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Business Theme 1 > 1.3 > Flashcards

1.3 Flashcards

1
Q

What is product or service design?

A

-The combination of factors needed in designing a product.
-Aesthetics,function, cost

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2
Q

What is aesthetics?

A

-Marketing research checks consumers feelings towards products.
-How senses respond to the product
-emotional attachment that the customer has with the product

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3
Q

What is function?

A

-How the design works
-The functions of the product/ service

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4
Q

What is cost (economic manufacture)?

A

-The min cost we can make the product whilst retaining quality
-Can it be made efficiently
-Produced for. Lower cost than the competitors

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5
Q

How does competitive advantage help towards cost in product/ service design?

A

-A lower cost of production will mean competitive advantage for the business they can pass on lower prices to customers, making the product more appealing.

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6
Q

What does changes in the elements of the design mix do to reflect on social trends?

A

-Concern over resource depletion; designing for waste minimisation, re-use, recycling

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7
Q

What is a bespoke design?

A

-Means custom made, custom built, tailor made to the consumer.
-This could be product such as a customised car
-This could be a service such as a customised wedding.

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8
Q

What is standard design?

A

Products or services that are sold as standard, the customer cannot add any extra features or benefits.

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9
Q

What is efficiencies?

A

Can be achieved by changing the types of materials used or by updating the technology used in production.

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10
Q

What is concern over resource depletion?

A

The consumption of. Resource faster than it can be replenished.

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11
Q

What is design for waste minimisation?

A

-Waste is actually created by contractors on site, the decisions made by designers have a major influence on the type and amount of waste.
-Deciding what to build and how to plan it

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12
Q

How to re-use?

A

-Some products are made to be re-used, this gives consumers good valence for money as they can use the product more than once.

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13
Q

How to recycle?

A

-Some products are made using recycled materials, this appeals to the green consumer and is good for the environment.

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14
Q

What is ethical sourcing?

A

-Ensuring products being sourced are created in safe facilities by workers who are treated well and paid for wages to work legal hours.

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15
Q

What are different types of ways to segment customers?

A

-Demographic, age, gender
-lifestyle
-income
-geographical location

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16
Q

What is promotion?

A

Marketing tools to bring a product/service to the attention of potential buyers

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17
Q

What are different types of promotion?

A

1) Personal selling
2)Direct marketing
3)Above the line- marketing
4)Below the line marketing
5)Public relations
6)Sponsorship

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18
Q

What is personal selling?

A

-An effective way to manage customer relationships.
-Sales person acts on behalf of the organisation and as a technical advisor
-Sales people are well trained in approaches and techniques of personal selling
-However, sales people are very expensive in terms of salary, training and commission.

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19
Q

what is direct marketing?

A

-Highly focused targeted mail based on wat customers have bought before.
-Sent via email or post
-may be special offers to re-engage customers who have stopped buying

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20
Q

What is above the line marketing?

A

-Involves mass media methods for targeting larger and more general customers.
-radio
-TV

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21
Q

What are advantages of above the line advertising?

A

-Tailored to reach a mass audience
-Communication is repeated so message is clear
-Building brand awareness

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22
Q

What are DVS of above the line advertising?

A

-Difficult to measure clear results
-Very expensive

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23
Q

What is below the line advertising?

A

-Direct marketing for reaching smaller but more targeted audiences
-Public relations
-Events
-Social media marketing

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24
Q

ADS of below the line marketing?

A

-Easy to measure
-Easy and inexpensive to use
-Targeted to specific niche segments

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25
Q

What are DVS of below the line advertising?

A

-Training my be needed
-deeper understanding of customer behaviour is needed.
-Difficult to targeting diverse with the same thing.

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26
Q

What are public relations?

A

-Aims to build a relationship with the public
-Unpaid communication which appears in mass media
-can include publicity stunts

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27
Q

What are long term public relations?

A

-Long term strategy
-Very low expenditure
-Less control over what is said but consumers find it more believable.

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28
Q

What is sponsorship?

A

-Positive association of the product with a celebrity/sport
-Difficulty to assess impact brand loyalty/ sales

29
Q

What are types of sales promotion?

A

1) Buy one get one free- BOGOF
2)Price discounts
3)Money off coupons
4)samples/ giveaways
5)Special events
6)Point off sale

30
Q

What is BOGOF?

A

Used to encourage customers to make a purchase

31
Q

What are ADS of BOGOF?

A

-Very popular with shoppers
-Encourages trail and use of the product
-Boosts sales

32
Q

What are DVS of BOGOF?

A

-Loss of profit
-Only useful in the short term

33
Q

What are price discounts?

A

-Normal RRP (Recommended retail price) of the product or service has been reduced.

34
Q

What are ADS of price discounts?

A

-Great way to clear old/ out-of date stock

35
Q

What are DVS of price discounts?

A

-The business may be seen as the cheap option
-Too many discounts and customers become suspicious.

36
Q

What are money off coupons?

A

-captures new customers : adds incentive
-used with existing customers to encourage an impulse to spend
-Some companies give out coupons in return for reviews

37
Q

What are ads of money off coupons?

