L08-Marketing Flashcards
(48 cards)
What is Marketing?
It refers to all the processes involved in selling goods and services in the most profitable manner,and is a way of meeting up buyers and sellers
What is a Marketing strategy?
It is a long-term plan for achieving a company’s s goals by;
-understanding consumer needs
-creating a distinct and sustainable competitive advantage
Mention 4 ethical marketing strategies and give examples to do so.
-Fairness (fair prices,better wages and sustainable development)
-Honesty (advertising without attempting to mislead customers)
-Responsibility (providing reliable services or products,supporting social causes,giving back to the community and protecting the environment by using sustainable practices)
-Transparency (being open about company operations)
What is Primary Data / Field Research?
The collection of new data through direct contact with existing customers
List 3 methods of Primary research.
-Questionnaires
-Interviews
-Consumer Panels
-Observations
-Experiments
-Test marketing
List 3 advantages to Primary Research.
-Obtaining the information you want
-The information is up to date
-Having information competition doesn’t
List 3 disadvantages to Primary Research.
-It is expensive
-It takes longer to obtain
-It is difficult to obtain
What is Secondary Data / Desk Research?
It involves information that has already been collected and is available for use
Secondary Research can be collected internally or externally.
List 3 Internal sources.
-Sales department records
-Opinions of distributors and public relations departments
-Financial statements and records
Secondary Research can be collected internally or externally.
List 3 External sources.
-Government statistics
-Media reports and Newspapers
-Market research agencies report
-the internet
List 3 Advantages to Secondary Research.
-There is lots of information available
-It is cheap
-You can learn what competitors are doing
List 3 Disadvantages to Secondary Research.
-Information found may be out of date
-Data can be difficult to make sense of
-Information may not be relevant
What is the difference between Field and Desk research?
Field research is more accurate even so you can never be sure of the methods of collecting it.
List the 7 P’s of the Marketing Mix.
Product,Price,Place,Promotion,People,Process and Physical Evidence
(Place)
Today many businesses are selling their products online,this is referred to as e-commerce.
Mention 3 Advantages of this.
-More customers
-Open 24/7
-Relatively cheap
(Place)
Today many businesses are selling their products online,this is referred to as e-commerce.
Mention 3 Disadvantages of this.
-More competition
-The business needs to learn new skills
-New security problems
Promotion is about informing the customers about the products and services.
Mention 3 ways one can promote a product.
-Sales Promotion (it is designed to encourage people to buy,some examples of this are free gifts,discounts,free samples and attractive displays/packaging)
-Publicity (donations to charity,sponsorships and open days)
-Advertising (playing for a space to promote a product/service/cause)
What is Branding?
It is an attempt to make a product appear different from that of its competitors,Branding is when a firm tries to create an identity or image for its products.
What are Generic brand names? Give some examples of this.
A name that we use to refer to all products of a particular type,irrespective of the brand.
Examples:
-All pens are called Biros
-All vacuum flasks are called Thermos
-All vacuum cleaners are called Hoovers
The Product Design must include these following features; ….(list 4)
1) Functionality (user-friendly design)
2) Aesthetics (being pleasant and inviting)
3) Brand consistency (it helps reinforce the brand message and makes it easy for consumers to recognize the products)
4) User Experience (designers must pay attention to how users interact with products and use their feedback)
What does SDG 13 want to achieve?
A climate neutral world,as well as strengthening countries climate resilience paying special care to underdeveloped countries.
Why is packaging used on good.State reasons (4).
-Keeping goods intact and fresh.
-It can increase sales -More eye catching product.
-Can make the storing and display of the product easier for the retailer and so encourage them to handle it.
-It holds information such as the expiration date,price,ingredients/materials,name,address of manufacture,etc…
What does SDG 12 encourage and aim to do?
It encourages more sustainable consumption,by using more sustainable methods and reducing/eliminating others.
Mention and explain every stage of The Product Lifecycle.
1) Development (pre-launch) - The work done before the product is in the market,choosing if worthwhile to make a new product.
2) Introduction (launch) - The early stage,most probably the profit gathered will be lower than money invested to produce the product.
3) Growth - Sales and profit will rise little by little.
4) Maturity - The product reached its maximum point of sales.
5) Saturation - There will be stability and the sales will remain constant,it is important to recognize that the product will need improvement or else it will begin to decline.
6) Decline - Sales will start to fall.
7) Obsolescence - Steps have not been taken to improve the product and it will have to be withdrawn to avoid making a loss.
