Topic 2 Marketing Flashcards
(24 cards)
Define marketing.
-Finding the needs of customers and demonstrating how a business fulfils those needs in order to increase sales
Define market research.
-The collection of data to help business decisions
Define target market
-the group of customers who a business aims to sell its products to
Define primary research
-Data that is collected first hand (field research)
Define secondary research.
-Data collected by others (desk research)
Define qualitative data.
-Data based on opinions of those being asked
Define quantitative data.
-Data based on facts and statistics (numerical data)
List four examples of primary research.
-Questionaire
-focus groups
-interviews
-trials
List 4 examples of secondary research.
-Internal data
-Newspapers
-Websites
-Census data
Define market segmentation.
-Splitting the market for a product into different parts, or segments
List at least 5 ways you can segment a market.
-Age
-Gender
-lifestyle
-Income
-Location
State the four stages of the product life cycle
-Introduction (product is first available to sell)
-Growth (sales are increasing)
-Maturity (Sales are at its peak)
-Decline (sales are falling)
Define competitor pricing.
-A price is set based on the prices charged by competitors
Define Cost-Plus pricing.
-Adding a percentage of profit onto the total costs of making a product
Define penetration prices
-A price is set lower than competitors
Define skimming.
-A high price is charges initially for those customers who want the latest products
Define promotional pricing
-Prices are reduced to give sales a boost
Define physical distribution.
-The distribution of goods using a physical presence
Define digital distribution
-The distribution of goods and services digitally by downloading from a website
List at least 2 advantages of digital distribution
-Customers can access products and services 24/7
-Goods are downloaded so available quickly
-No physical product to deliver so the business saves money
List at least 2 disadvantages of digital distribution
-Not all goods are suitable for digital distribution i.e. bread
-Not all customers have access to the internet
-Easier for illegal content to be copied and distributed which means the business loses sales
List the ways a business can promote and advertise.
-TV (adverts)
-Social media
-Printed media (newspapers, posters, flyers)
-Radio
-Websites
List the factors that affect the price of a good or service.
-the price charged by competitors
-the cost of the good or services production
-the period of time a business has been running
-the income of the target market
