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Marketing/Mr Lenaghen Ohkyaaay Flashcards

(52 cards)

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1
Q

Explain Marketing

A

Marketing is the process of identifying,anticipating and satisyfing customer requirements profitably

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2
Q

What is the purpose of market research?

A

Identify, Understand and Inform Customers
Leading to more sales

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3
Q

What is another name for Primary Research?

A

Field Research

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4
Q

Explain Primary Research

A

It is a research which involves collecting new data and information that has never been collected before

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5
Q

Advantages of Primary Research

A

1) Information is reliable as it is taken directly from customers
2)Information is detailed and up to date

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6
Q

Disadvantages of Primary Research

A

1) Inaccurate and people may not give honest answers or take it seriously
2) Time and Money

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7
Q

What is another name for Secondary Research

A

Desk Research

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8
Q

Explain Secondary Research

A

It is a research method which uses the data collected by someone else

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9
Q

Advantages of Secondary Research

A

1)Information is cheaper as it has already been collected
2)Information can be accurate if take from a reliable sources
3) Information is immediately available

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10
Q

Disadvantage of Secondary Research

A

1)Information may be out of date
2)Unlikely to be collected for the same purposes

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11
Q

Examples/methods of Primary Research

A

1)Product Trial
2) Surveys
3)Questionnaires

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12
Q

Examples/methods of Secondary Research

A

1)Magazines
2)Newspapers
3)Market Reports
4)Websites

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13
Q

Define the Term Sampling

A

Sampling is the process of creating a small unbiased population to be used in a test or an experiment and removes the idea of surveying everyone in a market or a populationD

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14
Q

Define the Term Random Sampling

A

Random sampling does not target any specific market segment and people included in the sample are generated at random

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15
Q

Define the Term Quota Sampling

A

Quota sampling is a sampling in which the researcher will choose the characteristics they wish the respondents to have

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16
Q

Advantage of Random Sampling

A

1) Less biased
2)Simple
3)Easy

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17
Q

Disadvantage of Random Sampling

A

1) May not reflect target market
2) can be expensive as a larger sampling is required

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18
Q

Advantage of Quota Sampling

A

Cheaper as less respondent required

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19
Q

Disadvantage of Quota Sampling

A

Harder to eliminate bias in the selection process

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20
Q

Define Market Segmentation

A

Market Segmentation is the process of dividing business’ target market into different groups

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21
Q

Types of Business Segments

Study These Flashcards
A

Location
Demographic
Behavioral
Lifestyle

22
Q

Define Marketing Mix

Study These Flashcards
A

the combination of products, pricing, places and promotions it uses to differentiate itself from the competition.

23
Q

What are the three different pricing policies?

Study These Flashcards
A

Skimming
Penetration
Competitor based

24
Q

Explain Skimming

Study These Flashcards
A

Skimming is the process of the business setting their prices relatively high before their competitors have a chance to enter the market

25
Advantages of Skimming
The initial high price gives the impression of high quality
26
Disadvantage of Skimming
If price is high, not many people may be able to afford it
27
Explain Penentration
this is when a low price is set at the beginning in order to gain entry to an existing business The price is then increased when customer loyalty increases
28
Advantages of Penetration
Ensures Sales Suitable for a competitive market More people can afford it
29
Disadvantages of Penetration
Poor image as low prices are often perceived as low Customers may become dissatisfied as once price increases
30
Explain Competitor Based Pricing
Is when a business accepts the price which its competitors are charging and then prices its products same level or lower in order to gain advantage over the competitors
31
What are the factors which affect price
Demand Cost of production Seasonality Competition
32
Explain Cost of Production
The business has to calculate the price of manufacturing the goods, wages and transport charges, and the price charged to the consumer which would cover all of these costs and make a profit
33
Explain Demand
Estimating the price according to the demand high demand= high price low demand= low price
34
Explain the price which the market can bear
This is involves setting a price which the customers can afford and are willing to pay
35
Explain Seasonality
Demand for certain products increase during certain time of the year. At these times of greatest demand the price is highest and falls immediately after
36
What are the stages of Product Life Cycle
1) Introduction 2) Growth 3)Maturity 4)Saturation 5)Decline
37
Explain the Introduction stage
Product is sold for the first time Slow sales as customers are often hesitant to buy new products/ideas Advertising costs are high Skimming or penetration price policy is used
38
Explain the Growth Stage
Sales are rapid as most people are aware of the product and more customer loyalty is achieved Competitor based pricing would be introduced
39
Explain Maturity Stage
Sales level would be maintained but not increasing Product has established a place in the market
40
Explain Consumer Rights Act 2015
Must be of satisfactory quality(should not be faulty or damaged at time of sale) must be fit for purpose goods must be as described( products should match descriptions)
41
Explain Consumer Protection Act
designed to protect customers from products that do not reach level of safety Any product not achieving the level of safety expected by consumers is said to be defective Any person injured by a defective product is entitled to sue a product Product should be used with reasonable care. Therefore manufactures can prove that the product was defective because of the way the consumer used it
42
Explain Traditional Channel of Distribution
Manufacturer to wholesaler to retailer to consumer
43
Explain Modern Channel of Distribution
Manufacturer to retailer to consumer
44
Explain Direct Channel of Distribution
Manufacturer to Consumer
45
What are the 4 Methods of Promotion
Advertising Sales promotion Sponsorships Public Relation
46
Explain and Give Examples of Advertising
Advertising refers to the process of drawing attention to a product, a brand or a company. Newspapers Radio TV
47
Explain and Give Examples of Sales Promotion
Sales Promotion is any short term strategies used to persuade customers to purchase a product Buy One Get One Free Discounts Loyalty Points
48
Explain Sponsorships
Many large businesses will sponsor an event, team or individual in order to build up brand awareness.
49
Explain Public Relation
Method of promotion which creates a positive image for a business Charity events
50
Explain Trade Descriptions Act
Goods and services supplied must be accurately described giving full information(Business cannot provide false/misleading descriptions) The Country of origin must appear on all packaging Prices of Goods and Services Must be Genuine
51
Explain ASA
Advertising Standard Authority Deals with complaints about advertising Sets a guidelines and a code of practice for advertiser Ensures advertisements are legal,decent,honest and truthful
52
Explain OFCOM
Office of Communication protects consumer from harmful or offensive materials on television/radios

Business (13 decks)

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