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Marketing Flashcards

(64 cards)

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1
Q

How can you segment a market?

A 
Age 
Income 
Occupation 
Gender 
Hobbies 
Marital status 
Sports
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2
Q

Benefits of market segmentation

A

Firm will get better overall idea of who their customer is (better customer profile)
Firm will get better understanding of customers needs and wants
Firm gets idea of where customers shop
Firm gets idea on how to price product
Firm will be able to advertise product in right location
Firm can make changes to product to suit customer needs
Firm will be able to research a more specific market for their product

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3
Q

What is market research?

A

Once firm has selected market, they will then want to find out more about their customer and so do market research

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4
Q

What are the two types of market research

A

Field research (primary research) and desk research (secondary research)

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5
Q

What is field research?

A

Research that is being carried out for a firms own specific purpose eg postal survey, telephone survey. First hand info

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6
Q

What is desk research?

A

Research that has already been carried another firm eg sales report, newspaper

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7
Q

What are the types of field research?

A

Telephone surveys, street surveys, postal surveys, hall tests, group discussions, customer audits, observation, test marketing, EPOS

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8
Q

What are the advantages and disadvantages of street surveys

A

Adv
Cheap to undertake
Responses can be clarified
Can select respondent by visual means

Disadv
Response rate - low
Interviewers have to be trained - costly
Interviewer may be biased

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9
Q

What are the advantages and disadvantages of postal surveys?

A

Adv
Wide area covered
Cheap to undertake
Can target certain location

Disadvantages
No guarantee that respondent has filled in survey
Response rate low

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10
Q

What is test marketing (market segmentation) ?

A

Process of breaking the market down into groups of customers with similar characteristics

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11
Q

What are the advantages and disadvantages of telephone surveys

A 
Advantages 
Responses immediate 
Wide geographical area covered
Cheap to carry out 
Can be undertaken by computers 
Questions can be clarified

Disadv
Customers see it as intrusion
Response rate low

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12
Q

What are the adv and disadv if hall tests

A

Adv
Opinions and attitudes can be collected
Consumers behaviour can be observed and analysed
2 way communication can be undertaken so points are clarified

Disadv
Consumers influenced by peers and so comments are in line with dominant member of group
Difficult to analyse opinions collected

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13
Q

What are the types of desk research?

A

Reference books, newspapers, Keynote reports

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14
Q

What are advantages of the type of desk research

A

Wide range of sources so decisions more informed
Info is cheap
Competitors information can be accessed
Saves time by not carrying out research

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15
Q

What are the disadvantages of desk research

A

Competitors get access so info not unique
Info often out of date
Difficult to test accuracy of info
Info may be biased

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16
Q

What is the marketing mix

A

Marketing mix made up of elements of 4ps Ie

Price, place, product and promotion

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17
Q

What does the element of product include?

A

New product development, packaging, branding and product life cycle

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18
Q

What is new product development?

A

You can make new versions of a product

You can improve product

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19
Q

What are the stages for new product development

A

Idea generation, idea screening, develop prototype, test marketing, commercialisation

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20
Q

What is idea generation

A

Firm gathers ideas about new product. New ideas can come from research surveys, comments on blogs, competitors

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21
Q

What is idea screening

A

Potential new products are screened by firm to see if product is viable

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22
Q

What is develop prototype

A

Firm will then develop prototype of product to see if it is a workable idea

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23
Q

What is test marketing

A

After firm develops a prototype they will test market it. Firm will launch product in small geographical area that matches profile of their typical consumers

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24
Q

What is commercialisation

A

Firm launches product to whole market. Timing very important as firm doesn’t want to launch their product at the same time as their competitors

