Marketing Flashcards
(10 cards)
What are the 4 processes of marketing?
1) identity target market
2) understanding the customer-what they want
3) inform customers-advertise
4) increase sales-more advertisement
-new packaging
What are the 4 mays a market is segmented
Price
Place
Product
Promotion
What is an adv and dis of qualitative data?
Adv- It helps a business to understand what customers are thinking and what they want
Dis- Information may only be provided by a limited number of people
What is qualitative data?
Data based on the opinions of those being asked
What is quantitative data?
Data collected that is based on facts or numbers. Easier to analyse than qualitative data
What is an adv and dis about quantitative?
Adv- It can be gathered from a lot of people
Dis- It limits how much people can say about what they like or dislike
What are the five pricing methods?
Skimming
Cost-plus pricing
Penetration pricing
Promotional pricing
Competitor pricing
What is cost-plus pricing?
The cost of the product is calculated and then an amount of profit is added to decide the price
What is price skimming?
A high price is charged for a new, better product to make a large profit, then the price is reduced
What is promotional pricing?
The price is lowered to persuade customers to buy stock that remains
