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Reg - Business Studies > Marketting > Flashcards

Flashcards in Marketting Deck (18):
0

Define marketing

Marketing is satisfying customers once in a way that the consumer also meet the needs of the organisation

1

What is business to business marketing

Selling a good or service to another business rather than the final consumer

2

What are some pointers on business to business marketing

Transactions are much larger
Promotions tend to me more info informative)

3

What is niche Marketing

Targeting a product or service that small segment of a larger market

4

What is mass marketing

Is aiming a product at all or most of the market

5

What are the advantages of niche marketing

There may be fewer competitors
The firm can adapt its products to meet the specific needs of the niche market
Persuading potential customers can be easier as there are only selling to a certain type of customer
They may charge a higher price as there are fewer competitors

6

And then the four Ps within the marketing mix

Product promotion price place

7

What can influence the development of new goods or services

Technology
competitors actions
entrepreneurial skills of managers and owners
other factors such as market research and personal experience

8

Define a unique selling point

A feature of a product or service that allows it to be differentiated from other products

9

How can a USP be created

Developing a popular brand name through promotions
Modifying a product
Attractive packaging
Exceptional customer service

10

What is the Boston matrix and what are the 4 areas

A way of classifying an analysis of a product portfolio based on market share and market growth
Stars - high MS high MG
Cash cows - high MS low MG
Problem child - low MS high MG
Dogs - low MS low MG

11

What is a products life cycle and what are the 5 stages

Product life cycle is how the cash revenue differs on the age of the product
Development introduction growth maturity decline

12

Name some extension strategies of a products life cycle

Increasing usage among existing customers
Modification of the product
Promotion is advertising and price of offers
Changing the image of the product

13

What are the areas of the promotional mix

Public relations
branding
merchandising
sales promotions
direct selling
advertising

14

What are the four pricing strategies and tactics

Price skimming is a strategy in which the high prices set to yield a high profit margin

Penetration pricing is a strategy which allows the low prices to break even intermarket or to achieve a sudden spurt in market share

Price leadership involves large companies selling at market price which smaller firms would Tend to follow

Pricetaking involves small firms following the price set by the price leader

15

What is meant by loss leaderships and psychological pricing

Lost leadership is a tactic where a firm sets a very low price for one of his products in order to encourage consumers to buy its other product

Psychological pricing is a tactic intended to give the impression of value for example selling a £9.99 rather than at £10

16

What is price elasticity of demand. What is its formula

The relationship between the change in price and demand
% change in demand
____________________
% change in price

1 means that a product is elastic so demand is affected by price

17

What importance does location have

Convenience
accessibility
cost of access
reputation
localisation