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25
What is the product life cycle
IGMSD | Introductory stage, Growth stage, Maturity stage, Saturation stage, Decline stage
26
What is the introductory stage
Product just launched and sales low. Profits low as well, but firm has to cover high advertising and R&D costs
27
What is the growth stage
Customers return for repeat purchases and sales start to rise Profits rise as well
28
What is the maturity stage
Sales peak at this stage, many competitors in market. Little room for growth
29
What is the saturation stage
Market full of competitors. No room for growth. Only way to increase sales - steal them from competitors. Sales dip slightly, form decided if product should stay in market or not
30
What is decline stage
Product may go outta fashion or becomes obsolete. Sales eventually fall. Firms won't invest in advertising in advertising or new packaging to revive sales of product. They will let product fall out of market
31
What is the purpose of packaging?
To protect products from external environment. It allows products to be transported to consumer Can help customer tell the difference between brands A lot of info can be put on packaging, saying if it contains nuts or dairy Contains legal info Nutritional info on packaging
32
What is branding
Name, symbol, design of product that sets it apart from the competition
33
What are the benefits of branding
Firms often able to charge high price which maximises profit Product that has clear brand will be different from comp Easier for firm to launch new extension to branded product Branded products can have personality or values attached to them Customers often loyal to branded goods which guarantees repeat sales
34
What are the costs of branding
If celeb involved with brand misbehaves then brand will receive poor publicity Costs firms thousands of £ to establish themselves as a brand Sometimes brand so distinct that it is difficult to launch products that are different
35
What are the different pricing techniques
Skimming price, penetration pricing, promotional pricing, premium pricing, competitive pricing, discrimination pricing,
36
What is skimming price
Price is used for a new product. Product priced at HIGH level when launched after period of time price will be lowered
37
What is penetration pricing?
Used for new product. Priced at LOW level when launched. After period of time it is then raised in price
38
What is promotional pricing
Products priced at low level for short period of time to max sales or clear unsold stock
39
What is premium pricing
Products priced at high value to give an impression of quality
40
What is competitive pricing
When products priced at same level as competitors and use other factors to attract customers
41
What is discrimination pricing
Price for SAME product is charged at different rate depending on time of day or age of customer
42
What are the factors influencing pricing
Degree of competition - if there is a lot of competitors then prices are likely to be low Cost of raw materials - materials used in production of product are high then price will be high Government involvement - government can get involved in some markets, such as medicines, and set a price that firms cannot go over Target audience - firm aiming product at group of customers with higher income, therefore prices might be higher
43
What are the channels of disturbution?
Manufacturer to customer - direct selling Manufacturer to retailer to customer - retailer function Manufacturer to wholesaler to retailer to customer - wholesaler function
44
Benefits of direct selling
Firm saves on overheads as they do not need to purchase a shop Customer has direct feedback from manufacturer as regards to the product and stock availability
45
Benefits of using retailer function
Retailer can demonstrate product in action Retailer can display product in an attractive fashion that will encourage consumer to purchase Allows customer to try product Offers advice to consumer in matters such as medicines
46
Benefits of using wholesaler function
Saves manufacturer from making lots of small deliveries thereby saving on admin and delivery costs Save manufacturer from cost oh holding high stock levels of goods they have just produced Manufacturer is not left with out dated stock especially if firm is selling food Wholesaler can sell directly to customer if customer has an approved card Wholesaler can demonstrate product to retailer, which is good if it is new
47
What is the promotional mix made up of?
Advertising, into & out of pipeline promotions | Public relations
48
What are the advantages of advertising in tv
Can target advert to reach viewers of show Reaches global audience New products can be demonstrated
49
What are the disadvantages of advertising on tv
Expensive to make and show Viewers channel surf Message shirt lived Target audience might not be watching
50
Advantages and disadvantages of advertising in a billboard
Adv Captures audiences while at traffic lights High impacts image is of large size Disadv Can deteriorate due to weather and so image suffers Can be vandilised and so again image is reduced
51
Advantages and disadvantages of advertising by radio
Cheaper to advertise than tv Can target advert to reach listeners of show Disadv Can't show proud tams so have to rely on listeners imagination
52
What are the promotion methods?
``` Promotional pricing Dealer loaders Staff training Free samples In store demos Credit facilities Competitions ```
53
What is promotional pricing
To steal sales from a competitor or to respond to an ad campaign by a competitor eg buy one get one free
54
What is dealer loaders
To encourage the supermarkets to stock your goods eg walkers
55
What is staff training
To encourage staff to provide a better service or explain better features of a new product
56
What are free samples?
To encourage customers to try a new product
57
What are in store demos
To encourage customers to try a new product and to Research their responses to it
58
What are credit facilities
Allows a customer to buy now and pay at a later date
59
What are competitions
Often encourages repeat purchases
60
What is ethical marketing
This is where firms conduct their marketing practices such as market research, product development and advertising in a morally responsible manner
61
What are poor examples of ethical marketing
Obtaining market research information without the consumer agreeing to it Selling on private information about customers Companies agreeing to set an artificially high price for a product Making false claims in an advert
62
What are the advantages of being ethical
Firm gains good reputation and so customers are loyal Ethical products can be priced at a high level and so profits may increase New sources of finance Firm avoids bad press by pressure groups
63
What are the disadvantages of being ethical
Higher costs. Will raise firms costs and lower profits | Firm has to stick by its claims and will be closely monitored by pressure groups and consumers
64
What is the use of a safe working practices
To show employee how to use a piece of machinery properly without being injured To give employees places to eat Giving employees bathrooms who need it To reduce waste around workplace

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