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Flashcards in Marketing Deck (23)
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1
Q

What is the marketing mix?

A

The 4 P’s; place, product, price and promotion.

2
Q

What is market research?

A

Market research is research into finding out how to satisfy customer’s needs. Market research also looks into competition and marketing trends.

3
Q

What is primary research sometimes called?

A

Field research.

4
Q

What is secondary research sometimes called?

A

Desk research.

5
Q

What is primary research?

A

Primary research involves gathering new data that has not been collected before. For example; doing surveys to the general public.

6
Q

What is secondary research?

A

Secondary research involves gathering existing data that has already been produced. For example; the information in newspapers is secondary research.

7
Q

What is quantitative data?

A

Factual information is called quantitative data.

8
Q

What is qualitative data?

A

Information collected about opinions and views is called qualitative data.

9
Q

What is marketing?

A

Marketing is best described as the process of getting the right product to the right people at the right time profitably.

10
Q

What is “route to market”?

A

“Route to market” are different ways to get the product to the customers.

11
Q

What are the main aims for businesses?

A
  • grow sales
  • increase profits
  • build customer awareness
12
Q

List 6 ways you can segment people?

A
  • by age
  • by gender
  • by income
  • by socio-economic group
  • by residential area
  • by geographical area
13
Q

What are niche markets?

A

Niche marketing focuses on a specific segment of consumers. This is usually a relatively low number of customers.

14
Q

What are mass markets?

A

The term mass market refers to a large, segmented market of consumers with widely varied backgrounds.

15
Q

What are the benefits of segmentation?

A
  • the sales can be increased by producing versions of goods and services targeted at various segments of the market.
  • segmentation helps to target advertising and promotion more effectively at the relevant market segments.
  • it ensures that products on sale in the right place to attract the target market segments
  • provides what the customers wants.
  • happy customers = repeat sales - increase revenue - improved profit
  • companies can increase their sales if they develop a product to fill a gap in the market.
16
Q

What does CAM stand for?

A

Computer aided design.

17
Q

What is CAM?

A

CAM is where things are designed on a computer and are more accurate because they use exact measurements.

18
Q

What sorts of things is CAM used for?

A

CAM software is used in a vast numbers of businesses including;

  • car manufacturing
  • food manufacturing
  • electronic manufacturing
  • clothing production
19
Q

What are the advantages of CAM?

A
  • it saves time - machinery is quicker
  • more capital - less staff wages to pay
  • accuracy - it will be precise and more accurate than doing it by hand
  • prototyping - can test it to see if it looks right
20
Q

What are the disadvantages of CAM?

A
  • it is very expensive to buy

- if the software was to break, a specialist expert would be needed to fix it - this can be expensive too

21
Q

What is tertiary production?

A

Tertiary production refers to the commercial services that supports the production and distribution process.

22
Q

What is horizontal interrogation?

A

Horizontal interrogation is buying up another firm at the same time at the same stage of production.

23
Q

What is a market segment?

A

Segmenting a market is dividing the market up into different parts