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BUSINESS > gcse > Flashcards

gcse Flashcards

1
Q

define promotion

A

Promotion is used by enterprises to communicate with current and potential new customers. The aim is to persuade them to buy a product/service or inform them about the enterprise

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2
Q

what is the aim of promotion

A

.To build a brand image and/or raise awareness
.To encourage customers to buy a product/service
.To remind people about the products/service

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3
Q

define a message

A

what the communication needs to say

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4
Q

define a medium

A

A medium is how an enterprise chooses to communicate with and advertise to its market

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5
Q

what is advertising

A

Advertising is when an enterprise uses media to communicate with the public about its products or services

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6
Q

why do enterprises advertise

A

.To inform potential customers about their business or a new product/service
.To persuade people to purchase their products/services

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7
Q

List the 5 methods of advertising

A

Moving images and videos, print, ambient, digital, audio

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8
Q

Describe moving images and videos with advantages and disadvantages

A

Used on television, in a cinema or posted on a video streaming site such as YouTube
Advantage: Enables products with moving parts or a practical use to be seen in action and how they can be used
Disadvantage: may not focus on the descriptive sides of the product/service

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9
Q

Describe print advertising with advantages and disadvantages

A

Used in newspapers, magazines and billboards
Advantages: Likely to be seen by a large number of people
Disadvantage: May not show how the product runs as it isn’t 3D nor moves

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10
Q

Describe ambient advertising with advantages and disadvantages

A

used in public places (bus stops and shopping centres)
Advantages: outdoors advertising aims to catch the attention of passers-by
Disadvantages: People may not pay attention as public places are usually busy and they may not be able to see

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11
Q

Describe digital advertising with advantages and disadvantages

A

company websites, social media
Advantages: enables businesses to connect with large numbers of people instantly
Disadvantages: elderly people who are less likely to have social media don’t get to see the product/Service being advertised

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12
Q

Describe audio advertising with advantages and disadvantages

A

local and national radio
Advantages: allows businesses to speak directly to their target market
Disadvantage: Not many people listen to the radio, it also isn’t usually explained as well as you cant see or get a visual explanation of the product/service.

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13
Q

List the 5 types of promotional mix

A

Advertising, sales promotion, personal selling, public relations, direct marketing

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14
Q

Define sales promotion

A

A sales promotion gives customers an incentive to buy an enterprises product/service by giving discounts on the price of the product/service

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15
Q

Benefits of sales promotion

A

.To entice people in
.To boost sales figures
.To attract first time buyers
.To clear old stock

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16
Q

Examples of advertising

A

using media e.g.-TV, Radio, newspapers, social media.

Very expensive as they reach a wide audience

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17
Q

Examples of sales promotion

A

e.g.-40% off. Buy one get one free. These are short term sales boosts

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18
Q

Examples of personal selling

A

e.g.- face to face, telephone ,web/video chat , door to door sales, sales people in city centres/at airports/ at different events.

19
Q

Examples of public relations

A

Press release, exhibitions, promotional stunts, sponsorships, fundraising events, charity works.
Success depends on the event/team/charity running the event.

20
Q

Examples of direct marketing

A

Junk mail e.g. leaflets, direct adverts sent to individuals e.g. emails, messages, mail. Can often be ignored but cheap to do.

21
Q

Disadvantage of sales promotion

A

If an enterprise uses sales promotion they may loose money if handing out free samples or reducing the price of certain products/services

22
Q

Why do enterprises use sales promotion

A

They use it when the product isn’t selling well or they want to clear stock

23
Q

Describe public relations

A

PR involves promoting an enterprise, brand, a product or service by placing about it in the media

24
Q

Describe direct marketing

A

.when an enterprise communicates with a customer directly to try and sell them something
.This can increase sales but also help build a relationship with customers

25
Q

Describe free samples

A

customers get to try something without having to buy it first

26
Q

Advantages and disadvantages of free samples

A

Advantages- Allows the product to try what the products like before buying it and therefore creates trust between the customer and the enterprise
Disadvantages- costs the enterprise money to give out free samples. People who just want to get free samples with no intention of purchasing will waste time +money

