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marketing Flashcards

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1
Q

What is marketing

A

guide to satisfy customer needs and wants

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2
Q

What can marketing involve

A

Researching market- gather info and data on customers, market place and competitors
Analysing market- identify opportunities
Setting goals-linked to business objectives
Devoloping marketing strategy- plan of how marketing objectives can be achieved

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3
Q

What are some examples of marketing

A

new product, designing packaging

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4
Q

What is market orientation

A

busniness basing its marketing mix on perception of what market wants meeting the markets needs with little reference to internal strengths

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5
Q

Key features of market orientation

A
  • consumers are central to a business decision making understanding there wants and needs
  • respond quick to changes in market
    -anticipate market changes
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6
Q

Ads and disads of market orientation

A

-customers have greater satisfaction leading to brand loyalty
-flexible to changes in taste and fashion
- decisions based on effective market research

-high cost of market research to understand market
-constant internal change to meet needs of market
- unpredictable for future especially from pov of staff
- abonded earlier product investments

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7
Q

What is product orientation

A

bases products it services on what it perceives as its internal strengths

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8
Q

Features of product oriented

A

-contact with consumer at final stage
-fashion and tastes not accounted fir in product mix
-emphasis on a techncally sounf product, producing and selling quality it

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9
Q

Advantages of product orientation

A
  • increased econmies of scale
  • focus on quality
  • focus on product development
    -easier tinapply production methods

-changes jn market not responded to
-fashion and tastes not accounted for

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10
Q

What is asset led marketing

A

using its strengths to meet customer needs

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11
Q

What is product

A

good or service offered to sale to customers

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12
Q

Benefits of asset led marketing

A

-greater chance of success
-less market research
-aware of weakness and not produce product just because market wants them
-strengths linked to market needs- such as repuatable brand extending product range

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13
Q

What is price

A

amount customers will pay for good or service

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14
Q

What is promotion

A

attempt through various forms of media to draw attention to product and gain and retain customers

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15
Q

What is place

A

distrubtion channel is the route taken by product as it passes from producer to final customer

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16
Q

What is product portfolio

A

mix of products the business produces and sells

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17
Q

What does a product portfolio do

A
  • reduces risk, targeting wider markets, opportunities for growth
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18
Q

What is branding

A

attempting to establish a product with seperate identity in customers mind making it desirable, wanted and even needed

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19
Q

Why are brands important to customers

A

they represent attributes, values and beliefs

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20
Q

Why is brand awareness important overall

A
  • brand loyalty(repeat purchases)
    -differentatates product especially important in market with similar products
    -gain flexibility in pricing decisions (can facilitate price rise without facing significant losses
    -gain recognition so consumers trust it and want to buy it
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21
Q

Disadvantages of branding

A

-cost of advertising can be very high to be constantly actracting customers
-lose of brand value effects all similaly branded products
-competition of copy cat manufacturers

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22
Q

What is a usp

A

unique selling point that includes feature separating product or service from its competition

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23
Q

How to differentiate products

A

-different methods of promotion
-packaging different( eco friendly)
-add ons ( kias have 7 year warranty)
- quality and reliability

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24
Q

Main areas of packaging

A

Design- attract customers
Convenience- Open products easy, not too bulky
Protection- not easilly damaged
Information- on ingredients is required by law
Environmental factors- recycyvlabel
Cost- cost to make packaging