A

-Encourage repeat purchase
-Customers feel they are getting better vale for money

38
Q

What re DVs of money off coupons?

A

-Reduced profit
-Customers may wait for coupons
-Customers may have been wanting to make purchases

39
Q

What are samples/ giveaways?

A

-Send out/give customers free samples
-Giveaways may occur on the font of a magazine

40
Q

What are ads of samples/giveaways?

A

-Ideal of new product launches
-Works especially well with some products
-Encourages word of mouth promotion

41
Q

What are some DVS of samples/giveaways?

A

-Can be complicated to send in the post
-Can be expensive

42
Q

What are special events?

A

-Activities to encourage e.g. shows

43
Q

Ads of special events?

A

-Encourages customers to attend
-Rewards loyal customers with a special event
-ideal for small businesses

44
Q

What are DVS of special events?

A

-Can be expensive
-Hard to measure the impact

45
Q

What is a point of sale?

A

-Usually a cardboard display stand located close to the till I thin a shop which may trigger an “Impulse purchase”.

46
Q

What are ads of point of sale?

A

-Ideal way to promote new products
-works best with products that have an event or holiday tie in
-manufacturers can add extra punch to the promotion by giving a discount

47
Q

What are DVs of point of sale?

A

-Only successful if the product meet the needs of the consumer
-Needs to be designed and out to stores in time for the event
-Displays may be badly placed, poor location

48
Q

What are different types of digital communications?

A

1) Online adverts
2)Mobile communications
3)Advergaming
4)Social media
5)Consumer generated content
6)Viral strategies

49
Q

What are the ads and DVs of online adverts

A

+Powerful ad management tools can deliver accurate data and statistics about effectiveness of the adverts.
-Customers may ignore
-Click through may be expensive

50
Q

What are the the ads and DVs of mobile communications?

A

+Extend the online reach so customers can interact whilst on the move.
-Small screen the message may be lost or distorted.
-Security issues of conducting transactions online

51
Q

Ads of advergaming?

A

+Concentrating on the game so could be more than likely to listen to brand message

52
Q

Ads and DVs of social media?

A

+Customers keep informed of new products
+Increases customer engagement with the brand
+Can show customer service with a quick response
-Blogs etc. all need to be updated on a regular basis, hiring committed staff. Additional costs.

53
Q

What are ads and DVs of customer generated content?

A

+Chance for consumers to read reviews before they make a purchase on a product
-Online rep could be expensive to manage
-lots of ways to publicly complain

54
Q

What are ads and DVs of viral strategies?

A

+consumers spread the message amongst themselves which reduces cost
-can be so complex that the original message is lost.

55
Q

What is branding?

A

A Characteristic name or symbol that distinguishes the product from another supplier.

56
Q

What are some was in which you can build a brand?

A

-Exploiting a USP
-Advertising
-Sponsorship
-Using social media

57
Q

What is the importance of building a strong brand?

A

-Adds value to the product
-Brands can’t be traded
-Makes a product recognisable
-helps a business to position itself in the market
-product might become the natural choice for the novice customer
-builds trust
Allows a premium price to be charged

58
Q

What types of brand are there?

A

Manufactures brand-Kelloggs
Own label brands- Sainsbury’s
Generic brands- do not have a particular brand association but use the name of the product

59
Q

What social trends are used by businesses?

A

-Social media: attracting followers to social media sites is a key focus of market spending
-Viral marketing: The growth of social media and the sharing of videos and images
-Emotional branding: Businesses often associate their brands with things that consumers have strong emotional connections too.

60
Q

What is rebranding?

A

When an established brand intends on developing a new differentiated identity in the minds of the consumers, investors and/ or competitors

61
Q

What is price?

A

A key factor in any product decision. Price will not only determine the demand for a product but also the contribution of a product and the overall profit margin for the business

62
Q

What influences price?

A

-Costs
-PED
-Competition
-Product life cycle
-Branding

63
Q

What are types of pricing?

A

1)Cost plus
2) Price skimming
3) Penetration
4) Predatory
5) Competitive
6) Psychological

64
Q

What is cost plus pricing?

A

-Price covers the costs and provides a good profit margin
-logical- maximises profit

65
Q

What are the ads and DVs of cost plus pricing?

A

+Protects profit margins
+Easiest method of pricing to apply
+Easy to estimate profit levels
-Does not consider competitors pricing

66
Q

What is skimming pricing?

A

-used when launching a new product
-price set high initially
-May be used to pay back high R&D costs

67
Q

What are the ads and DVs of price skimming?

A

+High starting price can establish an up market image
+Great way to harvest high profits from early buyers who want the latest producers and are prepared to pay a premium.
-Cheaper imitations may appear on the market too soon and takes sales away
-Risky

68
Q

What is competitive pricing?

A

-Prices are in line with competitors
-Used when very similar products are in the market

69
Q

What are the ads and DVs of competitive pricing?

A

+Useful where one brand is dominant, other brands need to offer lower prices to encourage customers to buy
-May hint cover all costs of smaller businesses

Business Theme 1 (5 decks)

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