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Business AS > Chapter 16 > Flashcards

Chapter 16 Flashcards

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1
Q

The link between marketing objectives and corporate objectives

A

L

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2
Q

Marketing objectives

A

These are the goals set for the marketing department to help the business achieve its overall objectives

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3
Q

Factors influencing the supply and demand for the products/services of a business

A

L

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4
Q

How markets may differ: consumer/ producer markets

A

G

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5
Q

How markets may differ: regional/ international markets

A

Local: supply product to consumers in the area

Regional: cover a larger geographical area than local and have expanded from this to regional

National: expanded from regional to the whole country

International: expanded from their country to several countries

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6
Q

Implications of changes in market share

A

D

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7
Q

Implications of changes in market growth

A

S

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8
Q

Classifications of products

A

Ff

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9
Q

How marketing might differ for different types of goods and services

A

Aa

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10
Q

Different types of market segmentation

A
  • Geographic
  • Demographic
  • Psychographic
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11
Q

Demographic market segemtations?

A

Separating the population based off of things like:

Their age
Their ethnicity
Their social class
Their income level

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12
Q

Psychographic market segmentation?

A

This is separating people based off of things like:

Their beliefs
Their likes/ tastes

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13
Q

What are some management functions related to marketing?

A
  • Market research
  • Packaging
  • Product design
  • Pricing
  • Advertising
  • Distribution
  • Customer Service
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14
Q

What re some examples of marketing objectives?

A

Market share increase
Increase percentage of returning customers
Increase total sales in volume or in value
Increase brand identity

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15
Q

What is marketing used to do?

A

Turn customer wants into customer needs

By identifying the target’s and satisfying their needs better than competitors do

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16
Q

What are some things that are very relevant to marketing decisions?

A 
Competition 
Niche or mass market
Brand image 
Packaging 
Pricing
Place
Promotion 
Segmentation
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16
Q

What is a market?

A

A market is a place or mechanism where buyers and sellers meet to engage in exchange

A group of customers interested in a product and have the resources to purchase it as well as it being permitted by the law

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16
Q

What are human needs?

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A

They are basic living requirements for us humans

Food, water , shelter

16
Q

What are wants?

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A

These are things we do not have a true need for and can live without

16
Q

What is satisfaction?

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A

It is whether you are or aren’t happy with the product you bought

16
Q

What is value?

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A

This is more about whether your expectations of the product, for the money spent, have been fulfilled or not

17
Q

what are some marketing objective examples?

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A
  • increasing market share
  • increasing total sales
  • increasing customer satisfaction
  • increasing brand identity
  • increasing number of returning customers
18
Q

What is market orientation?

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A

This is an outward looking approach that involves basing product decisions on consumers’ demand, as established by market research

19
Q

What are some benefits of market orientation?

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A
  • less chance of a product failing
  • more sustainable business
  • constant customer feedback to help adapt to demand changes
20
Factors influencing the demand of product
- promotion by a celebrity - advertising - change in weather - wants becoming needs - economic crisis - technology - pricing
21
Factors influencing the supply of a product
-popularity -availability of materials -shortages -overproduction -economic crisis -price -
22
Interactions between price supply and demand
A
23
Consumer/ producer markets
A
24
National markets
A
25
Regional markets
A
26
What is product orientation?
It is an inward looking approach that focuses on making products that can be made by the business and then sold (releasing own product)
27
Why are product orientated business still a thing?
1. Invention and development of new products creates niches | 2. They focus on high quality product and offer constant choice and range for consumers
28
What is asset led marketing?
an approach to marketing that bases strategy on the firms existing strength and assets instead of purely on what the customer wants
29
Why is market size important?
1. Managers assessing whether entering is a good decision 2. Calculation of market share 3. Roth and decline of market can be identified
30
What is non-price competition?
This is when business compete in ways except the pricing of their products. E.g. consumer service
31
What is a direct competitor?
A business that provide the same or very similar foods or services
32
What are important marketing concepts?
- creating and added value - product differentiation - niche marketing vs mass marketing - market segmentation
33
Why is added and creating value important to marketing?
If businesses are able to create more and attain more added value, their is greater potential profit for the business Marketing strategies can incorporate this E.g. makeup unique packaging added value
34
Why is mass and niche marketing an important marketing concept?
Their marketing should be personalised to the market they’re facing so they can target them in the most successful possible way
35
Advantages of niche marketing:
- survival and thriving of smaller firms | - filling gap of an unexploited niche market
36
Advantages of mass marketing/ disadvantages of niche marketing:
- niche dont allow for economies of scale | - mass marketing strategies are less risky as consumer changes affect niche more
37
What are the 3 types of market segmentation?
- geographical - demographic - physchographic
38
Advantages of market segmentation:
- define targets and personalise it to them - price discrimination can be used - helps in identifying market gaps
39
Limitations of market segmentation:
- high promotional costs for different products and their different segments - lots of market research needed - research and development costs

Business AS (16 decks)

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