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Business GCSE > Marketing > Flashcards

Marketing Flashcards

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1
Q

what are the main purposes of marketing?

A

identify and understanding customers, informing customers, increasing sales

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2
Q

what is the definition of marketing?

A

finding out the needs of consumers and demonstrating how a business fulfils those needs so that its sales increase

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3
Q

what are the 4Ps?

A

price, product, place, promotion

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4
Q

what is the definition of market research?

A

the collection of data on customer habits to help decision making in marketing

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5
Q

what is the definition of a target market?

A

a group of customers whom a business aims to sell its products

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6
Q

what does market research aim to find out?
give 5 examples?

A

information about the target market
age, culture, what they want, economic status, where they are

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7
Q

what does good market research help a business to avoid?

A

making expensive mistakes

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8
Q

what is the definition of primary research?

A

data that is collected first hand

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9
Q

what are 4 methods of primary research?

A

questionnaires, interviews, trialling, focus groups

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10
Q

advantages of questionnaires?

A

cheap to carry out, easy to target customers

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11
Q

disadvantages to questionnaires?

A

people may not understand the questions, people may not be interested in the product so may answer dishonestly or not at all

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12
Q

advantages of interviews?

A

the questions can be explained, it is easy to target certain types of customers

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13
Q

disadvantages of interviews?

A

it is costly, not everyone likes being interviewed

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14
Q

advantages of trialling?

A

a good way to see if the product is what people want, reduces the risk of producing large quantities

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15
Q

disadvantages of trialling?

A

the people or area must be representative of the total market, otherwise it wont help the business

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16
Q

advantages to focus groups?

A

the people chosen will be representative of potential customers

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17
Q

disadvantages to focus groups?

A

it will only be a small group, it is usually costly

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18
Q

what is the definition of secondary research?

A

the collection of data using research and information provided by others

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19
Q

what are 4 methods of secondary research?

A

UK Census data, newspapers and magazines, websites, internal data

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20
Q

advantages to collecting data from UK Census data?

A

information comes from a lot of people, it is already collected and analysed

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21
Q

disadvantages to collecting data from UK Census data?

A

information has not been collected to meet the specific needs of the business, information will need careful interpretation

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22
Q

advantages to collecting data from newspapers and magazines?

A

information is up to date, cheap

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23
Q

disadvantages to collecting data from newspapers and magazines?

A

information isn’t specific to the business

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24
Q

advantages to collecting data from websites?

A

cheap and readily available

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25
disadvantages to collecting data from websites?
will need careful interpretation by the business
26
advantages to collecting internal data?
cheap, readily available, specific to the business
27
disadvantages to collecting internal data?
is historical, looks at what has happened not what will happen
28
what are questionnaires?
a set of questions sent out to selected people in the post or asked online
29
what is trialling?
a product is sold for a short period, usually in one region of a country
30
what are focus groups?
a small group of people are asked to use a product or think about an advertisement and to give their opinion
31
what is the UK Census data?
the national census finds out information about all UK households every 10 years
32
what is internal data?
data collected by the business about, for example, its past sales and profits as well as customer feedback
33
what is qualitative data?
data based on the opinions of those being asked
34
what is quantitative data?
data collected that is based on facts or numbers
35
advantages to qualitative data?
it helps a business to understand what customers are thinking and what they want
36
disadvantages to qualitative data?
information may only be provided by a limited number of people
37
advantages to quantitative data?
it is easy to analyse, can be gathered by a lot of people
38
disadvantages to quantitative data?
limits how much people can say about what they like or dislike
39
what is the definition of market segmentation?
splitting the market for a product or service into different parts or segments
40
what are five ways you can segment a market?
age, gender, lifestyle, location, income
41
what are the 4 stages of the product life cycle?
introduction, growth, maturity, decline
42
what happens at introduction in the product lifecycle?
the product is new, sales are just beginning
43
what happens at growth in the product life cycle?
sales grow quickly
44
what happens at maturity in the product life cycle?
sales reach their peak
45
what happens at decline in the product life cycle?
sales begin to fall
46
what is the definition of decline?
when sales are falling as the product or service is seen by customers to be old and they switch to new products or services
47
what is the definition of design?
an important element in a number of different products
48
what is the definition of growth?
when sales are growing strongly as the new product or service becomes known
49
what is the definition of innovation?
the improvement of an original idea
50
what is the definition of invention?
the introduction of a totally new product or service
51
what is the definition of maturity?
when sales are at their highest level
52
what are 5 pricing methods?
skimming, cost-plus pricing, promotional pricing, competitor pricing, penetration pricing
53
what is the definition of skimming/creaming?
where a new product is more advanced than that of its competitors, a price is set high as consumers are willing to pay higher prices to own the newest technology
54
what is the definition of cost-plus pricing?
a pricing method that adds a percentage for profit to the total costs of making a product
55
what is the definition of promotional pricing?
prices are reduced to give products a boost or to sell off old stock
56
what is the definition of competitor pricing?
a price is set based on prices charged by competitors for a similar product
57
what is the definition of penetration pricing?
a price is set that is lower than those of competitors, often a short term strategy
58
what is the point of sale production?
a benefit the customer will receive when they buy a product
59
what is the point of advertising?
giving the customer information about the product and persuading them to buy it
60
what are the 4 point of sale promotions?
price reductions, competitions, loss leaders, free samples
61
what is price reduction in point of sale promotions?
to sell off old stock, business will make less profit or even a loss
62
what is competitions in point of sale promotions?
a person who buys a product is also entered into a competition
63
what is loss leaders in point of sale promotions?
some goods are sold at a loss to tempt people to do all their shopping there
64
what is free samples in point of sale promotions?
given to tempt people to buy the product
65
what are the 5 types of advertising?
social media, websites, television, print media, radio
66
social media when it comes to advertising?
cheap way to communicate with large numbers of people
67
websites when it comes to advertising?
a lot of information can be provided to customers
68
television when it comes to advertising?
often expensive, but can reach a wide audience
69
print media when it comes to advertising?
newspapers, magazines, leaflets. easy to target their market by the type of magazine. many people don't read them anymore
70
radio when it comes to advertising?
cheaper the TV, usually suitable for local advertising but products cant be seen
71
what is the definition of physical distribution?
the distribution of a good or service using a physical presence such as a shop or office
72
what physical distribution channel does farmers usually use?
producer > consumer
73
what physical distribution channel do goods sold by electronic companies to big retail chains usually use?
producer > retailer > consumer
74
what physical distribution channel do many packaged food companies use?
producer > wholesaler > retailer > consumer
75
what is the definition of digital distribution?
the distribution of goods and services digitally by downloading from a website
76
advantages to digital distribution?
can buy the product 24/7 without the costs of physical shops or transport
77
disadvantages to digital distribution?
physical good cannot be distributed competitive market
78
what is the marketing mix?
the mix of different parts of the marketing campaign (price, product, place, promotion)
79
what is the definition of market data?
information that can help marketing decisions
80
what is the definition of market share?
the percentage of total sales of a product that a business has made
81
what is the definition of a target market?
a group of consumers to whom a business tries to sell its products

Business GCSE (7 decks)

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