Marketing (DONE) Flashcards
(32 cards)
Product Portfolio what is it?
The range of products the business creates.
What is Product Line Portfolio?
When a product succeeds, “spin off” can be produced, or closely related products.
Why have a diversified product portfolio?
So if one product fails the business can still survive.
What is a boston matrix?
A boston matrix is a marketing tool used to anaylse a product portfolio.
Whats a STAR?
These are products with a high growth and and a large share of the market. These products are doing well.
Whats a DOGS?
Low market share and low market growth i.e weak in the market and hard to profit.
Whats a Question Mark?
Low market share and high market growth, don’t know what to do with opportunities have to decide whether or not to increase investment.
What’s a CASH COW?
These are products with a High market share but low market growth, basically doing well in a no growth market with limited opertunities.
What is the channel of distribution?
Its the route the product takes to get to the customer from the manufacturer.
What are factors that influence the choice of distribution channel?
The product itself and it’s lifecycle.
The finance available to the organisation.
Legal restricitions.
Reliability of wholesaler and retailers.
What is public relations?
A promotional technique used to gain media coverage.
How is media coverage generated through PR?
events
activities
news-worthy stories
The main aims of a PR department are?
build awareness of the brand.
create a positive image for the organisation.
Methods PR can use to achieve its aims?
Sponsorship.
Press conferences
Press releases
Charity donations
How is technology used in market research?
Businesses can use technology to obtain, store and analyse information about their customers.
What are some methods of storing and analyizing information about customers?
electronic point of sale (EPOS)
online surveys
databases
What does an EPOS allow companies to do?
Gather information on customers buying habits, such as regular purchases or any affects that change of price or promotion has on sales.
EPOS systems can?
be expensive to set up
be used alongside customer loyalty cards to monitor consumers buying habits
produce information which can be used to target promotional campaigns to the appropriate customers
Advantages of an online survey?
Cost effective.
Consumers can be reached worldwide.
Easy to develop.
Disadvantages of an online survey?
Can’t reach people without internet access.
Many people will treat it as spam or a pop up and won’t fill in the survey.
What is computer-aided design (CAD)?
Its a system used to design an item before it is manufactured.
Advantages of CAD?
Accuracy incresed and humar error reduced.
Ideas can be saved, modified and shared which saves time and allows clients to see a 3d visual concept.
it reduces space, as hard copies are no longer needed.
Standard layouts or templated can be created in order to take time.
What is CAM?
A system that uses machinery controlled by computers.
Advantages of CAM?
Produces consistent results.
Can produce highly accurate results.
It can run efficiently 24/7
Difficult shapes can be created because CAM is so percise.
