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Marketing Flashcards

1
Q

What is market segmentation

A

Involves putting potential customers into group based on specific criteria or characteristics

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2
Q

What are the ways a market can be segmented

A

AGE,GENDER,INCOME LEVEL,LIFESTYLE/HOBBY,RELIGION,OCCUPATION

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3
Q

Why might a business conduct market research

A

Finding out how much the target market is willing to pay

Finding out the target market needs and wants
Gathering info on competitors

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4
Q

What is FEILD research

A

Gathers first hand info
Primary info

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5
Q

Give two positive and two negatives of FEILD research

A

Brand new.
not available to competitors

It can be expensive
Time consuming

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6
Q

Give methods of FEILD research

A

Telephone survey
Postal
Online survey
Hall test
Focus group

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7
Q

Advantage and disadvantage of telephone survey

A

People may see calls as fake
But allows a lot of people to receive them

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8
Q

Advantage and disadvantage of postal survey

A

Can cover a large area
People will become annoyed with junk mail

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9
Q

Advantage and disadvantage of online survey

A

A tool such as ms forms can collect and sort data for you

People require internet

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10
Q

Advantage and disadvantage of hall test

A

Allows research to gather high quality feedback
People may feel the need to give bias

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11
Q
A
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12
Q

Justify the importance of good customer service

A

repeat custom/brand loyalty created
can lead to higher market share
makes it easier to introduce new products to the market
higher prices could be charged
can lead to higher sales/profits
good reputation created
may attract new customers
fewer complaints
fewer returns

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13
Q

What are the 4 aims of promotion

A

Inform
Provide
Persuade
Convince

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14
Q

Inform

A

Inform the customers the product is there

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15
Q

Provide

A

Consumer with information about what the product

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16
Q

Persuade

A

Customers to buy products

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17
Q

Convince

A

Consumers to buy from the business

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18
Q

Methods of promotion

A

Advertising
Sales promotion

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19
Q

What is the definition of advertising

A

Is a paid communication that INFORMS potential customers of a product or service
• Advertising is normally split into two types:
• Traditional advertising
• Digital advertising

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20
Q

Traditional form of advertising

A

Tv,radio,billboards,magazines,posters,cinema

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21
Q

Advantage and disadvantage of tv

A

Reaches a large audience
Expensive

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22
Q

Disadvantage and advantage of newspaper

A

Consumers can be targeted through choice of newspaper
Not many people read papers anymore

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23
Q

Advantage and disadvantage of billboards

A

Consumers will repeatedly see the advert
Can be vandalised

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24
Q

Cinema advantage and disadvantage

A

There is a captive audience that will see it
Some people arrive late and miss advert

