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Business Theme 1 > 1.1 > Flashcards

1.1 Flashcards

1
Q

Mass market?

A

This is the market that is aimed at the general population.

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2
Q

Niche market?

A

A subset of the main market and addresses a specialist need.

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3
Q

Advantages of a mass market?

A

•target more people
•More revenue
•Large scale production means economies of scale and Lowe average unit costs.
•High revenues can be pumped into research and development.

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4
Q

Disadvantages of a mass market?

A

•Lots of competition
•Homogeneous products need to be differentiated through marketing which can be expensive.
•High volume production may not be flexible enough to keep up with changes in demand.

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5
Q

What is a dynamic markets?

A

A dynamic market is one that is subject to rapid or continuous changes.

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6
Q

What is market size?

A

Market size can be estimated or calculated by the total sales of all businesses in the market. It is usually estimated by value and volume.

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7
Q

What is market share?

A

Market share is used to describe the proportion of a particular market that is held by a business, a product or a brand.

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8
Q

What is the market share equation?

A

Sales of a business/ Total sales in the market X 100

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9
Q

What is online retailing?

A

Online retailing involves shoppers ordering goods online and taking delivery at home.

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10
Q

What is the +/- of “buying around the clock”.

A

+ Customers can buy whenever and is convenient for any deals they could potentially get.
- If you order late at night, your order may not be processed till the morning.

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11
Q

What are the +/- of “harder to try before you buy”?

A

+know what size to buy
- they are having to buy it and if they don’t like it then they have to pay for shipping if needs be.

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12
Q

What are the +/- of “websites must be safe and secure.”?

A

+More trustworthy
-May not trust it.

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13
Q

+/- of “products are delivered”

A

+Don’t have to leave the house
-May take a while to arrive or package may be lost, have to reschedule pick up.

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14
Q

+/- “geographical purchasing”

A

+Safe and secure tracking is easy and you can access a store you may not have access too.
-Charge more for shipping.

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15
Q

+/-“There is greater price transparency”

A

+customer can buy for cheaper in other places.
- May have to pay for shipping.

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16
Q

+/-“ personal selling being more difficult”

A

+cheaper online
-May have to research the product and struggle to remain focused.

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17
Q

+/-“Products can be piled in a warehouse rather than laid out in a store”

A

+There is potentially loads in stock
-Clothes could be old/dusty and bugs could be lerking.

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18
Q

What is competition?

A

Competition occurs when two or more businesses act independently to supply goods and services to the same group of consumers.

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19
Q

What is Risk?

A

Something that can be planned for profitabilities of outcomes are known or at least understood or considered.

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20
Q

What is uncertainty?

A

Caused by unexpected events outside of the businesses control.

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21
Q

What is marketing?

A

Selling the right product, in the right place, at the right time, and at the right price.

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22
Q

What is a market?

A

Where buyers and sellers meet

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23
Q

What are types of purchases

A

Routine purchases
Limited Decision purchases
Extensive decisions
Impulse purchases

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24
Q

What is product orientation?

A

An approach to a business which places the emphasis upon the production process and the product itself.

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25
Q

What is market orientation?

A

An approach to business which places the needs of consumers at the centre of the decision making process.

26
Q

What are the tools of market orientation?

A

Market research
Market testing
Customer focus

27
Q

What are the tools of product orientation?

A

Product research
Product testing
Product focus

28
Q

What is Market research?

A

Gathering, presenting and analysing information about the marketing and consumption or goods and services.

29
Q

What are the two types of research?

A

Primary
Secondary

30
Q

What is primary research?

A

The process of collecting and analysing data first hand.

31
Q

What are types of primary research?

A

Questionnaire
Postal surveys
Telephone interviews
Personal interviews
Focus groups
Observation
Test marketing

32
Q

+ of primary research

A

•Can tailor questions to your business
•Up to date info

33
Q
  • of primary research
A

• expensive
•time consuming
•possibility of bias

34
Q

What is secondary research?

A

> The collection and use of data and information which has already been collected and published by somebody else for an entirely different piece of research.

35
Q

What is internal data?

A

> Data that exists within a business
-Existing market research reports
-Sales figures
-Annual accounts and reports

36
Q

What is external data?

A

> Data from outside the business
-Information form competitors
-Government publications

37
Q

+ of secondary research?

A

-Free/ low cost
-May be based on large samples
-Good overview of the market

38
Q

-of secondary research?

A

-may not be up to date
-not tailored to your needs

39
Q

What is qualitative data?

A

Collected when the opinion of the consumers is needed. Often collected through primary research.

40
Q

What is quantitative data?

A

Related to facts and numbers and is easier to interpret than qualitative data.

41
Q

What are questionnaires?

A

a list of written questions, responses recorded views and opinions.

42
Q

What are the two types of questions asked in a questionnaire?

A

Open- The respondent can give any answer they wish. qualitative

Closed- There is a selection of answers to chose from e.g. yes or no

43
Q

what are advantages of a larger market share?

A

-Brand recognition/reputation
-More control
-less cost
-EOS
-Dominating the market; setting prices
-Increased sales

44
Q

How do you increase market share?

A

-Improving quality of products
-Advertisement
-Improving customer service
-Innovate and release new products

45
Q

What is market segmentation?

A

Involves dividing a market into pairs that reflected different customers needs and wants.

46
Q

What are the main categories of market segmentation?

A

-Location/geographic
-Income
-Demographics

47
Q

What is location/geographic?

A

Dividing a market into different geographical values.

48
Q

What is income towards market segmentation?

A

Dividing markets into different income segments, often based on socio economic grouping.

49
Q

What is demographic towards market segmentation?

A

Dividing a market into segments based on demographic variables such as age, gender, family, lifestyle, religion, nationality, ethnicity, etc.

50
Q

What is segmentation by lifestyle?

A

> Where customers can be grouped according to the way they lead their lives and the attitudes they share.
A business may decide to segment the market according to lifestyle.
This may be a combo of; values, attitudes, perceptions, belief’s?

51
Q

what is segmentation by income?

A

> Population can be segmented according to annual salary
Population can also be divided into; low, medium and high income.
Establishing group’s disposable income is important so that products can be targeted to the relevant income group.

52
Q

what is behavioral segmentation?

A

-Usage rate
-Loyalty
-Time and date

53
Q

What are benefits of segmentation?

A

-More able to meet needs
-increased revenue
-customer loyalty
-wider range of goods
-wide variety of products, cater to customers

54
Q

What is market positioning?

A

When a business has to consider how to position itself within a market in relation to its competitors.

55
Q

What do you compare when buying a new product?

A

-Price value for money
-status
-Quality

56
Q

What is business plan marketing activities used for?

A

> To shape a customers perception and how they view products/business.
-Benefits offered by the product
-USP
-Origin of product
-classification

57
Q

What is market mapping?

A

Influenced by customer perceptions as their view influences sales.

58
Q

What are uses of market mapping?

A

-Could be used to identify a gap in the market
-it could also be used by a traditional brand to reposition itself in the market
-It could also be used by a start-up to identify which products to produce or which services to provide.(Market orientated)

59
Q

What is a competitive advantage?

A

-An advantage a business has over its competitors
-Win by being cheaper or by being different.

60
Q

What is added value?

A

Can be achieved through a process of adding extra features which a business can offer

61
Q

What is other types of competitive advantage?

A

-Innovation
-Reliability
-Quality
-Reputation
-Advertising
-Branding

Business Theme 1 (5 decks)

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