Specification Areas Flashcards
(38 cards)
market growth
(difference/old or original) x100
5 key marketing objectives
- sales growth
- launching new products
- entering new markets
- brand loyalty
- market share
4 primary research examples
- surveys/questionnaire
- observations
- focus groups
- test marketing
5 secondary research methods
- published reports
- newspapers
- internet
- government
- market research reports
What is the purpose of market mapping
To spot gaps in the market
What is sampling
Choosing a small amount of people from the target population
What is extrapolation
Identifying future trends from historical data
Product life cycle stages
- R and D
- Introduction
- Growth
- Maturity
- Decline
5 Product life extension strategies
- product redesign
- price reduction
- new packaging
- increase promotions
- new markets and segments
Dynamic pricing
When pricing changes based on the level of demand
6 Key promotional methods
- advertising
- sales promotion
- direct selling
- personal selling
- sponsorship
- merchandising
7 P’s of the marketing mix
- price
- product
- promotion
- place
- people
- process
- physical environment
Taylor’s theory
Staff are motivated by money
Maslows theory
- staff are motivated by having their needs met
Maslows hierarchy of needs
- self-actualisation
- esteem
- social needs
- safety needs
- physiological needs
Herzbergs theories
- Two-factor theory
- Hygiene factor
5 Financial rewards
- salaries
- wages
- piece rate
- bonuses
- performance related pay
4 Non financial rewards
- promotion
- empowerment and delegation
- praise
- consultation
Key phases of the business cycle (GDP Measure)
- boom
- recession
- slump
- recovery
Exchange rates
Value of currency represented as another
What do exporters prefer the pound to be?
Weak
What do importers prefer the pound to be?
Strong
Inflation
Measures the change of the average price of goods and services as a %
Why are protectionism policies introduced?
To protect domestic business from overseas competition - strengthens economy