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25
What are digital forms of advertising
Banners and adverts on a side of a website
26
Advantages of website advertising
Is relatively cheap and can target consumers globally Can target a specific target market Demonstrations can be given
27
Website banners Disadvantages
Customers may ignore Products cannot be handled before purchase Can be difficult to stand out from other adverts
28
Advantage and disadvantage of sms messages
Same text can be sent to many customers Customers receive the sms instantly Customers will get annoyed Must have customers phone number
29
Email advantage disadvantage
Same email sent to many customers Can be deleted easily May contain virus
30
In app advertising advantage disadvantage
Customers don’t need to be online Customers will be irritated
31
What is sales promotion
Is used to encourage customers to buy more of a product or increase sales
32
WHat are the four types of sales promotion
Special offers-to encourage sales of a certain product Point of sales display-found at end of checkout Free samples-given to see if they like the product Free gift-if they spend a certain amount
33
What are the methods of distribution
Road-vans,Lorrie’s Sea-ships Rail-train Air-planes
34
Advantage disadvantage of road
Is only method with door to door Small cargo hold
35
Rail advantage disadvantage
Large quantities of of goods Train can only stop at certain stops Goods have to be picked up
36
Sea advantage and disadvantage
Large cargo hold Very slow compared to planes
37
Advantage and disadvantage of air
Quickest method for transporting globally Very expensive, not environmentally friendly
38
Definition of place
Where the business sells their products
39
What is e-commerce
Buying and selling products via internet
40
41
Price definition
Is how much money a business charges
42
What are factors to consider when setting a price
Price target market would pay Cost of productIng product Amount of product to be made Price charged by competitors Quality of product Government policies
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What are the long term pricing strategies
Premium pricing PLCC! Low price Competitive pricing Cost plus
45
Short term pricing strategies
Price skimming PPPPDD! Penetration pricing Promotional pricing Psychological pricing Demand orientated pricing Destroyer pricing (ILLEGAL)
46
Premium pricing
Will set price higher than competitors Business most ensure high quality E.g, Gucci
47
Low price
Set lower than competitors Business most Customers will see it as bad quality
48
Competitive pricing
Setting price the same as competitors Customers will need to decide on other factors of business when buying
49
Cost plus pricing
• A business first calculates the cost of making or buying one unit of the product • They then add a percentage mark up to the cost price to calculate the selling price • E.g. a business which adds which adds a 25% mark-up on a product which costs £1 to make will sell the product for £1.25
50
Price skimming
The price is first set high when launched Once sales have declined price is lowered
51
Penetration pricing
Price is set low when launched Aim is to attract customers away from competitors Once customer based has been established price will increase
52
Promotional pricing
Short term reduction in price of product
53
Psychological pricing
£1:99 instead of £2 so customers think they are getting a good deal
54
Demand orientated pricing
Price will drop in increase due to time, or demand E.G, train tickets peak and off peak times
55
Destroyer
Setting price much lower than competitions to take their customers ITS ILLEGAL IN UK
56
Advantages of branding
Consumer tend to see branded goods as higher quality Consumers become brand loyal Consumers are willing to pay more
57
58
Disadvantage of branding
Establishing a brand can be expensive The entire brand can be damaged by one product
59
What is packaging
Protects products during transportation Helps keep products fresh High quality packaging suggest high quality product
60
What are some strategies to extend product life cycle
Changing price Changing the place they are sold Promotion Change usage Change name
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METHODS OF desk research
1. Government reports and statistics ( such as census data) 2. Reports produced by market research companies such as mintel 3. Competitors websites 4. Trade magazines and journals Reputable newspapers
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64
What is ethical marketing
• Businesses must ensure that they are acting ethically in all advertising and promotion they use • A business must be truthful and honest in the information provided in its adverts. There are laws to protect consumers from being mislead by false, unethical advertising
65
Advantages of ethical marketing
Good reputation for firm Ethical products sell for more e.g. fair trade The firm avoids being sued by a consumer, if they state the product doesn’t have nuts and it does they get sued The firm avoids bad press by pressure groups The firm can recruit better employees and they will be motivated New source of finance from ethical investors such as BONO
66
Disadvantages of ethical marketing
Higher costs Firm has to stick buy its claims or could end up in a lawsuit
67
Advantages of desk research
1. It is a relatively inexpensive way of gathering data 2. It is relatively quick to gather compared to FIELD research meaning that decisions can be made quicker Large amounts of information and data are available at little to no cost
68
Disadvantages of desk research
1. The data gathered could be out of date, leading to poor decisions being made 2. The same information is available to competitors 3. The information might contain bias
69
What are the six stages before developing a new products
1. CONDUCT MARKET RESEARCH to find out what consumers need and want in a new product 2. GENERATE AN IDEA based on the data collected from the market research 3. Create a PROTOTYPE of the product. This is a basic/simple model which shows what the product would look like and how it would function 4. TEST the market by giving consumers a basic model of the product to try and gather feedback 5. MAKE CHANGES to the product based on tests and feedback gathered from consumers 6. Put the final product into production

Business (3 decks)

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