Marketing Flashcards
(25 cards)
What is the difference between a need and a want in relation to a product?
A need is something essential for survival or daily living, while a want is something desired for comfort, enjoyment, or status.
Give an example of a product that meets a need.
A kettle for boiling water.
Give an example of a product that meets a want.
A smartwatch or designer trainers.
What is market (demand) pull?
When consumer demand drives the development of new or improved products.
Give an example of market pull in action.
The rise in demand for eco-friendly packaging encouraging new sustainable materials.
What is technology push?
When new technology becomes available, leading to the creation of new products.
Give an example of technology push.
The invention of touch screen technology leading to smartphones and tablets.
Name one method of gathering market research.
Interviews.
How can interviews be useful for market research?
They provide in-depth, qualitative feedback directly from consumers.
What is a survey in market research?
A structured set of questions designed to gather opinions and information from a larger group.
Name a benefit of using surveys.
They collect data from many people quickly and are easy to compare.
What is a questionnaire?
A written set of questions to gather consumer opinions, either on paper or online.
How does the internet help with market research?
It allows access to reviews, trends, and data from large numbers of users.
What are the five stages of a product’s life cycle?
Inception, Introduction, Growth, Maturity, Decline.
What happens at the inception stage of a product’s life cycle?
Ideas are generated, prototypes made, and market research is carried out.
What happens during the introduction stage of a product’s life cycle?
The product is launched, and marketing campaigns raise awareness.
What occurs at the growth stage of a product’s life cycle?
Sales increase rapidly as the product gains popularity.
What characterises the maturity stage of a product’s life cycle?
Sales peak and the market becomes saturated, with increased competition.
What happens during the decline stage of a product’s life cycle?
Sales fall as consumer interest drops, possibly leading to discontinuation.
What is a product life cycle curve?
A graph that shows the stages of a product’s sales over time from inception to decline.
Why is analysing a product life cycle curve useful for designers and manufacturers?
It helps them decide when to update, withdraw, or relaunch a product.
Name a strategy a company might use when a product reaches maturity.
Introduce new features or reduce the price to maintain sales.
What might a business do when a product is in decline?
Discontinue it or replace it with a new, updated version.
How can market research improve product design?
By identifying consumer needs and preferences, helping to create more successful products.
