Marketing Flashcards
What are the four P’s?
Product Price Promotion Place
What is segmentation?
When people within a market are divided into different groups.
How may a market be segmented?
Age, income, location, gender
Why is market research important?
It helps a business understand its customers and competitors
By identifying and satisfying customer needs businesses will be able to:
Increase sales, stay competitive, create targeted marketing
What’s the difference between primary and secondary research
Primary is doing your own research, secondary is using research that has already been gathered
Give an example of each type of research.
P Questionnaires
S Internet
What is the difference between qualitative and quantitative data?
Qualitative is about feelings and opinions, quantitative is anything you can measure
State the stages of the product life cycle
Development and introduction, Growth and maturity, decline
Why are extension strategies used?
To stop a product declining and becoming obsolete
What is a product portfolio?
The range of different products a business sells
What is a cash cow?
A product which brings in lots of money, they have high market share and low growth.
What is a star?
High market share and growth
What is a dog?
Low market share and growth, lost cause
What is a ‘?’?
Low market share but high growth
Why do businesses increase their portfolios?
Increase sales and stay competitive
What are the five pricing strategies?
Penetration, Skimming, Loss leader, competitive, cost-plus
Give an example of loss leader
A printer, printers are cheap but the ink required to use them can be expensive
Why is promotion important?
Attracts customers, increased sales, good brand image
Give examples of advertising
Newspaper, billboards, television, internet
Give an advantage of sales promotion
Encourages new customers to purchase a product
Give an example of sales promotion
Free samples, 2 for 1 offers, coupons
Why is social media used to promote products?
Quick, easy and cheap
What channel of distribution would a baked beans manufacture use?
Selling to wholesalers
