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GCSE BUSINESS EDEXCEL > MARKETING > Flashcards

MARKETING Flashcards

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1
Q

What are the two types of market research?

A

Primary (field) research and Secondary (desk) research

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2
Q

What is primary research?

A

Gathering of new information that does not already exist

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3
Q

What is a questionnaire?

A

A data collection tool used in research and surveys to gather information through written or electronic questions

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4
Q

List advantages of questionnaires

A
  • Wide Reach
  • Cost-Effective
  • Anonymity
  • Standardization
  • Ease of Analysis
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5
Q

List disadvantages of questionnaires

A
  • Low Response Rate
  • Limited Depth
  • Misinterpretation of Questions
  • Response Bias
  • Lack of Flexibility
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6
Q

What are focus groups?

A

A small, diverse group of individuals brought together to discuss and provide feedback on a specific topic under a moderator

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7
Q

List advantages of focus groups

A
  • Rich Qualitative Data
  • Group Dynamics
  • Real-time Feedback
  • Cost-Efficient
  • Flexibility
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8
Q

List disadvantages of focus groups

A
  • Small Sample Size
  • Potential Dominance
  • Groupthink or Bias
  • Moderator Influence
  • Time-Consuming
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9
Q

What is secondary research?

A

Collection of data that already exists

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10
Q

List advantages of media as a secondary research method

A
  • Cost-Effective
  • Time-Efficient
  • Wide Range of Sources
  • Timeliness
  • Diverse Perspectives
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11
Q

List disadvantages of media as a secondary research method

A
  • Credibility Issues
  • Limited Control
  • Generalization
  • Lack of Customization
  • Overemphasis on Sensationalism
  • Digital Noise
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12
Q

What are commercial sources in market research?

A

Sources prepared by professionals that provide credible and comprehensive data

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13
Q

List advantages of commercial sources

A
  • Credibility
  • Comprehensive Data
  • Time Efficiency
  • Industry Insights
  • Benchmarking
  • Global Reach
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14
Q

List disadvantages of commercial sources

A
  • Cost
  • Outdated Information
  • Limited Customization
  • Lack of Context
  • Bias
  • Data Overload
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15
Q

Define qualitative data

A

Information about attitudes, beliefs, and intentions, usually written in words

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16
Q

Define quantitative data

A

Information that can be quantified and expressed in numbers

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17
Q

What is marketing?

A

Identifying customer needs and satisfying them profitably

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18
Q

List the importance of marketing

A
  • Satisfying customer needs
  • Building customer relationships
  • Keeping customer loyalty
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19
Q

What is product orientation?

A

Where a business focuses on the design and manufacture of the product itself rather than customer needs

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20
Q

List advantages of product orientation

A
  • Innovation and Product Quality
  • Technical Expertise
  • Economies of Scale
  • Clear Brand Identity
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21
Q

List disadvantages of product orientation

A
  • Customer Neglect
  • Market Risks
  • Limited Market Share
  • Marketing Challenges
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22
Q

What is market orientation?

A

Where a business focuses on the needs of consumers when developing products

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23
Q

List advantages of market orientation

A
  • Customer Satisfaction
  • Innovation
  • Competitive Advantage
  • Increased Sales and Revenue
  • Brand Loyalty
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24
Q

