Marketing Flashcards Preview

Higher Business Management > Marketing > Flashcards

Flashcards in Marketing Deck (44)
Loading flashcards...
1

Name 4 characteristics on market led companies

Products developed on customer wants
High levels of market research
Exist in competitive markets
Responsive marketing mix to PESTEC

2

Name 4 characteristics on product led companies

Products developed by business based on business belief
Minimal market research. High product research
New technologies. Little competition
Fairly unresponsive to PESTEC

3

Name 4 aspects of consumer behaviour

Why ( need/ want/ gift)
What(Routine/impulse/major decision)
How( cash/ credit card/store credit)
Where( outlets/catalogues/e commerce)

4

Name 6 types of Desk Research

Web pages
Trade magazines
Govt publications
Financial statements
Sales figures
Previous market research reports

5

Name 3 advantages of desk research

Timely and easy to get
Cost effective (cheap)
Available

6

Name 3 disadvantages of desk research

Not objective gathered by someone else
Not appropriate not gathered for exact purpose
Not concise

7

Name 3 advantages of field research

Complete designed for specific information
Timely and up to date
Appropriate
Accurate and validated

8

Name 4 types of sampling

Random Sampling
Quota sampling
Stratified random sampling
Cluster sampling

9

Name 9 types of field research

Telephone survey
Postal survey
Online survey
Personal interview
Hall tests
Focus groups
Consumer audit
Test marketing
EPOS

10

Name 7 aspects of the marketing mix

Product
Place
Price
Promotion
Process
Physical evidence
People

11

Name the 5 stages of the product life cycle

Introduction
Growth
Maturity
Saturation
Decline

12

Name 7 extension strategies

Lowering price
Changing selling place
Change promotion
New product variations/flavours
Rebranding
Redesign packaging
Changing use

13

What are the four squares of the Boston matrix and where do they sit on the grid (market share/growth)

Stars(HH)
Question marks(LH)
Cash cows(HL)
Dogs(LL)

14

Name 9 advantages of a product portfolio

Spread risk over different markets
Meet needs of different market segments
Newer products can replace those at end of cycle
Increases brand awareness
Easier to launch new products
Cash cows fund riskier ventures
Stars allow market leader
QM give opportunity to grow
Dogs can be divested

15

Name 5 disadvantages of a product portfolio

High costs of marketing
High costs of product development
Bad publicity can affect whole portfolio
Resources assigned to new products may affect existing products
Dogs can drain a business of profits.

16

Name 10 pricing strategies and give examples

Cost plus( cost + Mark up PC’s)
Competitive( set similar to comp Fuel)
Skimming ( electronics)
Penetration( set low and then increase new chocolate bar)
Discrimination( based on factor like age (transport)
Destroyer – low to kill comp
Loss leaders set low to encourage customers to buy other products
Premium permanently high ( designer bags)
Low permanently lower than comp( Primark)
Demand set with supply an demand

17

Name 5 factors affecting pricing

Target market
Demand
Business objectives
External factors
Cost of product

18

Name 4 parts of distribution channel

Manufacturer
Wholesalers
Retailer
Customer

19

Name 6 factors affecting the channel of distribution

Finance available
Image of product
Shelf life
Legal restrictions
Stage of product cycle
Technical qualities( may need demos)

20

Name 5 types of direct selling

E commerce
Mail order
Direct mail
Personal selling
On line/tv shopping channels

21

Name 5 types of retailer

Hypermarkets and superstores
Convenience super market( M & S simply food)
Out of town retail parks
On line retailers( amazon)
Discount stores ( Poundland)

22

Name 4 advantages of using wholesalers to manufacturers

Packaging and displays dome by wholesaler saving time and cost
Buy in bulk saving on small deliveries
WS promote to retailers
WS carry risks of going out of date.

23

Name 4 disadvantages of using wholesalers to manufacturers

Make less profit WS take a cut
Manufacturer loses control of how product is marketed
Manufacturer loses control of who product is sold to

24

Name 4 advantages of using wholesalers to retailers

Retailers save on storage by using smaller quantities
Benefit from promotions offered by wholesaler
Trial smaller orders of new stocks

25

Name 4 disadvantages of using wholesalers to retailers

More expensive than going to manufacturer
May miss out on exclusitivity deals from manufacturer
Same products sold to competitors

26

Name 2 advantages and 2 disadvantages of above the line promotion

Adverts outsourced to agencies – high quality
Adverts reach large audiences
Businesses have no control over which consumers are targeted
V Expensive

27

Name 8 types of advertising media

TV
Radio
Newspapers
Magazines
Cinema
Internet
Billboards
Digital screens

28

Name 2 advantages and 2 disadvantages of below the line promotion

Business has more control over target customers
BTL is more affordable
Impact can be limited
Customers can dislike because intrusive

29

Name 4 into the pipeline promotions

Trade credit
Merchandising materials
Sale or return
Bulk buy discounts

30

Name 5 out of the pipeline promotions

Special offers (BOGOF)
Free gifts
Vouchers and coupons
Loyalty schemes
Interest free credit