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Marketing Flashcards

(52 cards)

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1
Q

What is a market segment

A

A particular group of customers who share similar characteristics

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2
Q

Six examples of market segments

A

Age
Gender
Geographic location
Income
Religious or cultural beliefs
Occupation

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3
Q

Why do organisations target specific customers

A
  • Less time consuming to carry out market research
  • Product can be designed to meet specific needs of target market
  • Advertising and promotions can be designed for target market
  • Prices can be more accurately set to reflect the particular target market
  • Ensures a suitable place is chosen where target market will buy the product
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4
Q

Name the types of market research

A

Field
Desk

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5
Q

Field research definition

A

This involves finding out information first hand (primary information) directly from the public / consumer

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6
Q

2 Advantages of field research

A
  • Information is gathered specific to your purpose
  • Information is up to date
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7
Q

2 Disadvantages of field research

A
  • It is more expensive to gather compared to field research
  • People may not always gives truthful answers in response to questions
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8
Q

Desk research definition

A

This uses secondary information which has already been gathered for another purpose either from inside or outside the business

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9
Q

2 Advantages of desk research

A
  • It is cheaper to access existing information rather than having to collect information from scratch
  • Decisions can made quickly as the information already exists
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10
Q

2 Disadvantages of desk research

A
  • Information is available to competitors making it harder to find a competitive edge
  • The information may not be useful as the research has been carried out for a different purpose
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11
Q

6 methods of market research

A

Personal interview
Telephone survey
Postal survey
Online survey
Focus group / consumer panel
Social networking websites

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12
Q

Personal interview definition

A

A face to face discussion between a trained interviewer and a respondent which can take place in the street or at home

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13
Q

2 Personal interview advantages

A
  • Allows two way communication so any points can be clarified
  • Body language and facial expressions can be observed
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14
Q

2 Personal interview disadvantages

A
  • It is a costly method research as interviewers need to be trained
  • It’s very time consuming as only one respondent can be interviewed at any time
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15
Q

Telephone survey definition

A

People are contacted by telephone and asked a range of questions

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16
Q

2 Telephone survey advantages

A
  • Information is obtained immediately
  • Any points can be clarified by the researcher
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17
Q

1 Telephone survey disadvantages

A

Many people will not want to speak to a researcher over the phone and so many call will need to be made to get a large number of responses

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18
Q

Postal survey

A

A list of questions is sent to people through the post. They will complete the survey and send it back to the business

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19
Q

2 advantages of postal surveys

A
  • Cost effective way of sending a survey to a large number of people over a wide geographic area
  • People can complete their survey at they own pace when it suits them
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20
Q

2 disadvantages of postal surveys

A
  • The response rate may be very low
  • There is no opportunity for the respondent to clarify anything
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21
Q

Online survey

Study These Flashcards
A

People answer a number of questions that are displayed on a website. Respondents may have to click an appropriate answer or type in a comment

22
Q

2 advantages of an online survey

Study These Flashcards
A
  • A link to a website can be sent to a large number of people worldwide
  • Computer software can automatically collate and display results in a graph
23
Q

2 disadvantages of an online survey

Study These Flashcards
A
  • Relies on the respondents having access to the internet
  • No personal contact with business to clarify any misunderstandings
24
Q

Focus group
Consumer panels

Study These Flashcards
A

A selected group of people is gathered to take part in a discussion about a product. Their opinions are obtained on the design, colour and what they like or dislike about the product

25
2 advantages of focus groups
- Opinions and feelings can be gained - Follow up questions can be asked and points can be clarified
26
2 disadvantages of focus groups
- The sample of people used may not represent the views of the whole population - Finical incentives may be needed to encourage people to take part
27
Social networking websites
Businesses can set up social media accounts in order to interact with customers around the world to find out their reactions and opinions on different issues
28
2 advantages of social networking websites
- Two way communication can occur - Large number of people reached
29
2 disadvantages of social networking websites
- Customers may not want to join social networking websites - Information is not usually private so can be viewed by anyone
30
What is a product
This is the good or service the business provides to its customers
31
Product development is
GAPTAP
32
What for G stand for
Generate the idea Coming up with ideas following market research
33
What does the first A stand for
Analyse the idea Considering the different options and picking the best one
34
What does the first P stand for
Produce a prototype Making a model or early version of your product
35
What does the T stand for
Test the product Carry out safety tests and also carry out test marketing with customers for feedback
36
What does the second A stand for
Alter the product Make necessary changes following testing
37
What does the second P stand for
Produce the product Start production of the product
38
What is branding
A brand is a logo, name or symbol that is given to a product that makes it instantly recognisable
39
Advantages of branding (matching pairs)
1) It makes the brand instantly recognisable 2) Business reduces the need for advertising 3) It can create brand loyalty 4) Makes it easier for a business to launch new products 5) They are perceived as high quality 6) Higher prices can be charged
40
Disadvantages of branding
1) Establishing a brand is time consuming, a lengthy and expensive process 2) If a product within the brand develops a poor reputation it can damage the whole brand name
41
Own brands
These are products which are sold under the name of a supermarket or other retailer, rather than under the name of the manufacturing firm
42
Three features of own brands
- Own brands are often cheaper than branded products - Own brands are often seen as being inferior quality - Own brands appeal to the sector of the market whom price is important
43
Four advantages of packaging
- Can protect the product during transportation and delivery - Can increase the shelf life of the product - Can make the product attractive and encourage customers to buy it - Can provide nutritional information and health guidance
44
Four disadvantages of packaging
- Distinctive packaging could be copied by own brands - Pressure to use environmentally packaging may lead to higher costs - Is one product is littered the business could gain a negative reputation - Government legislation may force you to put certain information on packaging which highlights how unhealthy the product is
45
What are the stages that you draw in a product life cycle
Introduction Growth Maturity Decline
46
If asked to draw a product life cycle ensure …
1) The curve is drawn correctly 2) The stages are labelled correctly 3) The axes (sales and time) are correctly labelled
47
Product life cycle stages
Research and development Introduction Growth Maturity Decline
48
Research and development
Money is invested into developing the product - GAPTAP The business is making a loss
49
Introduction
The product is launched onto the market The product is heavily advertised to inform customers Sales will be low at this stage with little to no profit
50
Growth
The sales are rapidly my increasing Profit is beginning to be made Advertising continues but at a lower rate Product is becoming more well known and popular
51
Maturity
Sale and profits have reached their peak The product is well established on the market Advertising is used only as a reminder New models and variations may be introduced to ensure long time sales
52
Decline
Sale and profits are falling The product popularity is falling There is strong competition in the market

Business (3 decks)

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