Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Bussness Higher > Marketing > Flashcards

Marketing Flashcards

(93 cards)

Start Studying
1
Q

What is marketing

A

The process of identifying, anticipating and dtatifying customers requirements to make a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the aims of marketing

A

Effective marketing allows a bussness to meet its objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is market share

A

Marketing that can help a bussness increase the proportions of customers it has from a particular market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a market leader

A

When the business sness has he largest proportion of a market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Why is marketing important

A

If an organisation can’t effectively identify, anticipate and satisfy consumers requirements then they wont be successful

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is consumer behavior

A

The behavior of consumers are helpful to business as it helps make decisions about there product/ service and how it can be marketed

It’s how consumers behave - asking why, what, how and where

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Whats a type of consumer behavior

A

ROUTINE PURCHASE - buying something because it is a habit
IMPULSIVE PURCHASE - buying something without thinking, often in the spur of the moment
EXTENSIVE DECISION - MAKING PURCHASE - buying something that requires a high degree of thought bedore it is made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is product- led approach

A

When an organisation produces the product first and then try’s to sell it to customers
They assume that there product/ service being sold is the best or the only version on the market and therefore sell easily

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is a market - led approach

A

They are based on a bussness going out and finding out what customers are looking for
E.g looking at customer feedback

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is market research

A

It provides info about; the market itself, customer feedback, promotion methods, sales data, competitions, effect of price on the market
This info is used to design new product and modify existing once’s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the marketing mix

A

Elements that help a bussness to achieve its marketing objectives and satisfy its target market
- product
- place
- price
- promotion
- physical evidence
-people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the product in the marketing mix

A

The actual item that is produced by the bussness and sold to the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is place in the marketing mix

A

The way the bussness makes the product available lot customers and where the product sold e.g retail store

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is price in the marketing mix

A

Is how much money a bussness charges the customers to buy the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is promotion in the marketing mix

A

How the consumers are told that the product exist and are encouraged in different ways to buy it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is process in the marketing mix

A

The different prices and systems used to deliver the service being provided e.g drive thrus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is people in the marketing mix

A

Those involved in providing the service to customers, staff making sure there is high quality customer service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is physical evidence in the marketing mix

A

The location of where the service is being offered and what it looks like e.g store layout

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Whats desk research

A

Desk reasearch is when the reasearch uses info that has already been gathered (secondary info)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Give an advantage of desk research

A
  • save time
  • relatively inexpensive
  • widely available
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Give a disadvantage of using desk reasearch

A
  • not specifically gathered for the bussness - may not be reliving
  • may be out of date
  • may contain bias
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is feild research?

A

Field research involves gathering brand new info suitable for the bussness exact needs (primary info)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Whats an advantage of feild research

A
  • only firm that collect data has access to it
  • collect for a specific purpace
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Whats a disadvantage of feild reasearch

