Unit 2 Flashcards
(57 cards)
What is a focus group in marketing?
A group of people reviewing the product
Focus groups provide qualitative insights into consumer perceptions and preferences.
What is the difference between quantitative and qualitative research?
Quantitative is about data whereas qualitative is about opinions
Quantitative research often involves numerical data, while qualitative research focuses on understanding feelings and experiences.
Which marketing technique involves promoting products on social media?
Social media
Social media marketing leverages platforms like Facebook, Instagram, and Twitter to reach target audiences.
Fill in the blank: _______ is when you get an email from the business asking you questions about the product.
Email marketing
Email marketing can be used for surveys, promotions, and customer engagement.
What is the primary purpose of marketing?
To generate interest in a product or service resulting in a sale.
What does anticipating demand in marketing involve?
Studying long-range weather forecasts to predict product demand.
How can recognizing demand help businesses?
By keeping up to date with competitors’ products and trends in consumer behavior the business can detect what products are being demanded at the moment
What is one way to stimulate demand?
Advertising on billboards, in newspapers and online
This includes various forms of media to reach potential customers.
What is the purpose of offering vouchers?
To promote product lines that are poor sellers or over-stocked
Vouchers can incentivize customers to purchase these items.
What does satisfying demand entail?
Ensuring stocks or capacity to deliver a service are sufficiently available
This is crucial for meeting customer demand.
Why is it important to have enough stock before Christmas?
To cover popular toys and meet demand generated during the holiday season
Anticipating demand helps avoid stockouts.
What is one way to handle poor-selling products?
Offering vouchers for product lines that are poor sellers or over-stocked.
How does understanding customer wants and needs benefit marketing?
It simplifies marketing strategies for the business
Distinguishing between wants (e.g., perfume, Nike trainers) and needs (e.g., food, water) helps tailor marketing efforts.
What is the difference between a want and a need?
A want is something desired but not essential, while a need is essential for survival
Examples: Wants include luxury items like a PS5, whereas needs include basic necessities like food.
How can marketing help in developing new products?
By generating ideas based on customer feedback
Asking customers what products they would like to see can guide product development.
In what way can marketing improve profitability?
By reducing costs associated with product marketing
Effective marketing strategies can lead to cost savings, increasing overall profit margins.
What is market share?
The value or quantity of goods sold by a business relative to the total market
For example, in 2015, Tesco had the largest market share in the UK supermarket sector in terms of volume.
What does diversification in a business context mean?
Selling products different from the usual offerings
This can involve creating hybrids of existing products or entering entirely new markets.
Why is increasing brand awareness important?
It fosters customer loyalty and encourages repeat purchases
Customers who are aware of a brand are more likely to seek it out for their needs.
Fill in the blank: A _______ is something a customer only wants to have.
[want]
Fill in the blank: A _______ is something a customer needs for survival.
[need]
True or False: Marketing can help a business to increase its market share.
True
What are S.M.A.R.T objectives
Specific:something specific the business can do
Measurable:something the business can track and measure
Attainable:something the business can realistically do
Relevant:something relevant to current trends
Time based:something the business must do within a certain amount of time
