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business own > Chap 3 - Marketing > Flashcards

Chap 3 - Marketing Flashcards

1
Q

define marketing

A

identifying customer wants and satisfying them profitably

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2
Q

how to identify customer wants

A

-surveys

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3
Q

what is down side of marketing on wants

A

wants are limited to how much money people have

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4
Q

rule for customers

A

customer is always king/ queen

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5
Q

difference btw a customer & consumer

A

-customer- buys products
-consumer- uses products

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6
Q

define customer

A

person who buys products

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7
Q

define consumer

A

person who uses products

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8
Q

note: company - customer - consumer

A
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9
Q

what does customer satisfaction cause

A

-value for money
-customer loyalty
-repeated purchases

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10
Q

define anticipating changes

A

making futuristic call on changes

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11
Q

define market

A

-where buyers & seller come tgt to cater to demographic

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11
Q

4 market changes

A

-technology- new products replace old ones
-taste & fashion - what people like/ trend
-income - people’s salary - affects sales on luxury items (wants)
-population - no. people & age - affects sales

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12
Q

what should businesses do if there are lots of competition

A

-expand market
-globalisation - operate business worlwide

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13
Q

define market segment

A

-sub groups of entire market

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14
Q

ways to segment a market

A

-population - age & gender
-geographical factors
-life style
-religon
-social economic groups (classes of people)

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15
Q

2 types of market

A

-niche market
-mass market

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16
Q

define mass market

A

-market for general products for everyone
-more safe

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17
Q

define market research

A

-process of gathering, analyzing & interpreting info. about the market (before selling)

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17
Q

define niche market

A

-market for specialised products & people are willing to pay a high price for it
-short lived - based on trends
-more profits

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18
Q

define product orientated

A

-making & selling a product without research
-less cost, time, effort

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19
Q

define market orientated

A

-doing research before making product
-more success (but not guaranteed)

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19
Q

2 types of market research

A

-primary research
-secondary research

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20
Q

define primary research

A

-doing field research - using first hand info.
-new & specific info.
-more time, effort, expensive
-accurate & reliable

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21
Q

define secondary research

A

-doing desk research - using second hand info.
-less time, effort, expensive
-old & not specific info.
-too much irrelevant info.
-unreliable
-have to pay sometimes

22
Q

eg of secondary research

A

-newspaper
-gov. statistics
-online
-competitors website

23
Q

define focus groups

A

-people who are paid to test products

23
Q

eg of primary research

A

-interviews - direct, timely & costly, can lie, may forget
-questionnaires - Q are easy, no misleading Qs, more detailed info, may lie
-outline surveys - instant
-focus groups - costly

24
Q

define sampling

A

groups of selected people who respond to a market research
(only in primary research)

25
Q

ways to choose sampling

A

-random - for general products - varied & biased responses - unreliable
-stratified - specific people - more meaningful responses
-quota - people are choose specifically - specific responses

26
Q

factors that influence accuracy of market research

A

-sample
- wording of questions
-Primary / secondary research
-bias
-census - population count

27
Q

ways to present data

A

-tbale
-graphs
-charts - pie, bar, pictogram

28
Q

define marketing mix

A

-4 key activities that make your product successful
-Product
-Price
-Promotion
-Place

29
Q

types of output

A

-goods
-service

30
Q

types of goods

A

-consumer goods - goods bought by consumers for their own use
-producer goods - goods make for other businesses to use

31
Q

define consumer goods

A

goods bought by consumers for their own use

32
Q

define producer goods

A

goods make for other businesses to use

33
Q

types of service

A

-consumer service - service used by consumers
-producer service - service for other business

34
Q

define consumer service

A

service used by consumers

35
Q

define producer service

A

service for other business

36
Q

note:
-products has to be value for money
-right product at right time

A
37
Q

stages of product development

A

-generating ides - brain storm/ brain still
-select ideas - for further research
-feasibility - decide if product is worth selling by considering the resources, profit and capacity to produce
-develop a prototype
-launch product in test market
-full launch of product

38
Q

define feasibility

A

decide if product is worth selling by considering the resources, profit and capacity to produce

39
Q

Ways to brand

A

-brand image
-logo
-colour
-music
-name
-font

39
Q

what do all products need (UPS)

A
  • Unique, Selling, Point
    -what makes the product diff from other products
40
Q

uses of branding

A

-creates a distinction
-gives product identity

41
Q

stages of a product life cycle

A

-development - making product - no, sales, unprofitable, expensive
-introduction - informative ads, risky, low sales, unprofitable, expensive
-growth - product is accepted - more sales, expensive, competition
-maturity - max sales, lots of competition, no need for ads
-saturation - too much competition, low sales, ads again
-decline - low sales, think of replacing product, discontinue (remove stocks)

42
Q

ways to extend product life cycle

A

-new variation - eg, flavours
-new packaging - eg, diff colour/ shapes
-find new uses for it
-find new markets - eg, export

43
Q

uses of packagings

A

-protect goods - eg, export/ import
-attraction - eg, wow factor
-information - eg, nutrition value
-convenience - eg, easy to carry

44
Q

define crowd funding

A

-people willing to invest even though they haven’t seen the product

45
Q

define price

A

what customer pays for a product
-if brand loyalty, price don’t matter
-value of money = repeated purchases

46
Q

methods of pricing

A

-skim pricing - high price for unique product, profit before competition start = recover cost (objective)
-penetration pricing - low price for product, more sales (objective), eg. necessary good
-promotional pricing - give discounts/ gifts with products, more sales/ remove goods (objective)
-competitive pricing - price as competitors price, +/- depending on quality
-cost plus pricing - find cost of product & add profit wanted

47
Q

define price elasticity of demand

A

-how responsive the demand for a product is when it’s price changes

48
Q

define elastic demand

A

small change in price causes big change in demand
-eg, luxury goods

49
Q

define Inelastic demand

A

demand does not change much when price changes
-eg, necessary goods

50
Q

define promotion

A

-communication with customer which lead to more sales

51
Q

ways to promote

A

-above the line promotion
-below the line promotion

52
Q

what is above the line promotion

A

-positive methods of promotion
-ads - sponsoring
-public relation - creating a positive image by doing good things

53
Q

what is below the line promotion

A

-negative methods of promotion
-sales promotion - give offers to increase sales, eg, sample, buy 1 get 1 free
-direct marketing - sell to customer directly, eg, online shopping

business own (4 decks)

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