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business studies > Marketing > Flashcards

Marketing Flashcards

1
Q

What are the types of markets?

A

Resource market, industrial, intermediate and consumer market

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2
Q

What are the advantages associated with product differentiation?

A

Increase competitive advantage and may end up in an increase in market share.

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3
Q

What is the difference between tangible and intangible aspects of a good or service?

A

Tangible aspects are those associated with the physicality of the good or service such as packaging whereas intangible aspects refer to the reputation of it such as branding

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4
Q

What are the benefits of branding?

A
  • Brand loyalty
  • Repeat customers
  • Distinguishable
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5
Q

What are the benefits of packaging?

A
  • Protect
  • Promote
  • Inform
  • Distinguish
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6
Q

What are the four P’s of marketing?

A
  • Price
  • Product
  • Place
  • Promotion
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7
Q

What are the 3 extra P’s in the marketing?

A
  • People
  • Processes
  • Physical evidence
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8
Q

What are pricing methods available to a business?

A
  • Cost Based
  • Market Based
  • Competition Based
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9
Q

What are pricing strategies available to a business beautiful?

A
  • Skimming
  • Penetration
  • Loss Leader
  • Price Points
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10
Q

What is E-Marketing?

A

The use of the internet to perform marketing

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11
Q

Physical Distribution involves:

A

Transportation
Warehousing
Inventory

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12
Q

what are the most common deceptive and misleading advertisements?

A

Bait & Switch, Dishonest advertisements

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13
Q

What are the factors influencing consumer choice?

A

Psychological, socio-cultural, economic, government factors

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14
Q

What are the levels of a Product life cycle?

A

Introduction -> Growth -> Maturity -> Post Maturity -> Decline

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15
Q

What is the difference between Implied conditions, and Warranties?

A

Implied conditions refers to the fact that all products must meet certain conditions under the Australian Consumer Act, whilst a warranty is a promise by a business to repair or replace faulty product(s)

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16
Q

What are the stages of a Product life cycle?

A

Introduction -> Growth -> Maturity -> Post Maturity -> Decline

17
Q

What is the difference between primary and secondary research

A

Primary research involves gathering your own data from primary sources example through the use of surveys questionnaires etc. Where secondary research involves gathering data that has already been collected for example through use of census encyclopaedias etc.

18
Q

Elements of the promotion mix involve:

A 
Advertising
Personal selling & relationship marketing
Sales promotions
Publicity
Public relations
19
Q

What are the advantages of relationship marketing?

A

Brand Loyalty
Repeat customers
Reducing promotional costs

business studies (4 decks)

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