Flashcards in Chapter 27 Marketing Deck (33):
What is a market ?
A market refers to pace where goods and services are bought and sold.
What are the types of markets ?
Stock market fish market
What is a target market ?
A target market refers to all of the people who might buy a particular product or service.
What is a marketing mix ?
It is split up into four parts the four ps.
Explain product .
Producing the right product i.e product the customers needs and wants. It is also important that the packaging is attractive and contains all the necessary information.
Explain price .
Choosing the most suitable price at which to sell the product. When deciding on a price the seller must take into account:
- Price charged by competitors.
- The total costs of making and selling the product.
- The income level of the people who are going to buy the product.
- The profit the firm wants to make.
Explain place .
Choosing the best way to get the product to the customer:
~ Through wholesalers
~ Direct to retailers
~ Direct to the public
Making sure that the customers know about the product or service through advertising and sponsorship and encouraging them to buy the product or service through sales promotion.
What is market research ?
Market research involves collecting information about a product and its market and then using that information to make business decisions.
What are the main aims of market research ?
- To find out what products or services the consumer wants.
- To decide on a suitable selling price for the product or service.
- To find out the most suitable method of advertising use
- To find out the most suitable method of distributing the product or service
What are the two methods of collecting information ?
Desk research and Field Research
What is desk research ?
This is when information is collected about a market by looking up reports, newspaper articles and documents that are available on the Internet.
What is field research ?
Field research involves going out and asking members of the public questions about your product or service in order to find the information u need. It is called field research because u go out into the market (the field ) to find the information rather than rely on existing reports or the Internet.
What are the methods of field research?
What are questionnaires ?
They contain questions about a product or service. These are given to members of the public who answer the questions and hopefully provide the information u need.
What is test marketing ?
Set marketing involves asking a small number of people to try out the product before the firm decides to investment new equipment or an expensive advertising campaign.
What is direct observation?
This is where a firm finds out the information they need by watching people as they go out about their day-to-day business.
What is marketing segmentation ?
Dividing people into groups
What is advertising ?
Advertising is the communication of information about a product or service to the consumer.
What is marketing ?
Marketing is everything involved in getting a product or service from the producer to the consumer at a profit.
What are the reasons for advertising ?
🔹To tell consumers about new products or services that are available.
🔹To tell consumers about an event that is happening in the future e.g a concert.
🔹To persuade people to do something e.g to buy a particular product.
🔹To remind consumers of a brand name.
🔹To increase the firms sales and profits.
What are the types of advertising?
What is informative advertising ?
The purpose of informative advertising is to give information about something to the consumer. E.G health warnings
What is persuasive advertising ?
The purpose of this advertisement is to convince or persuade consumers that they need particular product or service.
What is competitive advertising ?
The purpose of this advertisement is to make consumers buy a particular product or service competitors brand e.g persuading consumers to fly with Aerlingus instead of Ryanair.
What is generic advertisement ?
This is where the advertisement is put out by an industry to promote the products of that industry rather than by one particular firm to promote their product only. e.g national dairy council.
What are the forms of advertising ?
What is sales promotion ?
Sales promotion refers to all ideas other than advertising used by a firm to try to increase sales of a particular product or service.
What are the most popular types of sales promotions ?
Special introductory price
Money off coupons
Two for the price
What is a brand name ?
Some manufactures use a brand name to get their product well known among consumers. A brand name is a name that is used by a business on all of their products so that the consumer will know that they are from the same manufacturer.
What is branding ?
Branding is about getting your target market to see your product as the product that meets their needs and wants better than any other brand.
What is sponsorship ?
Sponsorship is where a firm pays money to have their name or products associated with a major event e.g the US masters