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Business AS Flashcards :) > Business - Unit 3: Marketing > Flashcards

Business - Unit 3: Marketing Flashcards

(56 cards)

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1
Q

Primary Market Research

A

Collecting information which did not exist before the research began

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2
Q

Primary Market Research - Advantages

A

It’s up to date
Relevant and specific for the business
Only business with access to the info

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3
Q

Primary Market Research - Disadvantages

A

Expensive
Could have bias
Take long time
Not representative of the entire population

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4
Q

Secondary Market Research

A

Information which already exists in some form
It can be internal or external

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5
Q

Secondary Market Research - Advantages

A

Easier
Cheaper
Quicker to collect

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6
Q

Qualitative Data

A

Higher degree of info
Disagreement within business about the significant and importance of qualitative data

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6
Q

Quantitative Data

A

Produces data that can be tested
Can be compared
Hard to collate
Only numbers

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6
Q

Secondary Market Research - Disadvantages

A

Could be out of date
Not reliable

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7
Q

Extrapolation

A

Involves the use of trends established by historical data to make predictions about future values

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8
Q

Correlation

A

Another method of sales forecasting
Looks at the strength of a relationship between two variables

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9
Q

Positive Correlation

A

As one variable increases/decreases the other one increases/decreases

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10
Q

Negative Correlation

A

A relationship between two variables that move in opposite direction

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11
Q

No Correlation

A

A situation in which there is no connection between 2 or more facts

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12
Q

Price Elastic

A

Change in demand is more than the change in price

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13
Q

Price Inelastic

A

Change in demand is less than the change in price

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14
Q

Unitary price elasticity

A

Change in demand = change in price

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15
Q

Income elasticity of demand

A

Measures the extent to which the quantity of a product demanded is affected by a change in income

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16
Q

Luxuries

A

Income elasticity more than 1
As income grows, proportionally more is spent on luxuries

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17
Q

Necessities

A

Income elasticity less than 1 but more than 0
As income grows, proportionally less is spent on necessities

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18
Q

Geographic Segmentation

A

Customer location
Rural/urban region

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19
Q

Behavioural Segmentation

A

Personality
Lifestyle
Attitudes
Class

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20
Q

Demographic Segmentation

A

Age
Gender
Occupation
Socio-economic background

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21
Q

Income Segmentation

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A

Disposable income
Substitutes

22
Q

Segmentation Advantages

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A

Focuses resources on parts of a market where business can succeed
Allows a business to grow share in markets
Helps with new product development
Helps make the marketing mix more effective

23
Segmentation Disadvantages
Segmentation is an imprecise science The segments might not reach the target market Markets are increasingly dynamic
24
Niche Marketing
A specialised market segment where you cater for the demand for products/services that are not currently being supplied by the main suppliers
25
Mass Marketing
Occurs when a business offers almost the same products to all consumers and promotes them in almost the same way
26
Market Positioning - Advantages
Helps spot the gaps in market Useful for analysing competitors Encourages use of market research
27
Market Positioning - Disadvantages
Just because there is a 'gap' doesn't mean there is demand Not a guarantee of success Market research might not be reliable
28
Boston Matrix Axis
X Axis- Relative Market Share Y Axis- Market Growth Rate
29
Boston Matrix - Star
High market share of a fast growing market
30
Features of a Star
Competition is high Products have high levels of revenue Products have high levels of costs such as advertising Brands have to be established There is hope they will become the cash cows of the future
31
Boston Matrix- Cash Cows
High market share in a slow growth market
32
Features of a Cash Cow
Very profitable Well- positioned Expenditure on advertising is very low Customers know and understand the product Brand value has been established Development costs have already been recouped Little need for Investment
33
Boston Matrix- Question Marks/Problem Children
Low market share in a fast growth market
34
Features of a Question Mark/Problem Child
Market is fast growing but it is not selling Currently failing but worth doing something about it Could be solved by a product relaunch or an alteration of design Expensive to deal with and unclear what is best
35
Boston Matrix- Dogs
Low market share of a low growth/shrinking market
36
Features of Dogs
May still be marginally profitable Not generally worth spending large amounts of money Can be worth holding onto them especially if they provide synergies
37
Product Life Cycle
Development Introduction Growth Maturity Decline
38
Pricing strategies - Cost-plus
Price is set by applying a percentage margin based on the unit costs of production or supply
39
Pricing strategies - Dynamic
Setting flexible prices for products or services based on current market demands
40
Pricing strategies - Price Skimming
Charging a premium price when a product is first launched in order to maximise revenue per unit
41
Pricing strategies - Penetration pricing
Offering a significantly lower price than normal in an attempt to maximise volume sold and to build an installed base of product users
42
Promotion - Above the line
Mass targeting people
43
Promotion - Below the line
Target specific people
44
Distribution
Involves the ways in which a product reaches the end consumer
45
Aim of Distribution
To make products available in the right place at the right time in the right quantities
46
4 Stage Distribution
Producer I Wholesales I Retailers I Consumers
47
3 Stage Distribution
Producers I Retailer I Consumers
48
2 Stage Distribution
Producers I Consumer
49
Extended Marketing Mix - People
The employees and the people who produce the product
50
Extended Marketing Mix - Process
Process of buying something
51
Extended Marketing Mix - Physical Environment
The intangible How the store feels when the consumer enters
52
Digital Marketing
The promotion of brands to connect with potential customers using the internet and other forms of digital communication
53
E-commerce
The trading of goods and services on the internet
54
E-tailer
A person or company that sells products on the internet

Business AS Flashcards :) (5 decks)

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