Marketing

Question 1

What are the 4 ps

Answer 1

Promotion
Place
Price
Product

Question 2

Promotion

Answer 2

Product must be be promoted to remind/reinform customers of business and products

Question 3

Price

Answer 3

Make customer believe it is good value for money

Question 4

Place

Answer 4

Products be sold in a place customers find convient

Question 5

Product

Answer 5

Identify customers needs and wants

Question 6

Market research

Answer 6

Involves finding what a customer wants

Question 7

Segmentation

Answer 7

When businesses within a market are divided into different groups

Question 8

Why might a business segment

Answer 8

Age
Income
Location
Gender

Question 9

Benefits of market research

Answer 9

Useful to understand customers and competitors
Identify customer needs and wants

Question 10

Drawback of market research

Answer 10

Time consuming

Question 11

Types of market research

Answer 11

Primary
Secondary

Question 12

Examples of primary research

Answer 12

Questionnaires
Surveys
Focus groups

Question 13

Benefits of primary research

Answer 13

Higher rate of response
More specific to your business

Question 14

Drawbacks to market research

Answer 14

Expensive
Some people may not respond

Question 15

Secondary research

Answer 15

Looking at others people work

Question 16

Benefits of secondary research

Answer 16

Wide range of date
Quick and easy to find
Low cost

Question 17

Drawbacks of secondary research

Answer 17

Not specific or relevant

Question 18

What are the two kinds of data and what they mean

Answer 18

Quantitative-measuring data with numbers
Qualitative-data expressing peoples feelings and opinions

Question 19

Product life cycle order

Answer 19

Development
Introduction
Growth
Maturity
Decline

Question 20

Benefits of product life cycle

Answer 20

Helps a business identify how their product is selling

Question 21

What can you use to analyse product portfolio

Answer 21

Boston matrix

Question 22

Four names of Boston matrix ans how much market share and growth

Answer 22

Star- high market share high market growth
Cash cow-high market share low market growth
Question mark-low market share high growing market
Dog-low market share low market growth

Question 23

Benefits of devolving new products

Answer 23

Increase overall sales
Appeal to new market segment

Question 24

Risks of developing new products

Answer 24

Very costly and time consuming
Wasting resources if customers dislike the product

Question 25

Price and demand relationship

Answer 25

As one increases so does the other

Question 26

Internal factors affecting cost

Answer 26

Business aims and objectives Internal cost What stage in product life cycle

Question 27

External factors affecting cost

Answer 27

Nature and competition of market

Question 28

Pricing strategies

Answer 28

Price penetration Loss leader Price skimming Competing pricing

Question 29

Price penetration

Answer 29

Business starts with a low price but once product is established, the business increases market share

Question 30

Loss leader

Answer 30

Products are set below cost(business makes no profit on products)but customers will buy other products with it

Question 31

Price skimming

Answer 31

Firms start with a high price but lower it when revenue is increased

Question 32

Competitive pricing

Answer 32

When a firm charges similar prices to other firms(little profit per unit)

Question 33

Cost plus

Answer 33

Business works out total cost and sets a specific profit margin per unit sold

Question 34

Promotion benefits

Answer 34

Inform and persuade customers Create or change image of product Create or increase sales

Question 35

advertising methods

Answer 35

Newspaper Magazines Television Billboards

Question 36

Public relations

Answer 36

Communicating with media

Question 37

Sales promotion

Answer 37

Short term method to increase sales

Question 38

Types of sales promotion

Answer 38

2 for 1 offers Free samples

Question 39

Benefits of using social media to promote products

Answer 39

Quick Easy Cheap

Question 40

Wholesalers

Answer 40

Buy things in bulk and store them in warehouses

Question 41

E commerce

Answer 41

Buying and selling online

Question 42

Benefits of E commerce

Answer 42

Allows businesses to reach wider markets Cheap

Question 43

Drawbacks of E commerce

Answer 43

More competition Specialist needed to crate website Delivery cost

Question 44

M commerce

Answer 44

Buying and selling using hand held devices

Question 45

What is marketing

Answer 45

A series of business activities designed to ensure that customers receive the correct products in the correct quantities and at the right time

Question 46

What are customer needs

Answer 46

The desires that a customers hopes to satisfy

Question 47

What needs may customers want

Answer 47

Value for money Sufficient information After sales(or post sales)service