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CSEC Principles of Business > Marketing > Flashcards

Marketing Flashcards

1
Q

What is a market

A

A market refers to a situation where buyers and sellers interact to transact business

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2
Q

What is marketing

A

Marketing is the anticipation, identification and satisfaction of consumers’ needs and wants profitably.

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3
Q

Difference between market and marketing

A

Market is a situation that brings buyers and sellers together while marketing is a management process that identifies and anticipates customers’ needs.

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4
Q

Types of marketing

A

Integrated marketing

Social Media marketing

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5
Q

Integrated marketing

A

Integrated marketing is the strategy to create a seamless experience for the way buyers interact with a brand.

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6
Q

Social Media marketing

A

Social media marketing is marketing your business through one or more social media platforms

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7
Q

KEY AREAS OF MARKET RESEARCH

A

consumers taste

consumers behaviour

Competition

three c’s

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8
Q

Market Research definition

A

Market research mean carefully gathering and analysing data about a marketing for particular goods and services.

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9
Q

Identify the market research process(IDCAP)

A

I. Identifying or defining the problem
D. Developing information sources
C. Collecting the information
A. Analysing the data
P. Presenting the findings

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10
Q

Four reasons for conducting market research

A

How big the market is?

What price you should charge?

Who are your main competitors?

What are its strong and weak points?

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11
Q

Primary data

A

1st hand accounts straight from the original source
e.g
your company sales data

direct observation of customers in a supermarket or shopping mall

qualitative

quantitatie

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12
Q

Secondary data

A

Data that already exists.

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13
Q

QUALITATIVE RESEARCH

A

The Qualitative Market Research deals with
the feelings, attitudes, opinions, and thoughts
of an individual to ascertain their underlying
reasons for behaviour.

Focus Group: A small group of 6-12 people meets to discuss a common topic. The group shares their opinions and experiences. This method helps gather diverse insights on the subject.

Depth Interviews: A one-on-one interview with a few individuals to explore a specific issue. Open-ended questions are used to gather detailed information. This method helps uncover in-depth insights.

Photo Ethnography: The researcher observes and takes photos of people’s behaviors and emotions in various situations. Instead of asking questions, they capture visual data. This approach helps analyze real-life interactions.

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14
Q

QUANTITATIVE RESEARCH
(BASED ON FACTUAL
INFORMATION)

A

Use of surveys to gather
numerical information that can
be analysed statistically.

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15
Q

IDENTIFY 6 MARKET ACTIVITIES(PPBPAD)

A

PRICING

PACKAGING

BRANDING

PROMOTION

ADVERTISING

DISTRIBUTIONS

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16
Q

What is marketing mix?

A

The marketing mix includes the four
key decisions that must be taken in
the effective marketing of a
product.

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17
Q

Four main elements

Four main elements (4 Ps)

A

The four main elements (the 4Ps) of
the marketing mix of any business
organization are:
1. Product
2. Price
3. Place
4. Promotion

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18
Q

Pricing strategies (C P P P)

A
  • Cost-plus – The price is based on the unit cost of production
    plus a percentage ‘mark-up’ e.g. the cost to produce each unit
    plus 20% for profit.
  • Price skimming – charge a high price for a new innovative
    product e.g
  • Promotional pricing – A new product could initially be sold at a
    lower price as a promotion to attract new customers.
  • Predatory pricing – is an aggressive pricing strategy of setting the prices low to a point where the offering is not even profitable, just in an attempt to eliminate the
    competition and get the most market
    share.
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19
Q

Consumer behaviour explaination

A
  • Involves the study of how customers,
    groups or organisations make the
    decisions about what they buy, when
    they buy, the quantity they buy, ** how
    frequently** and who they buy from.
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20
Q

Contributing factors to cosumer behaviour

A

Price of the Product

Price of Substitutes

Product Quality

Taste

Tradition

Income

Brand Loyalty

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21
Q

Packaging

A

The role of packaging should be:
* To attract the attention of the
customer

  • Protect the product
  • Advertise or promote the product
  • Labels to describe the product and
    its ingredients
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22
Q

Advertising

A

Advertising is a paid presentation of a product intended to generated sales and profit by showcasing benefits of a product to consumers.

