
Q

e-commerce

A

when you buy or sell goods/services on the internet

39
Q

advantages/disadvantages of e-commerce to a business

A

+ low cost promotion
+everything can be automated
+businesses can buy from other businesses

  • competition is very high
  • website design has to be attractive & easy to use
  • transport costs are giher
  • no direct contact with customers
40
Q

advantages/disadvantages of e-commerce to consumers

A

+competition makes prices cheaper
+don’t need to leave the house to buy products
+payment is very easy
+easy to compare prices

  • need access to internet
  • slow servers can frustrate customers
  • products can’t be seen or touched

Business IGCSE (5 decks)

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