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business managment > markting unit > Flashcards

markting unit Flashcards

1
Q

market segmements

A

age, gender, location, socia economic grouping,religon lifestyle

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2
Q

how is having target markets good for a business

A

so when doing markting they can market that product or service to them

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3
Q

what is field research

A

Field research gathers primary information that is first-hand information. It has been collected by the business for a specific purpose.

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4
Q

examples of field research

A

face-to-face interview
postal survey
focus group
hall test
telephone interview
online survey
observation

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5
Q

what is desk research

A

Desk research gathers secondary information that is second hand information. It has been collected for a different purpose.

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6
Q

examples of desk research

A

The businesses or competitors sales figures
Newspapers
Websites
Government publications e.g. the Census
Commercial publications e.g. Keynote and Mintel reports

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7
Q

advantages of field research

A

Competitive edge: only the business has access to the findings
Up to date: the business will know the date it was carried out
Accurate: Collected for the specific purpose for the business

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8
Q

disadvantages of field research

A

Expensive to carry out: the business has to create surveys, train employees to carry out interviews
Time consuming

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9
Q

advantages of desk research

A

Easy to access the information: it is usually in the public domain
Quicker than field research: you do not need to conduct, analyse or interpret the data
Inexpensive

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10
Q

disadvanges of desk research

A

Information can be out of date
Competitors can be using the same information
May contain bias

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11
Q

benifits of a hall test

A

Can see respondents reactions first hand
Can ask respondents further questions

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12
Q

coast of a hall test

A

The respondent may feel obliged to give a positive response

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13
Q

benefits of a telephone interview

A

Can reach a large geographical area
Inexpensive

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14
Q

coasts of a telephone test

A

Could have a low response rate as customers see it as a “nuisance call”

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15
Q

benefits of a online survey

A

Can send it to a large sample size
You can get feedback quickly

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16
Q

coasts of a online survey

A

Limited to people with internet access

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17
Q

coasts of a focus group

A

This data is harder to analyse
Can be expensive to pay respondents to participate

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18
Q

benefits of a focus group

A

Can gain information from respondents body language, facial expressions, tone
Can explore topics in depth