27
Q

Describe money off discount

A

A business giving a customer a discount price- e.g. 10 off

28
Q

Advantages and Disadvantages of money off discount

A

Advantages- attracts first time buyers as customers always like a deal
Disadvantages-Cheaper than the original price and therefore not selling it for the same price, not the same profit

29
Q

Describe coupons

A

A small paper or card offering a discount or a free gift to a customer

30
Q

Advantages and disadvantages of coupons

A

Advantages- creates loyal customers

Disadvantage-costs the business money to give out free gifts

31
Q

B2C(business to consumer)

A

A market in which companies sell products directly to consumers

32
Q

B2B(business to business)

A

Enterprises which sell products to other enterprises

33
Q

Methods of promotion in B2B markets

A

B2B markets use expensive methods of promotion such as advertising nationally, stands at exhibitions and discounts for buying in bulk.

34
Q

Methods of promotion in B2C markets

A

B2C markets target individual consumers using promotional methods such as money-off vouchers, discounts and loyalty incentives

35
Q

Describe the pull strategies for B2B

A

Enterprises promote the product directly to consumers to create a demand, for example through television advertising. The B2B market then buys the product as a consumer market has been built ups for it

36
Q

Describe the push strategy in B2B market

A

Enterprises promote the product daily to B2B market, for example giving an incentive such as a discount for buying large quantities.

37
Q

What is market segmentation

A

This is the process of breaking down a large market into much smaller groups of consumers

38
Q

Why do enterprises segment the market

A

.To understand better the characteristics, needs and interest of current and potential customers
.To develop products that suit the needs of different market segments
.To develop products for a particular market segment
.To choose promotional methods that are better suited to the target audience

39
Q

Define demographic segmentation

A

Segmentation based on the characteristics of a population. Demographic segmentation covers various characteristics of consumers such as age, gender, family size, ethnicity/race, religious and cultural beliefs, in come, educational level, socio-economic group

40
Q

Define geographic segmentation

A

Segmentation based off where people live.

41
Q

Define behavioural segmentation

A

Segmentation based on how people relate to a product. Includes consumer spending choice, how often customers buy products and how loyal customers are to brands and enterprises.

42
Q

Define psychographic segmentation

A

Segmentation based on attitudes, lifestyles and opinion. Includes social class, attitudes, lifestyle and personality characteristics

43
Q

Explain population characteristics for demographic and geographic segmentation

A

AGE
.peoples tastes, interests and needs may change at different life stages. FOR EXAMPLE holidays are targeted at different age groups

GENDER
.Men and women have different tastes, interests and needs. FOR EXAMPLE toiletry products are often segmented by gender

INCOME
.people with higher income have more money to spend. FOR EXAMPLE people with a lower income may not be able to afford luxury brands such as designer clothing and jewellery

EDUCATIONAL LEVELS
.People with a higher level of education may earn more and spend their extra income on a wider range of cultural interests. FOR EXAMPLE people with a more advanced educational level could probably be able to afford more expensive products live designer brands

SOCIO-ECONOMIC GROUP
.peoples social class is based on their income and job. FOR EXAMPLE luxury cars are a product that may be targeted at higher social class.

ETHNICITY,RELIGION AND CULTURE
.these may influence choice of food, clothing and cultural preference’s. FOR EXAMPLE specialist food would be targeted at specific communities

FAMILY SIZE
.larger families often buy products such as food and washing up powder in bigger quantities. FOR EXAMPLE family sized meals would be aimed at large family’s

44
Q

Examples of geographic segmentation

A

.People living in cold, hot or damp climates will need different types of clothing and transport
.Regional tastes in cuisines mean different demands on food
.Customers and cultural characteristics of a country or region affect peoples choices
.The general standards of living in an area will affect how much consumers have to spend

BUSINESS (2 decks)

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