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Business management > Marketing > Flashcards

Marketing Flashcards

0
Q

what does it mean when it says anticipate?

A

Try to find out and predict what the consumer will want in the future

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1
Q

What is marketing?

A

Marketing is the process involved in anticipating, identifying and satisfying customer needs.

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2
Q

What does it mean when it says identify?

A

Finding out what consumers want (conduct market research) – There is little point in providing something that no one will buy.

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3
Q

What does it mean when it says satisfy?

A

Without consumers the business will fail – you must provide information (promotion) about the right product at the rate price, distributed (place) in a convenient space.

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4
Q

What is a market?

A

A meeting place for buyers and sellers to exchange money for goods/services.

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5
Q

What is desk research?

A

This is looking at research that already exists. There is a wide range of secondary data which is available from within (Internal - sales records, financial information) the organisation and from out with (external - newspapers, internet, journals) the organisation

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6
Q

What is field research?

A

This involves carrying out research and obtaining the information firsthand. Organisation may collect this information or pay a market research company to do it for them. This can be done using: interviews, surveys, hall tests, consumer panels.

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7
Q

What is a market segment?

A

Market segment is a group of customers who have similar wants and needs.

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8
Q

What are the main methods of segmentation?

A

Age, gender, geographical location, ethnicity or religion , Socio economic grouping, lifestyle.

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9
Q

What are advantages of segmentation?

A

Products are developed to sit customer needs – more appropriate so more successful.
Can target specific groups with products/promotions to suit that particular segment – money is not wasted.
Helps when deciding on the best place to sell the product.

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10
Q

What is mass marketing?

A

Some market segments are very large beer called mass market. A mass market has a large value of seals by volume e.g. soap powder, toothpaste, Kelloggs cornflakes.

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11
Q

What is niche marketing?

A

This is when a business concentrates its entire effort and resources on serving one segment of the market – attempt to build up expertise in that Area

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12
Q

What are the four P’s?

A

Product, price, place and promotion

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13
Q

Why is product the most important element?

A

Product is the most important element as it determined what the price will be, how it is promoted and where is sold (place)

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14
Q

What are core products and augmented products?

A

Core: provides a basic need
Augmented: is made more attractive to customer by having additional features.

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15
Q

What does the product life cycle show?

A

Shows different stages a product will pass through and the levels of sales that can be expected at each stage.

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16
Q

What is the development stage?

A

It is researched and tested during this stage. There are no sales but costs of development may be high.

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17
Q

What is the introductory stage?

A

This is when customers are first becoming aware of product. Sales are low.

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18
Q

What is the growth stage?

A

This is when sales are rising quickly, as more customers become aware of the product.

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19
Q

What is the maturity stage?

A

When products are fully established. Sales have reached their peak.

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20
Q

What is the decline stage?

A

When competitors join the market, sales fall and product may enter decline stage.

21
Q

Give examples of extension strategies?

A
  • encourage more frequent use - get customers to use the product more; this is achieved by reducing the price
  • style changes - introduce a slightly different version of product
  • widen product range - produce product in different sizes, flavours
22
Q

What does the price depend on?

A
  • competitors prices
  • production costs
  • what market segment it’s aimed at
  • what prices customers will be willing to pay
23
Q

What is penetration strategies?

A

Charging a very low price to grab the attention of consumers - to break into the market

24
Q

What is promotional pricing?

A

Prices reduced for a short period of time

25
Q

What is destroyer pricing?

A

Prices are set really low to try and drive out competitors from the market

26
Q

What is discriminatory pricing?

A

Different prices are charged for the same product at different times of the day.

27
Q

What is sales promotion?

A

Having special offers such as BOGOF (buy one get one free)
Free samples
Vouchers
Competitions

28
Q

What is celebrity endorsement?

A

This is when a business approach a celebrity to appear in their advert or be seen using their product/service.

29
Q

What is sponsorship?

A

Supporting an event/activity/org by providing money or other resources valuable to the sponsored event in return for advertising space or as part of the publicity for event.

30
Q

What is a brand?

A

The name, symbol or logo given to a group or type of product is known as a brand.

31
Q

What are factors to consider when choosing a location?

A
  • closeness to customers - no point in setting up where there are no customers
  • closeness to suppliers - need suppliers regularly, quick deliveries, save on delivery charges
  • parking facilities - customers need to be able to access the business easily
  • premises availability size rent
  • competitors - choose to set up as close too or as far from competitors
  • environmental impact
  • employee availability - must have suitable skills
32
Q

Why do businesses have a brand?

A

To try beat competition, to encourage repeat purchases and try to increase market share. And can help increase profit.

33
Q

Advantages of branding?

A
  • New products can be successfully introduced due to the brand name as it’s already well known.
  • Brands are easily recognised by customers - helping customers to tell them apart from similar competitors products.
  • Branded products are often associated with quality and customers may be more likely to buy them
34
Q

Disadvantages of branding?

A
  • time consuming and expensive for a business to establish a well known brand
  • poor product or one simple bad event can effect whole brand - customer put off by the whole brand
  • brands can be copied and fake products can be produced - reduced profits
35
Q

What is Quantitative Research?

A
  • speak to a large number of consumers to identify trends
  • usually collected using questionnaires/ surveys
  • usually presented in the form of numbers/ statistics/ facts
  • used to make comparisons between products/years/branches of stores
  • Normally numerically based, very easily compared*
36
Q

What is Qualitative Research?

A
  • speak to much smaller group of consumers, one to one discussion
  • usually collected through focus groups or in consumers homes
  • gives in depth information about consumer
  • Normally expressed in words not easily compared includes descriptive opinions*
37
Q

Why do market research?

A

to reduce risk when launching products

38
Q

Three examples of methods of field research?

A

Hall tests
online survey
personal interview

39
Q

Advantages of these methods of field research?

A

Hall test - Fairly cheap method to gain customers opinions, often used in supermarkets
Online Survey - A large number of people can be surveyed, people from all around the world can participate
Personal Interview - Allows two way communication. the interviewer can encourage answers.

40
Q

Disadvantages of these methods of field research?

A

Hall test - Can be difficult to analyse qualitative information
Online survey - No personal contact, response rate may be low
Personal Interviewer - Can be an expensive method, training and paying interviewers

41
Q

Why is market research important?

A
  • To find out the price consumers are willing to pay
  • To find out where consumers are likely to buy/purchase this product e.g. online
  • To identify if consumers would like existing p/s changed
  • To identify if p/s currently offered buy any competitors
  • To find out if consumers like the p/s and if they would buy it. (reduce risk)
42
Q

Why is customer satisfaction important?

A
  • To encourage customers to return (Customer loyalty)
  • To maintain/ increase in sales (sales maximisation)
  • To maximise profits
  • To establish and maintain a good reputation
    To attract new customers (improve market share)
43
Q

What are advantages of 2 advertising methods of promotion?

A

T.V. - adverts can be targeted to a particular audience, large audiences can be reached
Internet - Changes can be made easily to adverts

44
Q

What are disadvantages of 2 advertising methods of promotion?

A

T.V. - Many viewers switch channels when adverts come on

Internet - Many people ignore adverts on the internet

45
Q

Give 3 examples of electronic promotion?

A

Loyalty cards e.g. Tesco clubcard - card is used to record spending habits and consumers are then targeted based on previous spending patterns. points can be earned for money off/free gifts.
QR Codes - smart phones can scan the code using an app which directs consumers to a business website
Apps - downloaded to mobile devices widely used to advertise and promote businesses, easily accessible

46
Q

What is e-commerce?

A

The process of buying and selling products or services online. E.g customers can buy clothes, food, books and customers can sell goods on gumtree, ebay

47
Q

What are 3 advantages of e-commerce for CUSTOMERS?

A
  • Goods are available to order 24hours a day
  • Can quickly find what you are looking for search facility on website
  • Stock availability can be checked instantly
48
Q

What are 3 DISadvantages of e-commerce for CUSTOMERS?

A
  • Might have extra charges e.g. delivery, insurance
  • Goods can’t be seen or handled or tried on before buying (inconvenient if goods need to be returned)
  • Technical Problems might occur sometimes customer left wondering if their order has been placed
49
Q

What are 3 advantages of e-commerce for ORGANISATION?

A
  • Customers worldwide can be targeted
  • Cheaper than traditional e.g. property and staff costs are reduced
  • Instantly update product info on a website e.g. latest price (no printing costs and is more environmentally
50
Q

What are 3 DISadvantages of e-commerce for ORGANISATION?

A
  • Website has to be maintained regularly (will need significant amount of the time dedicated and may need to train employees
  • Site must be secure, Customers will have to enter personal details
  • Some goods are difficult to sell online e.g. where customers like to see, touch or try before buying
51
Q

Why should company’s have their own websites?

A
  • A business can advertise and provide info on its product/services to (potential) customers: the most up-to-date info can be provided easily, compared to paper based method such as catalogue it’s easier, quicker and cheaper to update info.
  • A business has access to a world wide market and it’s open 24 hours a day 7 days a week. This is also useful when your business affected by time zones: the web is very convenient for everyone
  • A business can sell goods even when there is no-one there through the use of e-commerce allows people to buy and sell online you are not restricted by geographical location
  • A business will save money on traditional trading costs, a shop requires rent, heating, lighting, staff etc all of which can be very expensive

Business management (5 decks)

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