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19
Q

benefits of a face to face interview

A

Two way communication
Can clarify any misunderstandings

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19
Q

coasts of a face to face interview

A

Can be expensive
Business needs to train staff how to interview

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20
Q

benefits of a postal survey

A

Inexpensive
Can target specific postcodes

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21
Q

coasts of a postal survey

A

Low response rate as seen as junk mail

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22
Q

benefits of a observation

A

Can see real life behaviours in action

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23
Q

coasts of a observation

A

Analysis of the observation could be bias

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24
what are the 4 ps in the markting mix
product,place,price,promotion
25
what is a product
A good or a service that is sold to customers or other businesses. This includes the after-sales service and packaging. A product should have a USP (Unique Selling Point).
25
what is place
This is the process by which the product reaches the market and consumers. This includes where the consumer purchases a product from the business. This can be in a physical location, through a website or an app. It also includes how the product is distributed.
26
what is a promotion
to show people your product
27
what is price
This is what customers pay in order to obtain the product.
27
what are the stages you go through to develop a product
idea genertation development prototype and testing modifications launch to market
28
product life cycle stages
interdouction growth maturity decline
29
how do u draw a product life cycle diagram
sales up the side time at the bottom
30
interdouctuon
The product has just been launched in the market and sales are slow. No profit is made yet due to still covering advertising costs.
31
growth
ales begin to rise as more customers become aware of the product. The business may begin to make profit at this stage..
32
maturity
The sales and profit are at their peak in this stage as the product is now well known. This means less advertising is needed now.
33
decline
Sales and profit begin to fall because newer products are entering the market
34
branding advantages
Can save money on marketing once the brand is a household name Higher price can be charged Easier to launch new products Customer loyalty
35
branding disadvantages
Fakes can appear- expensive to fight One product can affect whole brand image High initial costs
36
factors to consider when setting a price
competition image quality of raw materials production coast profit per unit demand the econmy
37
what is price skimming
A new product enters the market at a high price then lowers over time
38
what is penetration pricing
The price is set low when entering the market then rises once the product has become popular with customers. Used in a market with lots of competitors.
39
what is premium pricing
The price is set higher than competitors to achieve the image of quality
40
what is low economy pricing
The price is set lower than competitors to be the cheaper alternative
41
what is competitive pricing
Businesses charge the same price as their competitors then compete on factors other than price
42
what is deystoryer pricing
The price of a product is set much lower than competitors so they can’t compete
43
what is coast plus pricing
This is a strategy used to set the price. The cost to make the product is calculated then a % of profit added to create the price.
44
what is phycological pricing
The price is set just below a whole number to appear cheaper e.g. 99p, £249
45
what is promotional pricing
Price is reduced for a short period of time
46
what is price discrimination
A business charges different prices for the same product or service at different times of the day/ year e.g. off-peak
47
factors to consider when choosing a location
demand, competitors , close to suppliers , cheap staff can easily access , good infrastructure, parking , government legislation ,government grant
48
why do u want demand when choosing a location
A location with demand from consumers in the area who want their goods and services
49
why do u want compitiors when choosing a loaction
A location away from competitors to attract more customers OR near competitors to give customers choice
50
why do u want it to be cheap when choosing a location
A location with a cheap price or cheap rent
51
why do u want it to be close to suppliers when choosing location
A location close to suppliers of raw materials to reduce lead time and transport costs
52
why do u want staff to easily access your shop
location that staff can easily access and local people can be employed as they have the suitable skill set
53
why do u want good infrastructure
. A location with good Infrastructure e.g. good road and rail links
54
why do u want a place with parking
Some businesses will want a location with customer parking
55
why would u want a place with government legislation
A suitable location not breaking any government legislation e.g Health and Safety Act
56
why would u want a location where you could possibly get a goverment grant
Possibly a location where the business is eligible for a government grant
57
different methods of distribution
road,rail, sea, air
58
advantages of road
Door to door delivery Cheapest method of transport
59
disadvantages of road
Difficult to transport large items Can be slow Not environmentally friendly
60
disadvantages of rail
Often rail stations are not located near customers or retailers so still require another method of transport
61
advantages of rail
Can transport large quantities Often quicker than road
62
disadvantages of sea
Slow and time consuming Very harmful to the environment risk of piracy
63
advantages of sea
Can transport large quantities in shipping containers
64
disadvantages of air
Can’t transport large items Very expensive
65
advantages of air
Can transport items worldwide Quick method of transport compared to sea
66
advantages of ecommerce
Can sell to customers all over the world Online shopping 24/7 Discounts can be given to customers Businesses can save money because they don’t need a physical store Whole product range can be shown
67
disadvantages of ecommerce
Goods can’t be seen or handled before they are purchased. Can be expensive to pay for an internet service provider. Can be expensive to make and maintain a website. Employees need training to maintain and update the website
68
methods of promotion
- discounts e.g BOGOF - celebrity endorsement -free samples - competition -loyalty card - adveristing
69
diffrent forms of advertising
- tv -newspapers - radio -cinema - social media - apps - billboards - direct mail
70
advantages of tv
Can reach many customers Can demonstrate the product Target different markets depending on time/channel
71
disadvantages of tv
Very expensive Viewers channel hop during adverts
72
advantages of newspapers
Can be aimed at different market segments Can be kept for future reference
73
disadvantages of newspapers
Can be expensive Competitors also advertise here Easy to flick past
74
advantages of radio
Cheap on local stations Captive audience with viewers less likely to channel hop
75
disadvatages of radio
Listeners may not pay attention Cannot see the product
76
advantages of cinema
captive audience
77
disadvantages of cinema
Limited audience More likely to remember the film than the advert
78
advantages of direct mail
Cheap Can target market segments
79
disadvantages of direct mail
Many consumers bin ‘junk mail’
80
advantages of billboards
Usually in a busy location so large audiences People may go past it more than once
81
disadvantages of billboards
Deteriorate with the weather and vandalism
82
advantages of apps
Can be downloaded onto the phone- send reminders and pop up adds
83
disadvantages of apps
may be ignored or deleted
84
advantages of social media
Can target large audiences Can respond quickly to changes/customers Relatively inexpensive
85
disadvantages of social media
Customers may not see adverts unless they already follow the business
86
data base
Information on customers can be stored in databases. These can be searched to find customers with specific characteristics. This can then be used for target marketing or promotional campaigns.
87
epos
Electronic point of sale (EPOS) is used by the marketing department to gather information on customers buying habits
88
QR codes
When a customer scans a QR code it will take them directly to a company website. They are often shown on promotional advertising billboards and magazines. It enables the customer to access the goods quickly and easily. This could increase sales.
89
ecommerce
E-commerce allows the marketing department to sell the businesses products online via website or app.
90
email
This can be used to send surveys or promotions to customers.
91
powerpoint
Can be used to display market research information, present promotional campaign or new adverts to management.
92
apps
Apps can be used to give customers easier access to products and services. They can also be used to advertise products, for example ‘in-app’ advertising when playing games.
93
spreadsheets
Can be used to analyse data from market research and create graphs and carry out calculations.
94
desktop publishing
DTP software can be used to create professional looking advertisements to encourage customers to purchase products.

business managment (6 decks)

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