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Business Studies I Have Created Myself > Chapter 3- Marketing > Flashcards

Chapter 3- Marketing Flashcards

(53 cards)

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1
Q

What is marketing (ias)

A

The management process which identifies, anticipates and satisfies customer requirements profitably

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2
Q

What is market reasearch

A

The gathering and analysis of data based on a company or a customer, which leads to more market knowledge and therefore better informed decision making

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3
Q 
What is primary research 
Give examples (5)
A

Gathering new information by direct contact with the costumers
Observation
Questionnaire eg. Face to face, postal, phone
Consumer panel
Testing
Interview

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4
Q

What are the advantages of primary research (4)

A

Specific
New data
Taken directly from costumers
Detailed information obtained

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5
Q

What are the disadvantages of primary research (2)

A

Not accurate as costumers may lie

Expensive after setting it up and analysing the data

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6
Q

What is secondary reach

A 
Based on data that has already been collected 
Data record reports 
Newspapers 
Past recorded data 
Specialist magazines 
Pub.ic libraries
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7
Q

What are three advantages and disadvantages of secondary research

A

Cheaper
Available immediately
Reasonably accurate if it came from a reliable source

Unlikely to be made for exact same purpose
Other companies have same data
May be out of date

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8
Q

What is sampling

A

Part of primary research

It samples a number of people to represent the whole population

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9
Q

What is random sampling

A

When everyone has an equal chance of getting picked to express personal opinions

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10
Q

What are the advantages and disadvantages of random sampling

A

Everyone has an equal chance
Personal opinion

Expensive
Might not sample people who really matter
Doesn’t work for some products e.g. specialised products
Not accurate if it is a small sample

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11
Q

What is quota sampling

A

When you survey particular people so they represent the makeup of that particular market

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12
Q

What are the advantages and disadvantages of quote sampling

A

More accurate than random sampling
Personal opinion
Directed at appropriate audience

Need to know composition of market to have accurate proportions
Unsuitable for some products

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13
Q

What is market segmentation

Give five examples

A

The division of a market into segments based on people’s required tastes

Gender
Age
Ethnicity 
Social economic class 
Geography
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14
Q

What is product range and give an example

A

Refers to similar products produced by the same business

Cadbury chocolate bars

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15
Q

What is product mix

Give an example

A

The combination of products that a business produces

Apple technology

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16
Q

What is product differentiation

How can a business fulfil this

A 
How a business makes its products different from the rest 
Design
Formulations
Name 
Packaging
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17
Q

What is a brand

A

Businesses/ products consumers see as being different from others
Eg coco cola

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18
Q

What is generic brand and own branding

A

Products made by a number of businesses, where the customer doesn’t see any difference between one product and the branded product eg milk, potatoes

Made by retailers eg Lidl cereal vs branded cereal

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19
Q

What are the stages of product lifestyle

A 
Development 
Introductions
Growth 
Saturation/ maturity 
Decline
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20
Q

What are some extension strategies (5)

A 
Modify product eg. New range 
Change packaging 
More promotions 
Different market eg. foreign 
Reduce price
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21
Q

Names four legislations relating to products and what do they do

A

Sale and supply of goods and services- make sure safety regulations have been passed, fit for purpose, as described, quality

Consumer protection act- sue for damages by faulty product

Food safety (NI)- make sure staff handling food has training, permises registered by local authority, food is consumable

Weight and measures (NI)- makes sure nothing is sold under the weight it is supposed to be

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22
Q

What is price

Study These Flashcards
A

The money a firm requires to produce a good or a service

23
Q

Give examples of pricing strategies

Based on competition, price people are willing to pay, price it takes to produce, type of product

Study These Flashcards
A

Market- led, price is based on competitors price
Cost- based, how much it costs to produce product as well as making a profit
Destroying- to destroy other competitors and take them out of the industry
Skimming/ creaming- when you start at low price when introduced then increase price
Penetrating- start high end low
Psychological pricing- 99p or premium to make you think about quality
Price wars - to undercut rivals