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25
What is product life cycle
different stages of life of product and sales achived at stage
26
5 stages in order of pl
into growth maturity saturation decline
27
How is product life cycle laid out
sales on y time on x
28
Explain the introduction of pl
product is new to market so few know about it so low sales, profits low due to high development and advertising costs
29
Explain growth phase of pl
is becoming more well known and consumed, profits earned but advertsing still high, price may fall
30
Explain maturity phase of pl
Product range may be extended and comptution will increase sales at peak and profits high
31
Explain Saturation
Very few new customers gained, try to teduce costs so prices can be flexible, profits earned may start to decline
32
Explain decline phase
sales fall quickly and product range may be reduced, less advertising and profits and price will fall.
33
Why at start will cash flow be negative
High costs of research and development and advertising at introduction
34
What are extension stratagies
extend the life cycle of product
35
What can be an extension strategy
relaunching product at different segment new features repostitioning in market place
36
What does boston matrix do
analyse product portfolio and catagorise them by (relative)market share and market growth. Placing them into 4 categories star, dog, cash cow and problem children
37
What does boston matrix examine
current strategic position of firms products
38
What is a cash cow
low market growth/high market share -very profitable, custometd know and understand product as brand value has been established, low expenditure on advertising examples- dairy milk, kellogs corn flakes
39
What are stars
high market growth and high market share potential for high revenue growth as new customers attracted tk market, competition is high business fighting for share of profit, high expenditure on advertising and marketing hopefully develop into cash cow - apple ipad
40
What is a problem child
high market growth/ low market share is bad as market is growing fast but not making high sales so competition is beating them so need to capture market share
41
What are dogs
low market growth/relatively low market share not worth spending money on redeveloping ir advertising as likely to be recouped in increased revenue
42
What should business consider about dogs
- are they worth persevering with how much are they costing could they he revived
43
What is synergies in terms of product portfolio
may show it provides complete range of products so the dog satisfies occasional customers who desire it
44
What can a business do with a dog
sell to s smaller niche company and use money to invest in developing products
45
Advantages of boston matrix
-easy to use and explain only two dimensions and four quadrants - helps firm design a strategy that combines competitive strengths snd market opportunities available - used successfully by many firms helping them provide a wide raning product portfolio -important for allocating resources to right areas to achive success in future
46
Disadvantages of Boston Matrix
-too simplistic and relative market share and growth are too narrow to measure competive strengths other factors need consideration(custimer loyalty, retailer relationships) -only a snapshot of current position and no predictive value in a high growth market where it is competitive it will be less effective -the definition of competitive he actial market can be an issue as cadburys vegan chocolate bar could be put in specilised chocolate bar or general chocolate market and be a star in one and problem child in other
47
What if price is too high
demand low and costs not covered
48
What if price is too low
doubt quality and reliability of product
49
What are price takers
businesses accepting price of the market (perfect competition)
50
What are price makers
using pricing strategies that are market oriented or cost based
51
What are market oriented strategies
setting a price that suits the markets demand
52
What are cost based pricing
concentrate on covering internal costs basing them on costs of production
53
What is market skimming
charging high price for a product with usp for limited period -take advantage of newness of product and gain as muchrevenue as possible while it is unique to market -generate revenue in short period of time to high r and d costs are covered
54
What is penetration pricing
gain market share by charging low price so it is bought in large quantities, establishes brand loyalty and continue to buy if price rises, how ever may be seen as low quality, and initially lose revenue.
55
What is loss leader pricing
selling product at a loss to generate further sales of some form elsewhere in business to recoup loss and make profit -supermarkets selling stuff at loss in hope customers buy other products while in there
56
Predatory/destroyer pricing is?
settig price low enough to drive competition out of market- can be seen as illegal
57
What is competition based pricing
usually used by new small businesses selling at a similar price to competitors
58
Phchological pricing what is it?
prices set at a level what consumers may expect to pay but percieve they are benefiting from price paid such as 19.99 as belfief of value of money
59
What is cost plus pricing
profit percentage is added to cost of producing goods +changes in costs passed to buyer +every good sold for profit -competitors actions ignored to loss of sales -exporters dont allow for currency changes so effect price of goods
60
What is contribution pricing
Price based on variable costs plus conribution for overheads and profits giving flexibility as orders can be accepted on different contribution basis
61
What is full cost pricing
all business costs taken into consideration including overheads like advertising adds complexity of apportioning overhead costs
62
What are advantages of choosing the right pricing strategies
-selecting right one will increase sales and increase revenue resulting in profits rising -prices can be applied to niche market/segment so higher prices can be charged -prices can reflect the market for product(skimming working in markets with high income)
63
Disadvantages of using pricing strategies
-competitors may use the same so no increase in sales -expensive advertising to promote pricing strategies -some segments may not be happy with pricing strategies (less-well of will boycott)
64
What is promotion
attempts through various forms of media to draw attention to product or service to gain new customers and retain existing ones
65
Objectives if promotion
-increase sales(obtain new custimers) -raise awareness of new products or new features -target specific groups-encouraging sales of particular products -beat competitors
66
What is above the line promotion and examples
advertising through independent, mass media which is indirect and reaches wide:large audiences local newspapers,radios,cinema's television
67
Choice of media depends on what
Target market Costs Reach of media Product itself
68
What is below the line promotion
targets consumers directly and usually used to support above the line promotion
69
What are examples of below the line promotion
Personal selling-sales staff speaking to public directly and offer products, doesnt have wide coverage Packaging-advertisements and logos can promotonit Sales promotions-two for £2 or bogof Direct Mailing-send into about products so they know where they need to go Public relations- media reports and sponsorship events
70
Benefits of marketing on websites
-widens potential market(increased sales) -well constructed up to date websites improve image of business - open 24/7 -more and more people are shopping on internet
71
Drawbacks of marketing online
-not everyone has accsess to internet - poorly constructed website can lead to a negative image -can be expensive to set up - may not be cost effective( capacoty for extra orders) generate enough profit for expenditure
72
Benefits to busines selling on internet
-eliminate need for expensive high street presence -data on customers can be stored cheaply wnd easily to target them effectively - reach world wide audience
73
Drawbacks to busines of selling online
-maintaining quality up to date websites improve image is costly - most businesses are customer oriented and responf to wishes of customers by facilitating on line shopping maintaining in store premises as well wil be costly
74
Benefits of selling on internet to customers
- availbale to order 24 hours - no need to go to physical shop -easy to compare prices and read reviews
75
Drawbacks of online shopping to customers
-lack of accsess (bery rare) -delay in delivery -inable to try before buying item
76
Factors impacting promotional strategies
-marketing budget available -stage in life cycle -target market -competior actions
77
What is place
where buyers and sellers meet and exchange payment in return for goods and servies and methods used to distribute them
78
Why is where place product is sold important
can make product seem premium and sell st higher prices
79
What is distrubution channel
route product takes from producer to consumer
80
What is the traditional distribution channel
producer-wholesaler-retailer-consumer sell in bulk to wholesalers, break bulk into smaller quantities to retailers who cannot afford bulk buying- more intermediaries means higher prices for consumers due to mark up/cost plus pricing
81
Why are wholesalers used by large retailers
delivering to small retailers in remote locations would not be economically viable so use wholesalers
82
How do wholesalers benefits small retailers and business
retailers-benefit from being able to buy them at wholesale prices so they can make profits small businesses-can purchase goods they fo not have access to from major suppliers
83
What is the modern distribution channel
producer-retailer-consumer
84
Why do large retailers use modern distribution
as they can afford to buy in bulk from producers and store goods at distribution centres that then deliver to there different stores around the uk, purchase at competitive prices enabling to sell at competitive price in store benefiting consumers
85
Direct selling/e commerce distribution channel
producer-consumer
86
Why does direct selling lead to being cheaper
no intermediaries leading to mark ups or cost plus pricing
87
What is the benefit of producer of selling at a retailer
provides a convenient place for consumer to purchase products
88
What is advantage of shorter distrubution channrl
control distribution methods and so less affect on reputation
89
What is multi channel distribution
combination of distrubution channels is used
90
What does a more effective distrubution channel lead to
more profit benefiting stakeholders
91
92
What is benfit of using wholesalers number 2
may ran promotions on behlaf of heinz leading to increased sales small businesses can buy at wholesale prices- make a profit when selling to customers small businesses can purchase it they do not usually have access too
93
What is the benefit if using agents or brokers
bring buyers and sellers together and may have better knowledge of trading conditions and foreign markets longer the distribution channel less profit made.

jacks business (18 decks)

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