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MARKETING (SPEC) Flashcards

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1
Q

Characteristics of a mass market

A
  1. cutsomers needs are general
  2. low cost operation
  3. economies of scale
  4. competition
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2
Q

Characterisitcs of a niche market

A
  1. less competition
  2. clear focus
  3. charge higher prices
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3
Q

What is the formula for market share

A

sales of business
————————– x 100
total market sales

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4
Q

How is market size measured

A

value
volume

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5
Q

Factors effecting market growth

A
  1. income
  2. trends
  3. technology
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6
Q

Define branding

A

A brand is a name, term, design, symbol or any other feature that distinguishes one seller’s good or service from those of other sellers.

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7
Q

How do markets change

A
  1. size of market
  2. nature of markets
  3. new markets
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8
Q

what causes markets to change (PESTEL)

A
  1. political
  2. economic growth
  3. social
  4. technology
    - environment
    - legal
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9
Q

What ways do business have to adapt to makret changes

A
  1. flexible
  2. market research
  3. invest
  4. develop a niche
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10
Q

two types of innovation

A
  1. product innovation
  2. process inovation
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11
Q

What is direct competition

A

competitors who produce the same type of goods as their rivals and try to compete with them

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12
Q

What is indirect competition

A

competitors who offer those goods and services to customers that can be used as a substitute

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13
Q

How does competition effect a business desicions

A
  1. nature of product
  2. product range
  3. pricing
  4. marketing stratergies
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14
Q

What is the difference between uncertanity and risk

A

risk is something that can be pallned for

uncertainty is caused by unexpected (often external factors)

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15
Q

Define markert orientated

A

The customer is priority

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16
Q

Define product orientated

A

prioritises a product’s design quality or performance rather than customer needs.

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17
Q

What are the purposes of market research

A
  1. identify customer needs
  2. find gaps in the market
  3. to reduce risk
  4. help descion making
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18
Q

Define market research

A

the process of gathering and interpreting data about customers and competitors

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19
Q

What are the drawbacks to primary research

A
  1. time consuming
  2. expensive
  3. will people reply?
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20
Q

what is research used to identify (from the spec)

A
  1. customers wants and needs
  2. quantify likely demand
  3. consumer behaviour
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21
Q

Limitation of market research

A
  1. not enough info collected
  2. innaccurate data
  3. not specfic to business
  4. reliability of data
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22
Q

How can ICT be used to support market research?

A
  1. company websites
  2. social networking
  3. data bases
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23
Q

How do data bases work

A
  1. it is an electronic filimg system
  2. stores a lot of info
  3. can be purchased by companies
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24
Q

Define market segmentation

A

an identifiable group of individuals (or part of a market) where consumers share one (or more) characteristic or need

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25
What 6 catergories can customers be segmentated into
1. demopgraphic 2. georgraphic 3. behavioural 4. lifestyle 5. physcographic 6. religion
26
Benefits of market mapping
1. help make descions 2. identify competitiors 3. help reposition brand 4. identify gaps in market
27
Define competitive advantage
A way that the business can makes its products or services appear superior to the competition to the target market
28
Define product differentiation
Product differentiation is the extent to which consumers perceive your brand as being different from others.
29
What are methods of differentiation
1. Through reputation 2. Through customer service 3. Through value for money 4. Through product features
30
How can a buisness add value to its products
1. design 2. production 3. marketing
31
What factors lead to a change in demand
1. Given price 2. Changes in tastes 3. Income 4. Prices of substitute 5. Expectations about future conditions and prices
32
What are external shocks
events that happen outside the business/econcomy
33
What factors lead to a change in supply
1. decrease in costs 2. increased competition 3. investment in capacity 4. technololgy 5. productivty 6. legislation
34
How might the design mix change due to social trends
1. sustainable 2. less waste 3. ethical sourcing 4. recyclable/reusable
35
What is Sustainability? (design mix)
Making a product without affecting the long-term supplies Source inputs that are not supplied by damaging the environment
36
What are the main types of promotion
1. Advertising 2. Public relations & sponsorship 3. Personal selling 4. Direct marketing 5. Sales promotion
37
What are above the line examples
1. TV adverts 2. Online adverts 3. Cinema adverts 4. Daily Newspaper adverts
38
What are belwo the line advertisng examples
1. Leaflets / flyers 2. Posters 3. Local Radio advert 4. Billboard
39
What are the 3 types of branding
1. product branding 2. own brand product 3. manufactuar/ corprote branding
40
What are the benifits of branding
1. can add value 2. can charge premium prices 3. reduce PED (less sensitive to prcie changes)
41
What methods are used to build a brand
1. developing unique selling points 2. Through advertising 3. Through sponsorship 4. Through the use of social media
42
How do sponsorships build a brand
Partnering with events, organisations, or individuals can help brands gain exposure and build their reputation
43
How does branding change to reflect social trends
1. viral marketing - online content 2. social media - tiktok 3. emotional branding - emotional connections
44
What is price skimming
starting at a high price and gradually lowering
45
What is price penertration
starting with a low price and then increasing when you have market share/brand loyalty
46
Whats predatory pricing
A strategy that purposefully prices low enough to drive a rival or rivals out of business.
47
What factors effect the pricing stratergy used
1. number of USPs/amount of differentiation 2. price elasticity of demand 3. level of competition in the business environment 5. strength of brand 6. stage in the product life cycle 7. costs and the need to make a profit
48
How does PED effect how much something in priced
1. Businesses should set lower prices If the product is price elastic 2. Businesses should set higher prices If the product is price inelastic
49
How does pricing change due to social trends
1. online sales 2. adjusting stratergies 3. dynamic pricing 4. price comparison sites may make them change
50
How have changes in distrubtion reflected social trends
1. growth of ecommerce producer to consumer 2. product based to service based directly to consumer
51
What are 3 product based extension stratergies
1. product improvements - new versions 2. line extensions 3. repositioning
52
What are 3 promotion based extension stratergies
1. changes to advertising 2. price promotions 3. sales promotion
53
What is the boston matrix
a tool used by businesses to analyse their product portfolio and make strategic decisions about each product
54
What does cash cow represent
they have high market share in a mature market
55
What does question mark represent
they have low market share in a high growth market
56
What does star represent
high market share in a high growth market
57
What does dog represent
low market share in a low growth market
58
What are marketing stratergies for mass markets
1. customers with similar needs 2. build brand awareness 3. use mass media - tv 4. strong brand identity
59
What are marketing stratergies for niche markets
1. customers with specfic needs 2. target specific segment 3. advertising is targerted - social media 4. include technical infomation
60
What is B2B stratergy
1. selling to another business 2. building relationships with businesses 3. messages focus on features and benefits
61
What is B2C marketing
1. directly to consumers 2. building brand loyalty 3. posotive customer experience 4. focus on lifestyle benefits
62
How do businesses develop customer loyalty
1. customer services 2. loyalty cards 3. saver schemes

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