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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

What are the 4 elements to marketing?

A

Product
Price
Promotion
Place

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2
Q

List 3 factors that can affect a business’s marketing mix

A

Changes in technology
Customers’ needs and wants
How competitive the market is and what a business’s competitors are doing

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3
Q

Give an example of what could affect the price of the product

A

The cost it is to make, depending on what quality you want you product

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4
Q

Are products more likely to be cheaper online or in store, and why?

A

In stores it’s usually fixed prices.

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5
Q

What can be useful to know about the structure of the market for a business?

A

The market size and the market shares it has

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6
Q

What is meant by the term ‘market size’?

A

It is the number of individuals within the market which are potential buyers or sellers of products.

Can also mean the total value of products in the market

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7
Q

What is meant by the term ‘market share’?

A

It’s the proportion of the total sales within the market that is controlled by the business.

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8
Q

Other than the market share and market size, what else is useful to know?

A

How a market is segmented.

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9
Q

What does segmentation mean?

A

When people within a market are divided into different groups.

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10
Q

Why is it useful to know the different market segments?

A

It can allow a business to identify their target market.

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11
Q

What are demographics? Give examples

A

Identifiable characteristics that people within one population might have.

Age, Income, Gender

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12
Q

Other than demographics, how else is the market segmented?

A

Location

Lifestyle

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13
Q

Why is market research important?

A

It helps a business understand its customers and competitors

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14
Q

Customers’ needs may include things like:

A

Type of product, the quality of a product, the price, the convenience of where it’s sold and how much choice they have if a range of products.

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15
Q

Market research helps businesses to:

A

Make informed decisions- what products to sell, price etc.

Increase sales- adjust their prices

Stay competitive-develop things before competitors do

Reduce risks

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16
Q

What is primary research?

A

Collecting information for yourself; getting information from customers or potential customers.

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17
Q

Why is primary research useful?

A

You can find out new information and get customers’ views

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18
Q

What are useful ways for small businesses to carry out primary research?

A

Research over the telephone or internet.

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19
Q

Advantages of primary research

A

Up-to-date
Relevant
Specific to your business
Specific to the target market

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20
Q

Disadvantages of primary research

A

It’s expensive and time-consuming

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21
Q

Primary research

Questionnaires:

A

Documents with questions.

Cheap and good for large geographical area, likely many people won’t respond

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22
Q

Primary Research

Surveys:

A

Collect information from people e.g. over the phone or using questionnaires.

Phone surveys more likely to get a response, could be expensive

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23
Q

Primary Research

Interviews:

A

Asking people face to face

Good rate of response but can be expensive

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24
Q

Primary Research

Focus Groups:

A

Small group of people discuss feelings about product.

Faster than surveys, quieter individuals don’t get opinion heard

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25
Q

Primary Research

Observation:

A

Observing what people do or say without asking

Cheap and accurate, don’t allow customers to give opinions

26
Q

Primary Research

Trialling:

A

Launch a product to a small selection of people and record how it sells.

Can make changes to product if needed

Competitors can get an idea of the product

27
Q

What is secondary research?

A

When you look at other people’s work and use their data

28
Q

Examples of secondary research:

A

market research reports, government publications, and articles in newspapers and magazines and on the internet

29
Q

Advantages of secondary research.

A

Cheaper, easily found and instantly available.

30
Q

Disadvantages of secondary research

A

Not always relevant, not specifically about your products, and it’s often out of date

31
Q

What is Quantitive research?

A

Anything you can measure or reduce to a number

32
Q

What is Qualitative research?

A

It’s people’s feelings and opinions.

Hard to compare 2 people’s opinions. However, it’s in greater depth

33
Q

What are the 5 steps of the Product Life cycle?

A 
Research and Development
Introduction
Growth
Maturity
Decline
34
Q

What are the 6 types of Pricing Strategies?

A 
Price Penetration 
Loss Leader Pricing
Promotional Pricing
Price Skimming 
Competitive Pricing 
Cost-Plus Pricing
35
Q

What is Price Penetration?