List disadvantages of market orientation

A
  • High Research and Development Costs
  • Short-Term Focus
  • Risk of Imitation
  • Overemphasis on Customer Feedback
  • Inability to Predict Future Needs
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25
What is market share?
Proportion of sales in a total market that a business or product enjoys
26
Define market analysis
Quantitative and qualitative assessment of a market
27
What are mass markets?
Strategy that ignores market segment and appeals to the whole market with one offer
28
List advantages of mass markets
* Economies of Scale * Wide Customer Base * Brand Recognition * Lower Marketing Costs * Negotiating Power
29
List disadvantages of mass markets
* Limited Customization * Intense Competition * Vulnerability to Economic Changes * Lack of Personalization * Risk of Saturation * Environmental Concerns
30
What is a niche market?
Concentrating all marketing efforts on a small but specific and well-defined segment of the population
31
List advantages of niche markets
* Reduced Competition * Targeted Marketing * Brand Loyalty * High Profit Margins * Innovation Opportunities
32
List disadvantages of niche markets
* Limited Customer Base * Economic Vulnerability * Dependency on Expertise * Market Saturation * Risk of Rapid Decline
33
What are market segments?
Part of a whole market where a particular customer group has similar characteristics
34
What are the methods of market segmentation?
* Location (geographical) segmentation * Demographic segmentation * Psychographic segmentation
35
List limitations of market segmentation
* Cost and Resource Challenge * Complex Management * Overlooking Commonalities * Inflexibility to Market Changes
36
What is psychographic segmentation?
Dividing your market into segments based on personality traits, values, attitudes, interests, and lifestyles.
37
What are the limitations of market segmentation?
* Cost and Resource Challenge * Complex Management * Overlooking Commonalities * Inflexibility to Market Changes
38
What is the marketing mix?
Elements designed to meet the needs of customers, often referred to as the 4Ps: product, price, promotion, and place.
39
What is the product development process?
* Generating ideas * Analysis * Development * Test marketing * Communication and launch
40
What factors affect the choice of packaging?
* Information * Cost-effectiveness * Environment * Convenience * Protection * Design
41
What are extension strategies in the product life cycle?
* New markets for the product * New uses for a product * Change the appearance or packaging * Modify the product * Encourage more frequent use of the product
42
What is a product portfolio?
The range of products a business is currently marketing.
43
What does the Boston Matrix classify?
* STARS * CASH COWS * QUESTION MARKS * DOGS
44
What characterizes STARS in the Boston Matrix?
High market share and high market growth.
45
What characterizes CASH COWS in the Boston Matrix?
High market share and low market growth.
46
What is penetration pricing?
A marketing strategy to attract customers to new products by offering low prices initially.
47
What are some advantages of penetration pricing?
* Market Share Expansion * Rapid Adoption * Competitive Advantage * Brand Recognition * Barriers to Entry
48
What are the disadvantages of penetration pricing?
* Profitability Concerns * Perceived Quality Issues * Brand Erosion * Unsustainable in the Long Run * Market Saturation
49
What is competition-based pricing?
Setting the price of the product based on what the competition charges.
50
What are the advantages of competition-based pricing?
* Market Alignment * Simplicity * Quick Adjustments * Customer Perception
51
What are the disadvantages of competition-based pricing?
* Profit Volatility * Loss of Profitability * Limited Strategic Control * Ignoring Value Differentiation * Potential Price Wars
52
What is skimming pricing?
Setting a high price initially and then lowering it later to attract more price-sensitive segments.
53
What are the advantages of skimming pricing?
* Maximizes Profits * Recovers Development Costs * Perceived Value * Limited Availability * Flexibility in Lowering Prices
54
What are the disadvantages of skimming pricing?
* Potential for Imitation * Consumer Backlash * Short-Term Strategy * Risk of Obsolescence
55
What is promotional pricing?
Lowering the price of a product for a short time to draw in customers.
56
What are the advantages of promotional pricing?
* Increased Sales * Clearance of Inventory * Customer Attraction * Competitive Edge * Encourages Trial
57
What are the disadvantages of promotional pricing?
* Profit Margin Reduction * Brand Image Impact * Customer Expectations * Stockouts and Backlashes * Risk of Price Wars
58
What does 'place' refer to in marketing?
The location where people can buy products.
59
What are distribution channels?
The route taken by a product from the producer to the consumer.
60
What is the role of a retailer?
Businesses that buy goods from manufacturers and wholesalers and sell them to consumers.
61
What is an online retailer?
Businesses that buy goods from manufacturers and sell them to customers over the internet.
62
What are the two types of e-commerce?
* Business to Consumers (B2C) * Business to Business (B2B)
63
What are some advantages of e-tailing?
* Global Reach * 24/7 Accessibility * Cost Efficiency * Convenience * Diverse Product Range * Personalized Shopping Experience
64
What are some disadvantages of e-tailing?
* Security Concerns * Lack of Tangibility * Dependence on Technology * Delivery Challenges * Limited Customer Interaction
65
What is above the line promotion?
Placing adverts using media such as TV, cinema, radio, and the internet.
66
What are the advantages of above the line promotion?
* Mass Reach * Brand Building * High Impact * Credibility * Broad Coverage
67
What are the disadvantages of above the line promotion?
* Costly * Less Targeted * Limited Interaction * Short Exposure Time * Saturation
68
What is branding?
Giving a product a name, term, or sign to differentiate it and create customer loyalty.
69
What are the advantages of branding?
* Recognition and Differentiation * Consumer Loyalty * Perceived Quality and Trust * Market Positioning * Premium Pricing
70
What are the disadvantages of branding?
* Costs * Rigidity * Consumer Expectations * Risk of Negative Publicity * Limitations in Diversification
71
What is below the line promotion?
Any promotion that does not involve using the media, such as coupons and loyalty cards.
72
What are the advantages of below the line promotion?
* Targeted Reach * Cost-Effective * Measurable Results * Flexibility * Personalisation * Immediate Impact
73
What are the disadvantages of below the line promotion?
* Limited Reach * Short-Term Focus * Perception Issues * Difficulty in Scaling * Lack of Mass Appeal * Dependency on Personnel
74
Why is promotion important?
* To inform consumers about a product * To reassure customers * To improve business image
75
What is public relations?
Attempt by a business to communicate with interested parties.
76
What is an example of sponsorship?
Making a financial contribution to an event in return for publicity.

GCSE BUSINESS EDEXCEL (5 decks)

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