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Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

DAGMAR

A

Defining

Advertising

Goals

Measuring

Advertising

Results

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2
Q

SWOT

A

Strengths

Weaknesses

Opportunities

Threats

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3
Q

PESTLE

A

Political

Economic

Social

Technological

Legislation

Environment

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4
Q

Above the line promotion

A

Through independent media e.g. Tv radio newspapers

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5
Q

Below the line promotion

A

More specific, in control

Email, personal selling, merchandising

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6
Q

AIDA

A

Attraction

Interest

Desire

Action

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7
Q

Wholesaler

A

Buy in bulk from manufacturers and break down into smaller quantities which can then be handled by retailers e.g. Macro, costco

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8
Q

Advantages of wholesaler (to manufacturers)

A

Wholesalers have long established links with retailers

Free manufacturers to concentrate on production

Help to solve distribution problems

Best the cost of storage

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9
Q

Advantages of a wholesaler (to retailer)

A

Offer a choice of products from a variety of manufacturers

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10
Q

Disadvantages

A

Wholesalers take some of the profit

May not promote the product they want

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11
Q

Retailers

A

Many retailers deal directly with the manufacturer by setting up their own distribution network

Producer – retailer – consumer

E.g. Tesco, M&S

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12
Q

Agents & brokers

A

Agents negotiate sales on behalf of a seller and normally take a comedian

E.g ticket agency, travel agent

Useful if you want to break into foreign markets

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13
Q

What to consider when choosing a distribution channel

A

The product

Market

Legal restrictions

The company

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14
Q

Direct marketing

A

Sales when intermediaries are not involved

The Internet
Direct mail
Direct advertisement 
Personal selling
Telephone selling
Mail order catalogues
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15
Q

Market planning advantages

A

Help identify what you want to achieve

Motivates workers

Rank projects and effective targeting

Allows a business to assess performance

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16
Q

Market planning disadvantages

A

May forget the consumer

Have to involve over depts (eg HR)

Must be specific, not vague or wide ranging

Must take external situation into account

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17
Q

Marketing strategy definition

A

A long term plan to achieve objectives

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18
Q

Competitive strategies definition

A

Strategies for competing within a market once competition has been analysed

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19
Q

Market leader strategy definition

A

Strategies to retain leading position

Eg tesco and new markets

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20
Q

Market challenger definition for

A

Businesses with a small market share tries to attach the market leader

eg morrisons

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21
Q

Market follower strategies definition

A

Following/copying the strategy of another company

Eg supermarkets reducing prices

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22
Q

Niche market strategy definition

A

Choosing to specialise in a smaller corner of a bigger market

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23
Q

Differentiation definition

A

Making your products different from others

UPS

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24
Q

Low cost strategy definition

A

Use of economies of scale to keep costs per unit low

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25
Q

Market growth policies definition

A

Use of ANSOFF, market penetration, product development, market development, diversification

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26
Q

Wholesaler

A

Buy in bulk from manufacturers and break down into smaller quantities which can then be handled by retailers e.g. Macro, costco

How well did you know this?
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3
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27
Q

Advantages of wholesaler (to manufacturers)

A

Wholesalers have long established links with retailers

Free manufacturers to concentrate on production

Help to solve distribution problems

Best the cost of storage

How well did you know this?
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2
3
4
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28
Q

Advantages of a wholesaler (to retailer)

A

Offer a choice of products from a variety of manufacturers

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29
Q

Disadvantages

A

Wholesalers take some of the profit

May not promote the product they want

30
Q

Retailers

A

Many retailers deal directly with the manufacturer by setting up their own distribution network

Producer – retailer – consumer

E.g. Tesco, M&S

31
Q

Agents & brokers

A

Agents negotiate sales on behalf of a seller and normally take a comedian

E.g ticket agency, travel agent

Useful if you want to break into foreign markets

32
Q

What to consider when choosing a distribution channel

A

The product

Market

Legal restrictions

The company

33
Q

Direct marketing

A

Sales when intermediaries are not involved

The Internet
Direct mail
Direct advertisement 
Personal selling
Telephone selling
Mail order catalogues
34
Q

Market planning advantages

A

Help identify what you want to achieve

Motivates workers

Rank projects and effective targeting

Allows a business to assess performance

35
Q

Market planning disadvantages

A

May forget the consumer

Have to involve over depts (eg HR)

