Marketing Flashcards
(30 cards)
Outline 3 activities involved in marketing
One activity it deciding on the right price
A second activity is deciding on the right place to sell the product
A third activity is deciding on the best promotion methods for the product
Describe market segmentation
A market segment is a group of buyers with similar characteristics
Describe market segment
Markets are segmented according to the characteristics of the buyers.
Identify 3 ways of segmenting the market
Age,income and lifestyle
Describe market research
The gathering, recording and analysing of information about the possible market for a good or service
Outline 3 points that could be found by carrying out market research
One point is what effect a price change could have
A second point is what the current trends/fashion changes are
A third point is if new competitors are entering the market
Describe field research
This involves finding out information first hand from the public/consumer
Identify the 2 types of market research
Field research and desk research
Outline 2 advantages of field research
An advantage of field research is information is gathered specifically for your purpose
A second advantage of field research is that information is up to date
Outline 2 disadvantages of field research
A disadvantage of field research is it is more expensive to gather compared to desk research
A second disadvantage of field research is it is more time consuming to gather compared to field research
Identify 3 methods of field research
Test marketing , personal interviews and postal or telephone surveys
Describe 2 methods of field research
One method of field research is telephone or postal survey which are forms which contain a series of questions
A second method of field research is test marketing which is the product is tired out on a small section of the market in a limited area e.g. Aberdeen
Describe desk research
This used secondary information which is information which is already available either from inside the organisation or from outside
Outline 2 advantages of desk research
One advantage of desk research is it js cheaper to access existing information rather than having to collect information from scratch
A second advantage of desk research is it is less time consuming to gather compared to field research
Outline 2 disadvantages of desk research
A disadvantage of field research is information may be out of date
A second disadvantage is information is available to our competitors
Identify 3 main methods of desk research
Newspapers, reports and internet websites
Outline 3 problems with market research
One problem with market research is that the market research questions may have been worded badly
A second problem with market research is people do not behave consistently or predictably
A third problem with market research is the actual people doing the interviews may influence how people answer
Describe branding
A brand is a company or a product with a name, symbol or design which makes it instantly recognisable
Outline 3 features of branding
One feature of branding is rands have unique logos and packaging
A second feature of branding is brand loyalty can be created
A third feature of branding is branded products are easily recognisable
Outline 3 benefits of branding
One benefit of branding is brands are instantly recognisable
A second benefit is brands generate repeat business
A third benefit is brands reduce the need for advertising
Describe 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
Outline 2 features of own brands
One feature is own brands are usually cheaper than branded products
A second feature is own brands are usually
seen as being of inferior property
Describe the product life cycle
the stages a product goes through from its initial development to its eventual decline and removal from the market
Identify the 4 main stages of the product life cycle
Introduction
Growth
Maturity
Decline
