Marketing Flashcards
(30 cards)
Advantage of a niche market
Disadvantage of a niche market
less competition/small scale production/higher market share
less profits/changes in demand
Advantage of a mass market
Disadvantage of a mass market
higher revenue/more brand awareness
more competition/smaller market share
What is product differentiation?
the way a business makes its brand different from its competitors; usually with a USP.
Name the stages in a new product deveopment
1) Generation of idea
2) Analysis of ideas
3) Product development
4) Test marketing
5) Launch of new product
What is the marketing mix?
the 4 P's product price promotion place
Name the stages of the Boston matrix and what market share and market growth it has
Stars; High growth & High market share
Cash Cow; Low growth & High market share
Problem Child; High growth & Low market share
Dogs; Low growth & Low market share
Name the stages of a product life cycle
1) Development
2) introduction
3) Growth
4) Maturity (extension - to extend a products life)
5) Decline
Name 3 methods of advertising
television/radio/cinema/national or regional newspapers/magazines/internet/posters
List pricing strategies
price skimming/penetration pricing/price leader/predator or destroyer pricing
Which pricing strategy is this;
large company sets a low price that smaller firms follow
price leader
Which pricing strategy is this;
company sets a high price to gain high profits
price skimming
Which pricing strategy is this;
a company sets low prices to break into the market
penetration pricing
Which pricing strategy is this;
a company sets a really low price to get rid of rivals within the market
predator or destroyer pricing
Name 3 pricing strategies
loss leader/psychology pricing/price discrimination
Expand on either on of the pricing strategies
loss leader;
set a products price particulary low to encourage customers to buy dearer, complimentary products
psychology pricing;
giving a product the price of £9.99 instead of £10 to give the impression of value
price discrimination;
charging a higher price to some customers for the same product or service
List the aims of production
attention/interest/desire/action
List 3 promotional methods
PR/branding/merchandise/sales promotion/direct selling/advertising
What is EPOS?
when an item is scanned and stock levels are automatically adjusted and when stock reaches a certain level a message is then sent to the supplier
What is a core product?
when a company concentrates on producing 1 or 2 products and mass producing and selling them
What is product proliferation?
when a company has a verity of different products available
Name the different market structures
monopoly/oligopoly/monopolistic/perfect competition
Which market structure is this;
3 - 4 medium sized businesses with 75% market share between them
oligopoly
Which market structure is this;
lots of small businesses with control over their product prices
perfect competition
Which market structure is this;
1 single producer with 25% market share
monoploy