Must be specific, not vague or wide ranging

Must take external situation into account

36
Q

Marketing strategy definition

A

A long term plan to achieve objectives

37
Q

Competitive strategies definition

A

Strategies for competing within a market once competition has been analysed

38
Q

Market leader strategy definition

A

Strategies to retain leading position

Eg tesco and new markets

39
Q

Market challenger definition for

A

Businesses with a small market share tries to attach the market leader

eg morrisons

40
Q

Market follower strategies definition

A

Following/copying the strategy of another company

Eg supermarkets reducing prices

41
Q

Niche market strategy definition

A

Choosing to specialise in a smaller corner of a bigger market

42
Q

Differentiation definition

A

Making your products different from others

UPS

43
Q

Low cost strategy definition

A

Use of economies of scale to keep costs per unit low

44
Q

Market growth policies definition

A

Use of ANSOFF, market penetration, product development, market development, diversification

45
Q

Simple random sampling

A

Individuals are randomly selected from a list

Every individual has a chance of selection

This method has zero bias

46
Q

Systematic sampling

A

Every ‘nth’ element from a list is selected

Not random if the list is in any sort of order prior to taking an nth term

47
Q

Stratified sampling

A

Used when there are identifiable subgroups (strata) eg age, gender, socio-economic

There’s only a need to interview a specific group of people with certain characteristics related to a specific product or service

Within each subgroup, random or systematic sampling then applies

48
Q

Cluster or multi stage sampling

A

When no information is provided with regards to populations sides but natural groupings are evident. The groups are divided into clusters or geographical location and a random sample is taken from each cluster

The aim is that by the group interviewed will represent the views of the whole population

49
Q

Sales of goods act

A

All goods must be:
satisfactory quality
Eg a 100% cotton shirt must be 100% cotton
Must be as described
Fit for purpose
If these conditions aren’t met then a replacement or money back

50
Q

Trade descriptions act

A

We as consumers know everything about a product

This act is to stop false or misleading information

51
Q

Weights and measure act

A

It is an offence to give ‘short measures’ or an incorrect indication of the amount

52
Q

Unsolicited goods act

A

It is illegal to demand payment for goods that have not been ordered

53
Q

Data protection act

A

Protects individuals where information about them is held by a business
Eg banks must ensure your info is held securely

54
Q

European Union law

A

Working time directive

An employee cannot work more then 48 hours a week
Aimed at reducing the UK’s culture towards working hours

55
Q

Monopoly

A

A firm that has at least 25% of the market share

56
Q

Competition commission

A

Investigates takeovers or mergers that will lead to a 25% market share

57
Q

Advantages of a multinational business

A

More customers

Larger market share

New employees access to cheaper labour

Diversification

58
Q

Disadvantages of a multinational business

A

Language barriers

Different legislation

Increase potential competition

59
Q

Multinational

Political factors

A

Is the country politically stable

Are the trade unions active

Is it necessary to offer bribes to government officials or others

60
Q

Multinational

Economic factors

A

Is the economy growing?

Is the population growing?

What is the level of distribution and income of the population?

61
Q

Multinational

Legal

A

How much legislation

Laws on advertising

Do the courts operate freely and fairly

62
Q

Multinational

Cultural factors

A

Religious and cultural influences in the country

Attitude towards women

How do they spend their leisure time

Will the business be able to advertise its product freely

63
Q

Sampling error

A

When an error arises as a result of taking a sample from a population rather than using the whole population

64
Q

Non sampling errors

A

The recipient could:

Lie

Refuse to answer

Misinterpret the question

Answer what they think will please the interviewer

65
Q

Price eleasticity

A

Elasticity measures the response of demand to a change in price or income

66
Q

Price elasticity of demand (PED)

Factors

A

The nature of a product (luxury or necessity)

The level of the price change

Income of the consumer

67
Q

Income elasticity of demand

A

The response of demand to a change in income

68
Q

Value analysis

A

Helps focus the manufacturers mind on the main characteristics of a product

It’s important to find the right balance is achieved between:
The function of the product
The aesthetics of the product
The economic cost of the product

69
Q

If the exchange rate rises

A

The pound will be stronger.
Eg £1=€2.
England can buy more foreign currency

Imports are cheaper

Exports become more expensive

70
Q

If the exchange rate falls

A

The pound is weaker
Eg £1=€1
Can buy less foreign currency now

Exports will be cheaper
Imports will be more expensive

This could mean a rise in the final selling price

71
Q

Boston matrix

A

High market. low market
share Share
——–|————–|———–
High. | |
market. | Rising star. | Problem child.
Growth. | |
| |
———————————–
Low | |
market | Cash cow. | Dog
Growth | |

Business Studies (3 decks)

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