A
  • expensive to collect
  • time consuming
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What is a pricing strategy
It refers to how much the consumer will be charged for a product, price will effect the buying decisions of customers
26
Name a pricing strategy
- cost-based (cost plus) - skimming - penetration pricing - price discrimination - destroyer/ predatory - loss leader - promotional - phycological
27
What is cost plus pricing ?
The bussness calculates the unit cost of a production and then adds a % mark for profit
28
What is penetration pricing
The product is introduced to the market at a low price and will be increased once the product becomes nown
29
What is premium pricing
The price is permanently set higher than there competitions to give the idea of the product being a premium
30
What is loss of leader pricing
The price charged is lower than the cost of making the product
31
What is competitive pricing
The price of the product is simular to competitors
32
What is phycological pricing
The price charged ,makes the customer thinks that the product is cheaper than it is e.g 99p
33
What is market skimming pricing
The product is temporary set at a high price for a period of time , once sales of the product have slowed there will decrease the price
34
What is price discrimination pricing
Selling the same product but at different process to different groups of customers
35
What is destroyer pricing
A high price is charged for a new and often unique product. Often little or no competition. The price might be decreased once competitor arrive
36
What is place as a part of a marketing strategy
A company needs to desire where best distribute a product (where it is sold)
37
What is the channel of distribution
The way a product gets from the manufacture to the consumer
38
What are factors that can effect the channel of distribution
- stage of the product life cycle - legal restrictions - finance availiblity - shelf life of product - desires image for the product
39
What is direct selling
Selling directly to the customer from the manufacture
40
Give an example of direct selling
- mail order - direct mail - e- comers - Percival selling - to shopping channels
41
What is whole sales
The role of the wholesaler is to buy bulk orders from manufactures and divide them into smaller amounts onto the retailers or consumers
42
What is retails
A retailer sells goods to costumer often in smaller quantities, rather than wholesale. There are many different types retailer that sell to customers
43
Give advantage of direct selling
- Credit facilities are often offered to customers. - Customers can browse for products and place orders from home, at a time that suits them. - Mail-order only companies save money on staffing and store costs.
44
Give a disadvantage of direct selling
- A level of bad debt might be incurred from customers who place large orders - don’t have the funds to pay for all the items ordered. - Producing catalogues is not environmentally freindly - may not meet corporate social responsibility objectives.
45
Give an advantage of wholesales
- Retailers can trial smaller orders of newer products and not be left with large amounts of unsold stock this means that the business can take more risks which could lead to a competitive advantage. - Retailers can buy smaller quantities from wholesalers compared with if they were buying directly from the manufacturer which means they can save money on storage costs.
46
Give a disadvantage of wholesales
- Wholesalers will add on a margin of profit this means that it is more expensive than going directly to manufacturers. - Wholesalers offer the same products to retailers’ competitors; this means that other areas of the marketing mix have to be relied on if the business is to retain their market share.
47
Give an advantage of retailing
- Retailers are located close to the customers this means that they are more aware of their needs and wants. - Retailers often promote the product for the manufacturers this means that costs can be reduced. - Retailers employ sales assistants to help sell the product this means there are more sales opportunities which will increase the business’ market share.
48
Give a disadvantage of being retailer
- Retailers will pay a reduced price for stocking a business’ product this means that profits earned will be affected and won’t be as high. - Retailers may alter the price of the product this means that the image of the product may be affected - The product will face competition from other products stocked by the retailer this means that the other elements of the marketing mix will be heavily relied on to ensure the business remains competitive.
49
What is a product
A product is the actual (good or service) product being sold
50
What is the product development
Before the product is made avaible to the market it goes though the stages of development - geninrate idea - analysis the product - product a prototype - test the product - alter the product - produce the product
51
What are the stages of the product life cycle
- reasearch and development - intro - growth - maturity & saturation - decline
52
What does GAPTAP stand for
Generate idea Analyse the product Produce a prototype Test the product Alter the product Produce the product
53
What is an extension stratagy
Theses are methods employed by the bussness. To prolong the life of there product (in the product life cycle) and stop them from going into decline
54
Name a type of extension strategy a bussness could use for there product
- change packaging - Chang place - change price - changes the product - change usage - change name - change promotion - rebrand
55
What is a product portfolio
A product portfolio is the range of items sold by the bussness
56
Give a cost of having a product portfolio
- increases R&D cost due to multiple product being produced - marketing/ advertising cost many be high - bad publicity for one product could effect the bussness as a whole - resources spread thin can effect the performance of existing cash cow product
