Marketing Flashcards by L Biennier

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

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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

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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)

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Name 6 types of Desk Research

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

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Name 3 advantages of desk research

Timely and easy to get
Cost effective (cheap)
Available

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Name 3 disadvantages of desk research

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

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Name 3 advantages of field research

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

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Name 4 types of sampling

Random Sampling
Quota sampling
Stratified random sampling
Cluster sampling

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Name 9 types of field research

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

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Name 7 aspects of the marketing mix

Product
Place
Price
Promotion
Process
Physical evidence
People

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Name the 5 stages of the product life cycle

Introduction
Growth
Maturity
Saturation
Decline

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Name 7 extension strategies

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

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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)

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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

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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.

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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

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Name 5 factors affecting pricing

Target market
Demand
Business objectives
External factors
Cost of product

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Name 4 parts of distribution channel

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Manufacturer
Wholesalers
Retailer
Customer

Name 6 factors affecting the channel of distribution

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

Name 5 types of direct selling

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

Name 5 types of retailer

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

Name 4 advantages of using wholesalers to manufacturers

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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.

Name 4 disadvantages of using wholesalers to manufacturers

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

Name 4 advantages of using wholesalers to retailers

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

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

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

Name 8 types of advertising media

``` TV Radio Newspapers Magazines Cinema Internet Billboards Digital screens ```

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

Name 4 into the pipeline promotions

Trade credit Merchandising materials Sale or return Bulk buy discounts

Name 5 out of the pipeline promotions

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

Name 5 advantages to using social media for BTL

``` Target market contacted directly New info uploaded immediately Easy analysis of likes and follows Comments can be left Free to use ```

Name 5 disadvantages to using social media for BTL

Difficult to engage with new customers Requires time to be effective FTE Negative feedback can affect Negative feedback seen instantly not allowing reaction

Name 5 advantages to using apps media for BTL

``` Target based on browsing history Share experience on sites Integrated services eg boarding pass Sales 24/7 Information easily updates Integrate photos and games to add interest ```

Name 5 disadvantages to using apps media for BTL

Apps require signal/ coverage Limit of info due to screen size Short shelf life ie world cup Security

Name 5 advantages for product endorsement

``` Like celebrity like product Free advertising every time product is worn Good media coverage positive exposure Higher prices Brand loyalty ```

Name 5 disadvantages for product endorsement

Put off if celeb not liked Bad publicity tarnish product image Expensive Poor performance by celeb results in lower sales

Name 4 advantages for product placement

``` Awareness to large audiences Subliminal advertising( don’t realise watching promotion) Identified with characters Merchandise spin offs ```

Name 4 disadvantages for product placement

Exposure time short Expensive Association with disliked characters Negative storylines can effect product

Name 5 type of PR activities

``` Press conferences Press releases Charity donations Sponsorship Company visits ```

Name 4 factors that can affect method of promotion chosen

Target market Finance available Marketing mix Ethical practises

Name 4 methods how a business uses people in the marketing mix

Train staff in customer service Update staff on product developments Ensure rigorous selection of staff Monitor staff using mystery shoppers or customer feedback.

Name 6 methods how a business uses process in the marketing mix

Ensure outlets are well staffed Empower customer facing staff to make decisions Assess process such as queues Introduce latest technology Offer FAQ or live chat services on website Simple customer returns etc

Name 4 methods how a business uses physical evidence in the marketing mix

Premises /modern and clean Settings convey ambience of product and service Promote positive feedback and testimonials Additional facilities, coffees etc

Name 10 uses of technology in marketing

``` Internet used for market research Internet to advertise products e- commerce to sell on line social media to interact with customers databases to keep customer info apps to engage with customers SMS to alert customers EPOS for market research Self checkouts to speed up process Digital screens to advertise. 3D for cinema advertising ```

Marketing Flashcards

(44 cards)