Management Of Marketing Flashcards
(22 cards)
What is a market?
A market is a place where buyers and sellers come together.
It doesn’t have to be a physical place e.g. buying and selling now takes place on-line using internet.
What is marketing?
Marketing is more than just advertising or selling a product. Marketing is about ensuring that the business organisation meets the demands, needs and want s of customers in a market.
What us market concept?
The basic idea of marketing is that businesses survive and grow by meeting the needs and wants of consumers
Why is marketing an important activity?
- Can allow the business to identify changing customer needs and so modify their products accordingly to retain existing customers.
- Can attract new customers by letting them know about the range of products the business has
- Market growth
- Market share
- Market leader
Market growth
Business increase the number of customers buying from the business
Market share
Increase the proportion of cutomers it has from the whole market
Marrket leader
When a business has the most customers compared tot other businesses in the same market
Market research
Market reasearch involves the constant gathering, recording and analysing of data about an organisations product/services and its target market
What are the two types of market research
- field research
- desk research
What is field research
This is carried out by a researcher out ‘in the field’ obtain first hand, primary informations for the organisation to then use.
Importance of marketing
- can allow the business to identify changing customer needs and so modify their products accordingly to retain existing customers.
- can attract new customers by letting them know about the range of products the business has.
- market growth
- market share
- market leader
Market growth
business increase the number of customers buying from the business.
Market share
increase the proportion of customers it has from the whole market.
Market leader
When a business has the most customers compared to the other businesses in the same market
Market research
Market Research involves the constant gathering, recording and analysing of data about an organisation’s product/services and its target market.
What are the two types of market research
- desk research
- field research
Field research
This is carried out by a researcher out “in the field” to obtain first hand, primary information for the organisation to then use.
Advantages of field research (5)
- Information can be gathered for a specific purpose, e.g., a survey to find out about consumers shopping habits.
- Information is relevant – it can be linked directly to a product or particular services or shops.
- Research can focus on what a business specifically wants to find out.
- Interviewers can explain questions to those being surveyed.
- Information gathered is up-to-date.
Disadvantages of field research (6)
- It can be very costly to set up.
- It can take a great deal of time and expense to train interviewers.
- A wide audience must be surveyed if the findings are to be realistic.
- Information needs to be analysed and interpreted after it has been collected.
- There is no guarantee that the views of those sampled reflect those of the whole country.
- The way questions are worded or asked can influence people’s responses.
Personal interview
This involves a face to face interview. A personal interview can be held in the street or by visiting homes
Advantages of personal interview (3)
- Allows 2-way communication
- The researcher can encourage the respondent to answer
- Mistakes and misunderstandings can be dealt with
Disadvantages of personal interview (2)
- Takes a lot of time and can be expensive
- Home interviews tend to be unpopular with consumers
