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business a level > Topic 3-decision Making To Improve Marketing Performance > Flashcards

Topic 3-decision Making To Improve Marketing Performance Flashcards

1
Q

what is marketing

A

the process of identifying, anticipating (predicting) and satisfying customer needs profitably.

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2
Q

what is a marketing objective

A

-a marketing target or goal that an organisation hopes to achieve

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3
Q

why set marketing objectives (4)

A
  • helps to coordinate business activity
  • motivates workers to reach goals
  • measures how far you have reached and measures your success.
  • decision making is more focused
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4
Q

where do marketing objectives come from

A

marketing objectives must be compatible with the overall objectives of the company

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5
Q

what are functional areas

A

little sections of the business e.g. finance

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6
Q

internal influences on marketing objectives and decisions (3)

A

1) new corporate objectives
2) a new innovative product
3) new financial objectives

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7
Q

why might internal influences lead to the wrong marketing objective being adopted

A

-pressure for short-term profits leading to a short-termism approach

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8
Q

examples of external influences on marketing objectives (4)

A
  • changes in consumer taste
  • changing competitive pressure
  • changing economic pressure
  • changing natural environment
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9
Q

what are the 3 aspects to marketing

A
  • marketing research
  • marketing mix
  • the way you sell something and how
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10
Q

what is a market

A

a place where buyers and sellers meet

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11
Q

name the different types of market (4)

A
  • local market
  • national market
  • physical market
  • digital market
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12
Q

key features of digital markets (4)

A
  • fiercely price competitive
  • don’t rely on physical location (saves money)
  • the market is cheap and easy to set up
  • they provide a ‘long tail’ of a competitive profitable small businesses
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13
Q

what is demand

A

-within a market demand is the desire of consumers to buy a product or service, when backed by the ability to pay

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14
Q

what are the factors that determine the demand for a product or service (5)

A
  • price
  • incomes
  • actions of competitors
  • the firms own marketing activities
  • seasonal factors
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15
Q

what is market size

A

the measurement of all of the sales of all companies in a market place

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16
Q

what 2 ways can market size be measures by

A
  • volume

- value

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17
Q

what is market share

A

-the proportion of the total market held by one company or product

18
Q

what is the advantage of having the top selling brand

A

-the brand leader is often able to offer discount terms to retailers. Meaning higher revenues and profit margins per unit sold

19
Q

what is the advantage of having the top selling brand for the COMPANY who is selling the product

A

the strength of a brand- leading name makes it much easier to obtain distribution and trails for new products (customers are more likely to try a new product from a well known brand)

20
Q

what is market research

A

it gathers info about consumers, competitors and distributors within a firms target market - it is a way of identifying consumers’ buying habits and attitudes to current and future products

21
Q

why do businesses need accurate and up-to-date information (4)

A
  • changes in technology
  • changing gin consumer tastes
  • changes in product ranges of competitors
  • changes in economic conditions
22
Q

what is the purpose of marketing research (3)

A
  • gain a more detailed understanding of consumers’ needs
  • reduce the risk of product/business failure
  • forecast future trends
23
Q

what do new businesses need to know (2)

A
  • how big the market is (market size)

- what brands/ companies are leading the market (market share)

24
Q

what is secondary research (3)

A
  • collecting and analysing data that already exists
  • it is external information
  • it can be internal info from the business itself
25
Q

methods of secondary research:

-internal data from the business (3)

A
  • every department has its own records

- e.g. past sales figures or financial info

26
Q

methods of secondary research:

-examples of external data (5)

A
  • commercial market research organisation
  • government
  • competitors
  • trade publications
  • media/ internet
27
Q

advantages of secondary research (3)

A
  • often obtained without cost
  • can gain a good ‘overview’ of a market
  • usually based on actual sales figures, or research on large samples
28
Q

disadvantages of secondary research (3)

A
  • outdated data
  • data may not be tailored to your own needs
  • can be expensive to buy reports
29
Q

what is primary research

A

-the process of gathering first hand, new data directly from people within your target

30
Q

disadvantages of primary research

A
  • time consuming

- expensive- especially if you are going to hire someone to do your research

31
Q

what type of primary research may a small business carry out (2)

A
  • retailer research

- observation

32
Q

what type of primary research may a large business carry out (2)

A
  • qualitative research

- quantitative research

33
Q

what is qualitative research

A

in depth research into the motivations behind the attitudes and buying habits of consumers

34
Q

what information does qualitative research provide or what does it show (2)

A
  • it doesn’t provide statistics

- it gives clues at to why people like things (or not)

35
Q

who is qualitative usually carried out by

A

psychologists- they interpret the way people say things as well as what they say

36
Q

what is the most common form of qualitative research

A

focus groups

37
Q

what is quantitative research

A

-this asks pre-set questions of a large enough sample of people to provide statistically valid data

38
Q

what are the 3 aspects of quantitative research

A

1) sampling- ensuring results of a certain group of people show what the whole market wants
2) writing a questionnaire that is unbiased and meets the research objectives
3) assessing the validity of the results

39
Q

what is sampling

A

-getting the opinions from a number of people, chosen from a specific group, in order to find out about the whole group

40
Q

what are the 2 main concerns when sampling

A

1) choose the right people for interview (sampling method)

2) decide how large a group to interview (sample size)

41
Q

give a common example of the a type of sampling method

A

quota sampling- selecting interviewees in proportion to the consumer profile within the target market

business a level (13 decks)

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