Unit 2 - The Management Of Marketing Flashcards Preview

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Flashcards in Unit 2 - The Management Of Marketing Deck (95)
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1

What is market led marketing?

Products are produced based on what the customer wants
Customers needs and wants are identified by doing market research

2

What is a downside to market led marketing?

There may be significant competition

3

What is product led marketing?

Product is produced as the organisation thinks they are good at providing it

4

What is a downside to product led marketing?

The market doesn’t necessarily have w need for it
Little or no market research as the needs and wants of the customer are not important

5

What does consumer behaviour aim to do?

Answer why what who and where,
Decide on how the product is marketed and future trends

6

Why do consumers buy? - consumer behaviour

Status, need, want, trend

7

What motivates people to buy? - consumer behaviour

POS, layout, promotions

8

Where do people choose to buy from? - consumer behaviour

Online, store, or for convenience

9

Who buys the product? - consumer behaviour

What target does it appeal to?

10

What are the three types of consumer behaviour?

Impulse
Routine/habit
Informed

11

Define impulse - consumer behaviour

Buying something without thinking, usually small value items.

12

Definite routine/habit - consumer behaviour

Buying something out of habit and without much thought

13

Define informed - consumer behaviour

Buying something after careful consideration of options, brands, prices etc
May be due to past experiences/reviews
Usually more high value items

14

What are benefits of market research?

Helps businesses to make informed decisions
Reduces the risk of an unsuccessful product launch
Customers feel valued as their opinions are used
Enhances the companies reputation

15

What is desk research?

Information that already exists and can be researched at a ‘desk’

16

What are the five types of desk research?

Written
Oral
Pictorial
Graphical
Numerical

17

What is an advantage of desk research?

It is cost effective as can be researched at a desk.

18

What is a disadvantage of desk research?

The information is secondary so can be old or out of date
May not be specific
Can be biased

19

What is the difference between quantitative and qualitative?

Quantitative is factual and can be measured or counted

Qualitative is based on someone’s opinion

20

What is field research?

Where someone physically goes out and collects information

21

What are advantages of field research?

The information is new and up to date

Gives businesses a competitive advantage as competitors don’t have access to this information

Information is specific and reliable

22

What is a disadvantage of field research?

Can be expensive and time consuming

23

What are the four methods of field research?

Questionnaire/survey
Personal interview
Hall tests
Focus groups

24

Describe questionnaire/survey as a method of field research - advantages and disadvantages etc

Involves asking people for their opinion through a series of questions
Usually done online but can be done by post, telephone or in person

Advantages-
Inexpensive
People in large geographical areas can be targeted

Disadvantages-
Not always a high response level
Clarification can’t always be gained so questions may be skipped

25

Describe personal interview as a method of field research - advantages and disadvantages etc

When people meet and a number of questions are asked - usually used for a job

Advantages-
Clarification can happen if questions are not understood
Information is obtained instantly

Disadvantages-
Time consuming method
Expensive as interviewers need to be paid
Analysis can take a long time

26

Describe hall tests as a method of field research - advantages and disadvantages etc

Involves a product being given to customer to test out

Advantages-
Diverse group can be asked
First hand information

Disadvantages-
People may feel they need to give positive feedback
Can be expensive to make changes to the product

27

Describe focus groups as a method of field research - advantages and disadvantages etc

When a group of people are asked for their views on a product

Advantages-
First hand information is gathered
Lots of opinions will be gathered

Disadvantages-
People may feel they can’t disagree so false information can be gathered

28

What is random sampling?

Involves randomly selecting people from a list (telephone directory etc)
These people are then asked to take part in a method of field research

29

What are advantages of random sampling?

No chance of bias as it’s a random group
Many opinions and views can be gathered

30

What are disadvantages of random sampling?

Group is made up of all different target markets - unfocused.
Doesn’t take into consideration the personal differences, age etc.