Marketing Flashcards
(14 cards)
Identify the different market segments
Age, gender, income, location, religious beliefs and family structure
Identify the two types of market research and how they are done
Field research- questionnaire/survey, customer panel, hall test and product test
Desk research- looking through financial reports, government publications and general publications
What does the marketing mix consist of
4 P’s- Product, place, price and promotion
What are the stages of the product life cycle
Introduction, growth, maturity and decline
Identify the advantages of branding
Instant recognition of products by customers, brand loyalty, higher prices can be charged and easier to launch new products
Identify the disadvantages of branding
Takes a lot of time to establish a brand, one bad event can ruin brand and have to spend time and money protecting against forgers selling fakes as actual products
What factors have to be taken into consideration when deciding on a price
Competitions price, cost to make the product, profit level expected, price of raw materials and state of the economy
Identify pricing strategies used by businesses
High, low, skimming, destroyer, promotional, demand-orientated and loss leader
Identify methods of distribution used by businesses
Road, rail, air and sea
What factors have to be taken into consideration when deciding on a location
Location of customer, parking facilities, market segment, employee availability and competition
Identify the aims of promotion
Persuading, informing and reminding
Identify ways of advertising used by businesses
Internet website, apps, text messaging, e-mail, television, radio, billboards, newspapers and direct mail
What factors do businesses take into consideration when choosing which advertising method to use
Product being advertised, market segment being targeted, advertising budget and size of organisation
How is ICT used in marketing
Internet used for selling or advertising, spreadsheet is used for analysing sales figures, database for customers and competitions details and desk top publishing used to make advertisements