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23
Q

Function of advertising

A

Build customer loyalty

Promote special events or offers

Highlight unique features of a product

Promote a positive brand image

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24
Q

Forms of advertising

A
  1. Informative
  2. Persuasive
  3. Comparative
  4. Reminder
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25
Sales promotion- loss leaders
Loss leaders refer to products sold at a loss or very low price to attract customers with the expectation that they will buy other
26
# D Sales promotion - social media marketing
Social media marketing is the use of various platforms to advertise one or many products, it is beneficial because customers may communicate with a brand easily and it provides the opportunity for global reach, where advertisements can be viewed by a large audience quickly and efficiently.
27
Public relations
(PR) is the publicity that garnered from stunts, statement, and newsworthy actions by a company.
28
Sales promotion
Sales promotion is a strategy used for a relatively short period of time to build brand awareness, to set out information about a product, and hopefully to motivate customers to make a purchase.
29
Types of sales promotion
POGOF, price reductions and free samples
30
Define personal selling
Personal selling is where members of a salesforce are directed to interact with customers in order to explain a product and how it works
31
Advantages of personal selling
Able to supply detailed information Able to persuade customers into making a purchase Providing a motivating sales experience for employees Build a personal relationship with customers.
32
Disadvantages of personal selling
The high cost (including labor cost) The lack of reach Some customers prefer anonymity when purchasing Potential for negative customer experience
33
Good salespersons characteristics
Good listener Friendly Follows up Ask questions
34
Salesmen and their approaches(FAB)
Features, advantages and benefits
35
Merchandising
Merchandising is the way in which products are arranged in a physical or online store to maximize sales. The objecting of merchandising is then to complete the sale.
36
Display techniques of merchandising can be:
Point of sale displays Shelf talkers and wobblers Windows displays Free sample
37
Terms of sales
Terms of sales means the terms which a buyer and seller agree upon. Cash sale Credit sale Hire purchase Layaway
38
Terms of sales- consignment
Consignment is goods are sent by a supplier to a seller who will typically only pay for the goods when they have been sold to the consumer.
39
Cash sale
The exchange of a good or service for a cash payment
40
Credit sale
Involves giving the buyer a period of time before he/she must make a payment
41
Hire Purchase
Hiring the good until final payment for it has been made.
42
Layaway
The seller will lay the item away in storage until the good has been paid for.
43
Terms of sales- cash discount
Cash discount is the reduction in the sales price when the buyer pays cash immediately or within a stipulated period
44
Terms of sale- trade discount
Is a reduction in the sales price offered to traders
45
Consumer protection and rights
Right to consumer education Right to safety Right to information Right to choose Right to be heard Right to redress
46
Consumer organisations
Consumer organizations are groups that seek to protect the interests of consumers against abuses.
47
Consumers abuses can be:
Unsafe products False advertising Pollution Inaccurate labeling
48
Consumer organisations will take actions such as
Provide surveys so consumers can products including their features, effectiveness and price Raise awareness of consumer issues and concerns Threaten direct action, such as boycotting Inform the public about the buying decisions and choices they can make
49
Role of the ombudsman
The office was established to assist persons who felt that they suffered injustices… continue this slide
50
Responsibility
Never sign a contract without reading it Shop around before you, but cannot demand a refund just because you change your mind Always keep receipts, warranties, estimates, contracts and instructions
51
Rights
Right of redress The retailer is responsible for faulty products not the manufacturer No exchange no refund signs are illegal Repair, replacement or refund for faulty items
52
The role of customer service
Adherence to copyrights Effective communication Coordinating flow or goods, services and information Ensure conformity to customer requirements
53
Benefits of customer service
Positive public image More sales due to satisfied customers More effective workforce Staff receives customers appreciation
54
Intellectual property rights- trade mark
A trade mark is a unique symbol used to distinguish a business’s idea from another; it cannot be used by others
55
4 things trade marks can be
Phrase, signature, numeral, shape
56
Copyright
A copy protects the expression of an idea and gives legal rights to the creator of an original work that allows them to control over how they grant permission to use a distribute it.
57
Patent
It is the right granted by the government to the owner of an invention preventing others making , using or selling the invention without permission. (Usually 20 years a patent tends to last)
58
Industrial design
Industrial design right protects the visual design of a product, how it is manufactured and the value it gives to the end user.
59
Forms of customer service
Warrant After sales services Feedback Surveys Online chat
60
Salesmen closing techniques
• There are several techniques for closing a sale: • Direct close: when the salesperson feels that the customer is ready to buy they simply close the deal. • Time-limited closure: the seller gives the customer a set period of time to make a purchase. • Incentive-based closure: the seller offers a reduction or discount if the customer agrees to make a purchase
61
The impact of Information Technology on Logistics and Supply Chain Operations. Forms of Technology(Logistics)
Global Positioning Systems (GPS);  Geographic Information System (GIS);  Portnet  Telemarketing, e-commerce;  Global logistics providers such as Fedex, DHL, and Amazon Logistics;  Logistics hubs, for example, Jamaica

CSEC Principles of Business (13 decks)

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