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T5:Marketing Flashcards

(78 cards)

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1
Q

What is a market?

A

All the sales of a particular group of goods or services (e.g., housing market, grocery market).

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2
Q

What is the purpose of marketing?

A

To identify and satisfy customer needs through the right product, price, place, and promotion.

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3
Q

What is segmentation?

A

Dividing a market into smaller groups based on demographics, location, income, etc.

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4
Q

Why is segmentation useful?

A

It allows businesses to target specific groups more effectively with tailored marketing.

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5
Q

What are benefits of accurate segmentation?

A

Better products, improved promotions, higher prices, increased sales.

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6
Q

What are drawbacks of poor segmentation?

A

Higher costs, wrong targeting, difficulty predicting behaviour.

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7
Q

What is market research?

A

Collecting and analysing data to understand customer needs and market trends.

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8
Q

What are the purposes of market research?

A

To understand demand, competition, and the target market.

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9
Q

What is primary research?

A

Research gathered firsthand by the business (e.g., surveys, interviews).

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10
Q

What is secondary research?

A

Using existing data collected by others (e.g., reports, articles).

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11
Q

What is quantitative research?

A

Research that is numerical and can be measured.

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12
Q

What is qualitative research?

A

Research based on opinions and attitudes.

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13
Q

What are methods of market research?

A

Surveys, interviews, focus groups, printed media.

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14
Q

What are the pros and cons of questionnaires?

A

Cheap and quick but may be hard to get responses.

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15
Q

What are the pros and cons of interviews?

A

Detailed answers but time-consuming.

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16
Q

What are the pros and cons of focus groups?

A

Provides insights but hard to analyse and expensive.

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17
Q

What is the marketing mix?

A

The 4Ps: Product, Price, Place, Promotion.

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18
Q

What is a Unique Selling Point (USP)?

A

A feature that makes a product stand out from competitors.

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19
Q

What is the product life cycle?

A

The stages a product goes through: Introduction, Growth, Maturity, Decline.

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20
Q

What is the Boston Matrix?

A

A tool to analyse product performance (Stars, Cash Cows, Question Marks, Dogs).

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21
Q

What is product portfolio?

A

The collection of products a business sells.

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22
Q

What is skimming?

A

Setting a high price at product launch to maximise profits.

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23
Q

What is penetration pricing?

A

Setting a low price to enter a competitive market and attract customers.

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24
Q

What is competitive pricing?

A

Setting prices similar to competitors to attract price-sensitive buyers.

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25
What is loss leader pricing?
Selling a product below cost to attract customers who then buy other items.
26
What is cost-plus pricing?
Setting a price by adding a markup to the cost of making the product.
27
What is place in the marketing mix?
The way a product is distributed from producer to consumer.
28
What are traditional place channels?
Producer → Retailer → Consumer.
29
What are modern place channels?
Producer → E-Commerce → Consumer or Producer → Wholesaler → Retailer → Consumer.
30
What is e-commerce?
Selling online through websites or apps.
31
Why is place important?
It affects how quickly and efficiently customers receive products.
32
What is promotion?
Marketing activities that raise awareness and persuade customers to buy.
33
Why do businesses promote?
To inform, create interest, boost brand image, and increase sales.
34
What are methods of promotion?
Advertising, PR, sponsorship, social media.
35
What is advertising?
Using media like TV, print, radio, and online to promote a product.
36
What is public relations (PR)?
Managing business reputation through news coverage and events.
37
What is sponsorship?
Paying to be associated with an event, team, or celebrity.
38
What is social media promotion?
Using platforms like Instagram and TikTok to engage customers directly.
39
What is product differentiation?
Making a product distinct from competitors’ through features or branding.
40
What is sales volume?
The number of units sold.
41
What is sales revenue?
Income from sales.
42
What is direct marketing?
Selling directly to the customer, often bypassing intermediaries.
43
What is telesales?
Using phones to contact customers directly to make sales.
44
What is EPOS?
Electronic Point of Sale – checkout systems that track sales data.
45
What are extension strategies?
Tactics used to extend a product's life cycle (e.g., updates, new uses).
46
What are examples of market segments?
Age, gender, income, lifestyle, location, occupation.
47
What is geographic segmentation?
Dividing the market by location.
48
What is demographic segmentation?
Dividing the market by age, gender, income, etc.
49
What is behavioural segmentation?
Dividing customers by behaviour, e.g., usage rate, brand loyalty.
50
Why do businesses conduct market research?
To understand customers, reduce risk, improve marketing decisions, and stay competitive.
51
What is a focus group?
A group of selected people from a target market who discuss a product or service.
52
What is a sample?
A small group chosen to represent a larger population in market research.
53
What are features of the product life cycle?
Introduction, Growth, Maturity, Decline.
54
What is product extension strategy?
Updating packaging, adding features, targeting new markets to extend a product's life.
55
What is the importance of a USP?
It makes the product stand out and gives a competitive edge.
56
What are stars in the Boston Matrix?
High growth, high market share products.
57
What are cash cows in the Boston Matrix?
Low growth, high market share – reliable income.
58
What are question marks in the Boston Matrix?
High growth, low market share – need investment.
59
What are dogs in the Boston Matrix?
Low growth, low market share – often discontinued.
60
Why is pricing important?
It affects sales, profits, and how the product is perceived.
61
When is skimming used?
Often at launch to maximise profits from early adopters.
62
When is penetration pricing used?
To attract customers in a competitive market.
63
What is complementary pricing?
Used for products that support another – e.g., razors and blades.
64
What are intermediaries?
Businesses involved in getting a product from producer to customer.
65
What is direct distribution?
When the producer sells directly to the consumer.
66
What are benefits of using wholesalers?
Break bulk, reduce storage needs for retailers.
67
What is multichannel distribution?
Using a mix of physical stores and online channels.
68
What is the AIDA model in promotion?
Attention, Interest, Desire, Action – how ads persuade customers.
69
What is direct marketing?
Targeting specific individuals with messages (e.g., emails or flyers).
70
What is point of sale promotion?
Using displays and offers at the place where purchases are made.
71
What is sales promotion?
Short-term incentives like discounts, BOGOF offers, coupons.
72
What is the role of PR?
Managing a business’s image and reputation publicly.
73
How does social media help promotion?
Engages customers, allows for targeting, builds brand loyalty.
74
What is customer engagement?
Building a relationship with the customer to encourage loyalty.
75
What is brand image?
The perception customers have of a product or business.
76
What is product differentiation?
Making a product stand out from rivals through features or branding.
77
What is the purpose of the marketing mix?
To satisfy customer needs while maximising sales and profit.
78
What is the role of marketing?
To ensure the right product is offered at the right time, place, and price.

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