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business > topic 3 (decision making to improve marketing performance) > Flashcards

topic 3 (decision making to improve marketing performance) Flashcards

1
Q

marketing objectives

A

These are specific goals/targets of the marketing department. They must be in line with the firms overall corporate objectives.

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2
Q

marketing objectives can include

A
  • Sales volume and sales value
  • Market share
  • Market and sales growth
  • Market size
  • Brand loyalty vb
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3
Q

market share =

A

actual sales a business has/ total sales in market x 100

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4
Q

primary market research

A

information that is gathered first hand for its own specific purpose.

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5
Q

types of primary research

A

surveys
focus groups
observing and experimentation
loyalty card data on buying habits
test marketing

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6
Q

secondary market research

A

Data that has been gathered/collected by another organisation research is not carried out by firms so may be inaccurate/ irrelevant

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7
Q

qualitative research

A

Information gathered through research methods about people’s views, opinions and beliefs

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8
Q

quantitative research

A

Numerical and statistical data gathered through varied research methods

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9
Q

market mapping

A

This is a technique that analysis markets by looking at the key features that distinguish products or brands. Its useful for firms to identify groups in the market

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10
Q

types of sampleing

A

random
quota
stratified

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11
Q

random sampling

A

everyone in the population has an equal chance of being chosen

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12
Q

quota sampling

A

respondents are selected in proportion to the consumer profile within the target market

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13
Q

stratified sampling

A

select respondents respondents with a particular characteristics then chosen at random within that group.

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14
Q

correlation

A

Correlation looks at strength of a relationship between variables

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15
Q

independent variable

A

the factor that causes the dependant variable to change

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16
Q

dependent variable

A

the variable that is influenced by the independent variable.

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17
Q

positive correlation

A

a positive relationship exists where the independent value increases in value as well as the dependant value

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18
Q

negative correlation

A

a negative relationship exists where the independent value increases and the dependant value falls

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19
Q

confidence intervals

A

This gives the % probability that an estimate range of possible values, includes the actual value being estimated. This helps businesses understand how reliable an estimate is

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20
Q

extrapolation

A

using historical figures to predict future sales

21
Q

advantages of using technology to gather data

A

Data can be analysed quickly and in greater depth An construct customer data base, which can be used as part of an effective direct marketing scheme.

22
Q

disadvantages of using technology to gather data

A

To much info can be hard to analyse trends can be misunderstood can be costly to acquire

23
Q

income elasticity of demand

A

percentage change in quantity demand/percentage change in income

24
Q

market segments

A

groups who share similar characteristics

25
Q

demographic segmentation

A

segments grouped together by:
age
gender
occupation
socio-economic groups

26
Q

geographical segmentation

A

Firms can look at where a particular consumer types live, what the income levels are like, whether its rural or inner city.

27
Q

income segmentation

A

Certain goods/services are aimed at individuals with a certain levels of disposable income

28
Q

Behavioral segmentation

A

Customers can be divided into groups based on the way they respond to a product these include:
Lifestyle
Level of brand loyalty
Benefits sought by consumers
Purchases occasion
Frequency of use

29
Q

mass marketing

A

business try to sell to all the customers in a large market

30
Q

advantage of mass marketing

A

Generate high sales
Can gain economies of scale

31
Q

disadvantage of mass marketing

A

High sales don’t always mean high profits
Fierce competition

32
Q

niche marketing

A

Businesses target small groups inside larger markets

33
Q

advantages of niche marketing

A

Large competitors may not be attracted to these small niches
By providing high quality products to a small market can attract customers willing to pay high prices

34
Q

disadvantages of niche marketing

A

Little chance of achieving economies of scale, so costs will be higher
Small market limits the scope for making high profits
Small firms are vulnerable if demand increases, the larger players may enter the market

35
Q

marketing mix

A

people, process, product, price,promotion,place

36
Q

People (marketing mix)

A

This includes staff a company has who come in contact with customers
Major impact on a firms quality, customer service and brand loyalty
It is impacted by the firms HR policies

37
Q

process (marketing mix)

A

how the company deals with its customers and deliveries of the products/service
It covers areas such as communication
how the customer is dealt with,
How quickly/effectively needs are satisfied

38
Q

product (marketing mix)

A

product life cycle - development, introduction, growth, maturity, decline

39
Q

boston matrix

A

high growth low sales = question mark
low growth, low sales = dog
low growth high sales = cash cow
high growth high sales = star

40
Q

where is the question mark on the boston matrix

A

high growth low sales

41
Q

where is the dog on the Boston matrix

A

low growth low sales

42
Q

where is the star on the Boston matrix

A

high growth, high sales

43
Q

where is the cash cow on the Boston matrix

A

low growth, high sales

44
Q

price (marketing mix

A

price is important because
Prices to high – low sales, failed business
Prices to low – struggle to cover cost, low profit

45
Q

penetration pricing

A

low prices are charged to help attract customers, to gain a foothold in the market

46
Q

price skimming

A

high prices are charged to gain a high profit margin from early adaptors

47
Q

promotion (marketing mix)

A

Promotion is the process of communicating with customers or potential customer to increase sales through various methods

48
Q

place (Marketing mix)

A

Place Is a important part to get right. As if business are located close to where there product is produced and sold it can be easier to manage and control.

49
Q

Distribution (pathways/methods)

A

there a different pathways of distribution e.g
producer - wholesaler - retailer - consumer
producer - retailer - consumer
producer - consumer

business (12 decks)

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