Flashcards in Marketing Deck (23):
What is the marketing mix?
The 4 P's; place, product, price and promotion.
What is market research?
Market research is research into finding out how to satisfy customer's needs. Market research also looks into competition and marketing trends.
What is primary research sometimes called?
What is secondary research sometimes called?
What is primary research?
Primary research involves gathering new data that has not been collected before. For example; doing surveys to the general public.
What is secondary research?
Secondary research involves gathering existing data that has already been produced. For example; the information in newspapers is secondary research.
What is quantitative data?
Factual information is called quantitative data.
What is qualitative data?
Information collected about opinions and views is called qualitative data.
What is marketing?
Marketing is best described as the process of getting the right product to the right people at the right time profitably.
What is "route to market"?
"Route to market" are different ways to get the product to the customers.
What are the main aims for businesses?
- grow sales
- increase profits
- build customer awareness
List 6 ways you can segment people?
- by age
- by gender
- by income
- by socio-economic group
- by residential area
- by geographical area
What are niche markets?
Niche marketing focuses on a specific segment of consumers. This is usually a relatively low number of customers.
What are mass markets?
The term mass market refers to a large, segmented market of consumers with widely varied backgrounds.
What are the benefits of segmentation?
- 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.
What does CAM stand for?
Computer aided design.
What is CAM?
CAM is where things are designed on a computer and are more accurate because they use exact measurements.
What sorts of things is CAM used for?
CAM software is used in a vast numbers of businesses including;
- car manufacturing
- food manufacturing
- electronic manufacturing
- clothing production
What are the advantages of CAM?
- 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
What are the disadvantages of CAM?
- 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
What is tertiary production?
Tertiary production refers to the commercial services that supports the production and distribution process.
What is horizontal interrogation?
Horizontal interrogation is buying up another firm at the same time at the same stage of production.