24
Q

Give six factors that effect price

Study These Flashcards
A 
Season 
Amount of product 
Costs of production 
How much the Market is willing to pay 
Competition 
Need to make a profit
25
What are the four parts of promotion
Advertising Sales promotion Personal selling Sponsorship
26
Why might people promote (4)
``` To co operate with other companies To increase sales To advertise new product To compete with other firms Improve image of company ```
27
What is advertising known as | What are the three types of advertising
Above-the-line promotion Generic advertising- when an advert advertises the whole industry eg. Milk marketing board advertises milk Informative advertising- aims to give information eg. on upcoming events and product recall Persuasive advertising- aims to persuade a consumer to purchase the advertised product
28
What are some methods of advertising (5)
``` Radio Magazines Newspaper Billboards Internet Vehicles Cinema TV ```
29
What does below-the-line promotion include (3)
Sales promotion Sponsorship Personal selling
30
What is sale promotion
Refers to all the methods that influence the consumer to perchase the product
31
What are methods of sale promotion (5)
``` Loyalty cards Coupons Vouchers Sales Special offers, bogof Discounts Price reductions Loss leaders Free samples ```
32
What is sponsorship promotion
The promotional method which a company covers the cost of the event or service eg. Charity event
33
What is public relations
When the public have an interest in the business therefore the business comes across as generous and public spirited
34
What are the two legal constraints on promotion
Trades description act- as described, genuine prices, country of origin displayed on packaging, Consumer protection act- if product is dangerous it has to be labelled that it is dangerous, reasonable price, gives first aid instructions
35
What are the other three legal constraints against promotion
ASA- advertising standards authority, honest, truthful, reasonably price, decent CMA- competition and market authority, aims to promote competition by investigating murges or takeover, if the murger is against public interests then this will not be allowed to happen OFCOM- office of communication, when communication takes place to make sure decency, taste and nothing is hurt/ no offence
36
What is place
Refers to the channel of distribution, i.e. How a business will be able to transport goods to consumers The most appropriate Sales outlet Transport Channel to use
37
What are the four parties involved in distribution | What is the process related to them
Manufacture- created of goods in large batches Wholesaler- buys from manufacture in large batches and sells to retailer in smaller batches Retailer- buys from wholesaler or manufacture and last seller before it reaches consumer, situated in a convenient place Consumer- buys from retailer in smaller usable amounts which is replaced daily Breaking bulk
38
What are the three level channels of distribution
Manufacturer - consumer, zero level channel, direct selling, eg. farm shops Manufacturer- retailer- consumer, one level channel, most common eg. tesco Manufacturer- wholesaler- retailer- consumer, two level channel, helps smaller business to buy products in smaller batch, common in consumer markets
39
What are the factors effecting the choice of distribution channel (4)
``` Type of good Price of good Life span of good, perishable Costs involved Demand Competition ```
40
What are the four key trends of distribution channel
``` Growth of... Call centres E commerce Retail parks Retail parks Digital television shopping Diversification of products and services offered by retailers ```
41
What are the implications of e commerce
To deliver goods and service on time Needs a fleet of vehicles to make deliveries Because of delivering over seas then this means import and export regulations and shipping laws have to be observed
42
WTA is transport distribution give examples (5)
``` The distribution was involved the transporting of goods to their final destination Eg. Road Rail Seas Pipeline Air ```
43
What is competition
When two or more business want to secure business with costumers by providing the best product on agreeable terms
44
What are two factors that effect competition
Number of firms in the industry | How similar the products produced by the different firms are
45
What is high competitive and highly concentrated competition mean
Large number of small firms in the same industry, similar products Small number of large firm in the same industry
46
What is a monopoly
When one industry is denominated by only one firm
47
What are four indicators of the level of competition
Measures of market share Measures of concentration Measuring the entry and exit of firms Measuring the customer switching behaviour
48
Explain two ways you can mange competition
Reduce competition- takeover of firms that are rivals, joining with firms ``` Become more competitive Reduce price, increases sales, but may start price wars Improve quality- premium price Advertising Product differentiation ```
49
What is customer service
What a business does to fulfil customer needs and create customer satisfaction
50
Why is customer service important to a business
Cheaper to retain existing customers than attracting new ones More likely to keep costumers
51
What is customer service and what does it do
Gretchen added service on to what the business does on top of providing a product/ service The responsibility of everyone in a business Encourages customer loyalty
52
What are some characteristics of customer service Note* every business should have a customer service policy
Timeliness eg. answering calls within 20 seconds Accuracy eg. getting customer order right 100% of the time Appropriateness eg. if a customer has two issues then each issue should be dealt with
53
By dealing with complaints how does this have a positive impact on a business
If a complaint is dealt with appropriately then the customer will tell their friends and family If not, 80% of people would tell other people

Business Studies I Have Created Myself (3 decks)

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