Chapter 9 - Marketing Flashcards
(31 cards)
Define marketing
anticipating, identifying and satisfying customer needs
Define identifying
finding out what customers want and need through market research
Define anticipating
costumer demands can change, so it is important to look ahead at the ‘next big thing’. this allows an enterprise to respond more quickly to changing tastes and fashion
Define satisfying
providing products where and when they are wanted and at a price costumers are willing to pay
Why will an enterprise use marketing?
- raise customer awareness
- increase or maintain brand loyalty
- improve image of company
- increase or defend sales, market share, or profit
- help enterprise compete
- help enterprise reach its target market
How will marketing help customers of an enteprise?
- provides information about the enterprise to customers
- helps customers make informed decisions
- raises awareness of products to customers
- helps enterprise keep customer needs in mind
Define customer retention
measuring how loyal customers are to an enterprise (and the likelyhood of them buying its products or services again)
What are some reasons to keep returning customer?
- marketing is expensive
- stable income makes cash flow planning easier
- helps establish snd maintain brand loyalty
- loyal customers tend to spend more per visit
- good word-of-mouth advertising
Define customer satisfaction
the extent to which customers are pleased with the products and services provided by an enterprise
What are some methods to measure customer satisfaction?
- number of sales
- number of complains and returned products
What are some ways to receive feedback from customers about an enterprise?
- questionnaires and surveys
- suggestion boxes and comment cards
- mystery shopper programmes
- focus groups
Explain focus groups
some enterprises want to explore the needs, thoughts and opinions of customers. talking to the same or similar group of people over a long period of time allows an enterprise to build up a fuller impression of what its customers think
What are some ways of retaining customers?
- offering god or improved quality products
- offering a new or wider range of products and designs
- offering good customer service by giving personal attention to the needs of customers by training employees to be helpful and knowledgeable
- providing after-sales services and support
- resolving complaints quickly and effectively
- providing detailed information about products
- communicating regularly with customers
- rewarding loyalty
- asking for feedback
Define justify
support a case with evidence / argument
What are the 2 types of advertisement?
informative and persuasive
Name some marketing/advertising methods
- leaflets / flyers
- posters and billboards
- online communication and social media
- sponsorship
- newspapers
- television
- radio
- cinema
- magazines
- newsletters
- word of mouth
- announcements
Give advantages and disadvantages for leaflets and flyers as a marketing method
a:
- simple, easy, cheap to produce
- can be kept for future reference
d:
- often seen as junk so thrown away or ignored
- pollution issue caused by litter
Give advantages and disadvantages for posters and billboards as a marketing method
a:
- good visual impact
- can be seen numerous times as people pass
- can target people in a given location
d:
- easy to miss as only seen for a few seconds as people pass
- no detailed information
- can be easily damaged
Give advantages and disadvantages for online communication and social media as a marketing method
a:
- can have 2-way communication with customers
- can be accessed in most countries so larger potential audience
- sites easy to update and maintain
d:
- people must have internet access to use
- easy to ignore/block out adverts
- can be easy to miss especially as large number of sites and platforms exist
Give advantages and disadvantages for sponsorship as a marketing method
a:
- association with another party can increase awareness amongst target market
d:
- negative publicity can affect both parties
- could be expensive
Give advantages and disadvantages for newspapers as a marketing method
a:
- can reach large numbers of people at the same time
- can be kept for future reference
d:
- can be expensive depending on size and color
- not everyone reads newspapers
Give advantages and disadvantages for television as a marketing method
a:
- can reach large numbers of people
- by selecting certain times, programmers can target audiences
- color, sound, and motion helps attract attention
d:
- expensive
- cannot change message easily
- easy to ignore
Give advantages and disadvantages for radio as a marketing method
a:
- can be used to target specific audiences or areas
- cheaper than tv
d:
- only have sound to attract attention
- advert has to be remembered as there is no document to refer back to
Give advantages and disadvantages for cinema as a marketing method
a:
- uses sound, color and motion to create impact
- potential customers can be targetted by film shown
d:
- target market is likely to be small
- people may only see the advert once
- high cost to produce and show advert
