Marketing Flashcards
(41 cards)
Sales process
Series of steps taken from when the potential buyer meets the prospective seller until after the final sale is made
Customer engagement
The business and customers communicate through the sales process
Customer loyalty
A business’ customers make repeat purchases because they prefer the business’ products to those of its rivals
Premises
Buildings used by businesses e.g. offices, shops and factories
Customer service
The interaction between the business and the customer where the business understands consumer needs before, during and after the sale of a good or service
Good customer service can result in:
Increased customer loyalty, good reputation and attracting new customers. These should then lead to increased sales revenue, higher market share and increased profits
Poor customer service:
Dissatsified customers who may not return to the business and difficult to attract new customers
Features:
Greeeting the customer, interacting with the customer. identifying their wants and needs, encouraging feedback and responding to feedback
Feedback
Response by a customer following the purchase of a good or service. This will be used by the producer to improve what has been produced
After-sales service
Meeting of customers’ needs after they have purchased a product e.g. repairing or servicing the product
Online customer service
When buying online a customer will still expect a certain level of customer service and a business will have to adapt to the features of good customer service to their website
Can be done by:
Website design and data analysis of the customer
Functions of marketing department
Market research, promotion and customer service
Mass markets
Large market of customers which is undifferentiated and that sells products and services to suit a large number of people
Niche markets
Smaller part of a large market, with products tailored to specific customer needs
Competitive environment
A number of businesses attempting to persuade consumers to buy their products. Competition will be based on price, design and quality
Market segmentation
Dividing the market into parts which have specific characteristics e.g. age and gender
Marketing mix
Combination of factors which help a business to sell its products. It is usually considered to involve product, price, promotion and place
Market research
The way in which information and data is gathered about consumers, competitiors and market trends
Focus groups
Consumers are brought together by businesses to discuss their reactions to products before they’re launched
Consumer panels
Recruited by research companies to represent the view of consumers in a particular sector. They will be asked to comment on things like product design and taste or branding and advertising of products
Primary research
Field research. Collecting research that doesn’t already exist
E.g. questionnaires and focus groups
Pros-
Up to date, specific to business’ needs and provides answers to exact questions that a firm may be interested in
Cons-
Expensive to collect, time consuming and can have problems of bias
Secondary research
Desk research. Using information that already exists
E.g. newspapers and census data
Pros-
Inexpensive to collet and quick to obtain
Cons-
Often out of data, little control over quality and might not be available
Qualitative data
Collection of data about attitudes, beliefs and intentions. E.g. interviews and focus groups
Quantitative data
Collection of data that can be measured e.g. surveys and government publicatios
Product
Any good or service offered for sale to customers
Product portfolio
Collection of all the goods and servcies offered by a business
Product diffferentiation
Distinguishing a product of service from others. By making a product different or appearing to be different from similar products sold by rivals, a business will hope to attract more customers