57
Whats a beinfit of having a product portfolio
- having different products can spread the risk - can encourage customer loyalty - can allow for seasonal fluctuations - can meat the needs to different market segments - easyier to luanch new product doe to greater brand awareness - allows for product to be replaced after anouther product life cycle has ended - having more range of product can lead to greater product awareness
58
What is the Boston matrix
A way of analysing a product
59
What is a star (Boston matrix)
Star product have a high market share in a fast growing market
60
Whats a cash cow (Boston matrix)
Cash cows have a high market share in an slow growing market
61
What is question mark/ problem child (Boston matrix)
Are products have a low market share in a fast growing market
62
What is dogs (Boston matrix)
Are product with low market share and slow growth market
63
Whats a beinfit of the Boston matrix
- it can help analys witch product should be persuade and how best a company profit it should be invested and witch product should be removed for the range - its simple and easy to understand
64
Whats a cost of the Boston matrix
- it can only take into account the current market position and it doesn not take into account external factors - high market share doesn’t automatically mean profit all the time
65
What is into the pipeline
Manufactures promoting there product to retailers to encourage them to stock there product
66
What is out of the pipeline
When retailers promote the product to customer in order to encourage them to buy the product e.g vouchers , free samples
67
What is point of sale
Are displayed at the front of a checkout, designed to attract customers to the product
68
What is sales or return
Are offered by the manufacturer to retailers, this method of promotion gives the retailer the right to return any stock that they do not manage to sell
69
What is deal loader
When manufactures will offer the retailer extra goods if they purchase a certain quality E.g six boxes for the price of five
70
What is promotional gifts
Manufactures can provide retailers with promotional gifts for customers in order to exchange the sale of there product. E.g food company providing a branded bowl when they purchase select cereals
71
What is staff training (promotional method)
Manufactures will provide retail staff with training, this will beinfit the retailer as they are able to give a higher level of quality to customers due to the training
72
Name an into the pipeline promotion method
- staff training - sales or returns - deal loader - promotional gifts - point of sales materials
73
Name a out of the pipeline promotional method
- special offers (discounts / BOGOF) - loyalty cards - free samples - free gifts - competition
74
What are people?
An element of the extended marketing mix refers to any members of staff who is contracted with the customers of a bussness
75
What can happen if customers are not happy
- bussness wont sell goods/ service - reduce in profit will be made as people don’t want to buy from you - company’s may go out of business - gain a bad reputation
76
What happens when customers are satisfied
- more likely to return (repeat customer/ customer loyalty) - can lead to increase sales and profit - don’t take bussness to competitors - bussness has a good reputation - may recommend the bussness to friends/ family
77
Name a way of maximising customer service
- recruitment and selection - customer complaint system - customer care stratagy - after sale service - staff training
78
What is process?
The system and process that are put in place to deliver a product/ service to the customer. Involves looking at the exsperianced of customers when purchasing a product E.g - delivery service - communication - Tech etc
79
What is physical evidence?
The elements of the marketing mix that go into the physical envirment exsperianced by customers (a physical store or a website)
80
What should be looked at when thinking about physical evidence?
- clean premises - layout is easy to navigate - eye catching dispatch - appropriate parking and toilet facilities - key info clear and finadable - colour, text ect should reflect the bussness
81
What is public relations (PR)
Is a promotional technique used to gain media coverage, there aim is to built awareness of the bussness and create a positive image for the bussness , it is free and generated through; - events - activity’s - news worthy story’s
82
Name a promotional technique used by public relations (PR)
- press conference - press releases - charity donations - sponsorships
83
What info can market research provide
- the market itself - customer feedback - promotinal methods - sales data - competitors - effect of price on market
84
Name a method of field research
- survey - face to face interview - focus group - halls test - observations - sampling
85
What is sampling
Since field research can be very costly and time-consuming bussness do not interview/ survey everyone. A representative group will be chosen
86
What is random sampling
The sampling is selected at random. E.g from the telephone directory
87
Whats an advantage of random sampling
- less chance of bias - simple and quick
88
Whats a disadvantage of random sampling
- may not truly reflect the target market - can be expensive as a large sample is required
89
What is quanta sampling ?
A method which involves the population being segregated into groups with similar charactoristics. A specific number of people from each segments are interviewed
90
What’s a pro of using quanta sampling
Cheaper as less respondents required
91
What’s a con of quota sampling
Harder to eliminate bias in the selection process
92
How can a business use tech for marketing
They can use it to gather info about there customers
93
Whats a method of using tech in marketing
- EPOS - online survey - data base

Bussness Higher (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions