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Higher Business - Finance > Marketing > Flashcards

Marketing Flashcards

(54 cards)

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1
Q

What is market led 3

A

Business develops products based on customer wants
High levels of market research carried out to determine customer wants
Market led business often exist in highly competitive markets

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2
Q

What is product led 3

A

Market research not as important
High levels of product research and development required
Often unresponsive to changing external factors

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3
Q

What is consumer behaviour

A

Thoughts of consumer and actions they take when buying products

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4
Q

What is 2 types of market research

A

Desk and feild

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5
Q

What is desk research

A

Involves researching and analysing info that has already been gathered
Examples - competitors websites, magazines, finnancial statements

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6
Q

Advantages of desk research 3

A

Time efficient
Cost effective
Available - info already exists so is easily available

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7
Q

Cons of desk research 5

A

Info collected by others so can be bias
May not be specific to what firms need to find out
Not consice researched may have to search through a lot of stuff to find what their looking for
May be outdated
Available to competitors

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8
Q

What is feild research

A

Gathering brand new info first hand, suitable and specific to exactly what firm want to know

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9
Q

Feild research pros 4

A

Gathers all info firm needs
Specific to what they want to
Up to date info
Not available to competitors

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10
Q

Feild research cons

A

Costly
Time consuming

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11
Q

What is random sampling and 2 pros n 2 cons

A

Randomly surveying people on phone

No bias in researcher
Saves time selecting randoms

Sample may not reflect target market
Can be over represented of a certain segment (eg men)
Can be expensive as many calls might have to be made

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12
Q

What is quota sampling and pros and a con

A

Researcher chooses from group of people with certain characteristics

Can select customers that reflect target market

Researcher bias could be involved as sample not randomised

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13
Q

Telephone survey pro n com

A

Easy to target respondents as can phone areas by numbers

Low response rate as customers see it as intrusive

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14
Q

Postal survey one pro 2 con

A

Easy to target customer segments as can send to affluent areas if expensive products

Survey may be seen as junk mail by customers and binned
Questions need to be simple quick and easy as can’t be clarified and also can’t be to long

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15
Q

Hall tests description pro and 2 con

A

Product is given to customers to try and feedback is gathered

Good quality feedback given on product

Customers opinions n feelings may be tough to analyse
Customer may feel pressured to be kind

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16
Q

Test marketing description 2 pro 2 con

A

New product launched in a regional area and reaction is monitored successful products then launched nationwide

Changes can be made before full launch
Money can be saved in a full launch if it fails in regional area

Customer opinions in regional market may not reflect nationwide opinion
Competitors may catch wind and copy product while it’s in regional stage

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17
Q

What is EPOS and 2pros 2 cons

A

Electronic point of sale - info on customer habits gathered through loyalty cards

Gathers vital info on how customers react to promotional price changes
Can help whether to influence whether to stock more or less

Expensive to set up
Time consuming to set up

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18
Q

4 aspects of marketing mix

A

Product price place promotion

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19
Q

6 stages of product life cycle

A

R and d
Into
Growth
Maturity
Saturation
Decline

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20
Q

Describe and comment on sales in profits in this stage - r and d

A

Research and development
Product being researched and developed. Prototype will be made and tested
No sales
Loss due to costs and no sales

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21
Q

Describe and comment on sales in profits in this stage - introduction

A

Product launched, promotional activities taking place
Sales slow to begin with as customers unsure of product
Profit still a loss due to high promotional costs

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22
Q

Describe and comment on sales in profits in this stage - growth

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A

Awareness grows sales increasing
Sales rising rapidly
Profit product begins to make a profit

23
Q

Describe and comment on sales in profits in this stage - maturity

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A

Product been on market for some time competitors begin to appear
Sales peak
Profits peak

24
Q

Describe and comment on sales in profits in this stage - saturation

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A

Product begins to suffer due to high competition
Sales falling due to customers going to competitors
Profits falling rapidly

25
Describe and comment on sales in profits in this stage - decline
Products life nearing end, product will stop being produced Sales still falling Same with profits
26
Describe competive pricing and give a pro and con
Product set to similar price of competitors Avoids price war Other elements of marketing mix must be better than competitors to ensure sales
27
Describe skimming pricing 2 pro and con
Price set Hugh at start and lowered over time Lack of completion allows price to be maxed Hype around new product allows Hugh prove to be charged Initial high prices can be off putting to some customers
28
Describe penetration pricing and give 2 pro and con
Price set low at start and raised over time Encourages customer to try new product Business can get a customer loyalty which means repeat business while lifting prices Low profit during low price stage
29
Describe price discrimination and give a pro and con
Prices change dependant on a discriminating factor (age, time) Allows for high profit margin on some brackets Loss in potential revenue on some discriminations (age)
30
What is destroyer pricing and give a pro and con
When price of product is set at an extremely low price for a period of time to drive out competitors Competitors forced out of market Can only be used by bug companies that can afford to make a loss when prices are low
31
Describe loss leader and give a pro and con
One product in store set at a low and attracts customers into store where they buy other products Greater footfall which increases chance of sale of other products Risk customers will only buy the loss leader product which impacts profits
32
Channel 1 of distribution
Manufacturer-> customer
33
Channel 2 of distribution
Manufacture -> retailer -> customer
34
Channel 3 of distribution
Manufacturer -> wholesaler -> retailer -> customer
35
2 pros of manufacturer -> customer
Firm saves on overheads as don’t have to buy a shop Customer gets direct feedback on product and availability
36
Pros of channel 2: manufacturer -> retailer -> customer
Retailer can demonstrate product Retailer can display products in attractive fashion to induce sales Customers can try products
37
3 pros of channel 3; fat one long one
Saves manufacture money on delivery costs as are making big ones to wholesalers rather than small ones to retailers Saves manufacturer costs of holding stock Wholesaler can also make sales directly to customers
38
What is direct sell on
Means selling directly from manufacturer to customer (channel 1)
39
3 pros of e-commerce
Sales 24/7 Global market Entire product range can be shown
40
3 cons of edcomerve
Costs slot of time n cash to maintain a good websites Customers might be scared of entering personal details Firms may have to pay delivery costs
41
Name 4 methods of promotion
Promotional pricing - BOGOF, 2 for 1 Staff training - so staff readily answer questions on products Free samples Trade credit
42
Into pipeline promotions 5
Dealer loaders POS merchandise Trade credit Staff training Sale or return
43
Describe a star
Products that have a high market share in a high growth market
44
Describe cash cows
Products that have a high market share of a low growth market
45
Describe question marks
Products that have a low market share with Hugh growth potential
46
Describe dogs
Products that have a low market share of a market with low growth
47
What’s the impact of stars on a firm 2
Stars need constant investment to keep a head of market Stars allow a firm to be a market leader
48
What’s the impact on a firm of cash cows
Require little marketing expense due to lack of competition
49
What’s the impact on a business of question marks
Question marks should be invested in due to their position in a promising market Need development of a string marketing mix if want to be come stars
50
What’s the impact of dogs on a firm
Dogs can adversely affect products
51
What is into pipeline promotions
Sales promotions offered by manufacturer to retailers to purchase products from them
52
What are 4 into pipeline promotions
Trade credit Sale or return Dealer loaders- discounts that encourage retailer to stock new product Staff training - supplier cam offer free training to retailers on their products to help retailer increase sales
53
What is Out of pipeline promotions
Sales promotions are offered by reatailers to encourage customers to purchase products
54
Name 4 out of pipeline promotions
BOGOF free gifts Loyalty schemes Competitions

Higher Business - Finance (5 decks)

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