Give advantages and disadvantages

A

Firm charges a very low price when a product is new to get lots of people to try it

Adv- Establish a market share in a competitive market, loyal customers

Disadv- Very little profit

36
Q

What is Loss Leader pricing?

A

Price of product set below the cost.

Firm doesn’t make a profit but customers will buy other products at the same time

37
Q

What is promotional pricing?

A

Products are put on offer for limited period.

Increase demand in short time. Increase market share or sales revenue

Customers may stop buying the product when it’s full price

38
Q

What is Price Skimming?

A

Charge a high price to begin with.
Usually know there will be a high demand of the product- technology
Established firms that have loyal customers
High prices increase revenue and covers research and development costs- more desirable to people with high incomes

Lowers price to become apart of a mass market

39
Q

What is Competitive pricing?

A

Charge similar prices to other firms to other firms
Lots of choice and not much product differentiation
Might make little profit

40
Q

What is cost plus pricing?

A

Use this if they’re not in price competition with producers.

Add the cost and how much profit they want to make together

41
Q

Why do firms spend lots of time on promotion?

A

Inform customers about the product
Persuade customers to buy the product
Create or change image of a product
Create or increase sales

42
Q

Why is good branding important?

A

The brand image is the impression that customers have of the firm or products.

Products with a strong brand image and easily recognised and liked by customers.

43
Q

Is brand image and promoting products expensive?

A

Yes, however they should increase the revenue. Business should’ve planned to cover costs

44
Q

List the 7 examples of advertising:

A 
Newspapers-location
Magazines-age
Posters-target audience
Leaflets-cheap, location 
Television- wide audience, expensive
Internet- large targeted audience, people could block them
Radio-wide audience
45
Q

Explain businesses sponsoring an event

A

Firms give money to organisations and events for their name to be displayed by an organisation or at the event.

46
Q

Examples of sponsorship;

A

Sport- a large firm stamp its name on an international competition. small firm could only afford sunday league teams

Television- some soap operas and weather reports are sponsored by well known brands

47
Q

Advantages of sponsorship

A

Can create a high profile for your business or brand name. Target a market segment that is characterised by lifestyle.

48
Q

Disadvantages of sponsorship

A

If the thing your sponsoring gets bad publicity, your company might suffer too

49
Q

What does PR stand for?

A

Public Relations

50
Q

What is public relations?

A

When you communicate the media to promote

51
Q

Advantages of PR

A

Cheap and easy way to get a firm noticed by a wide audience.

52
Q

Disadvantages of PR

A

Once it’s spoken to the media it has little control over what the public see or hear.

53
Q

How can social media be used for promotion?

Advantages

A

It’s quick, easy and cheap.
Could advertise or offer sales, share news stories and build up excitement for
new products.

Different accounts for different parts of the business, target market segments.

Add info whenever they like, respond quickly

Customers can go quickly from the page to the website

54
Q

Disadvantages of social media

A

Mistakes and negative customer comments can be seen quickly by lots.

55
Q

What is targeted advertising?

A

An individuals internet search history can be used to create target advertising.

Web pages will have space for adverts, but it depends on what the individual has searched before.

Also depends on location

56
Q

What are the 3 channels of distribution?

A

Selling to wholesalers
Selling directly to retailers
Selling directly to customers

57
Q

What is selling to wholesalers?

A

Wholesalers but products in bulk and store them in a warehouse.
Manufacturers sell products to wholesalers, consumers or retailers buy.

58
Q

Advantage of selling to a wholesaler

A

Good for wholesalers that make lots of particular products and don’t need to communicate
Doesn’t have to store lots of stock
Can reach potential consumers quickly

59
Q

Explain selling to retailers

A

The producers sell directly to the retailers who sell directly to the consumers

60
Q

What is digital distribution?

A

The goods or services downloaded digitally. no physical product being moved

61
Q

Advantages of digital distribution

A

Cheaper
Easier access
More time efficient
Digital currencies

62
Q

Disadvantage of digital distribution

A

Possibly can’t get a refund
Lack of knowledge prior purchase
Not everyone has internet
Might not be comfortable paying online

Business (2 decks)

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