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a level business > UNIT 3 > Flashcards

UNIT 3 Flashcards

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1
Q

market capitalisation definition

A

total value of all shares in a business

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2
Q

marketing definition

A

process of identifying, anticipating and meeting customer needs

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3
Q

4 steps of marketing

A

recognising demand
anticipating demand
stimulating demand
satisfying demand

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4
Q

market size definition

A

total value of total volume of goods sold

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5
Q

market growth

A

an increase in the sales volume of products

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6
Q

mass market

A

lots of companies producing the same product, usually quite affordable

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7
Q

niche market

A

small, specialised market

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8
Q

market share

A

% of sales in a market generated by one business

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9
Q

how to calculate market share

A

total sales of business/total sale in market
all then times by 100

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10
Q

5 marketing AIMS

A
  1. understanding customer needs and wants
  2. developing new products
  3. improving profitability
  4. inc market share
  5. increase brand awareness
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11
Q

3 marketing objectives

A
  1. grow market share
  2. grow market size
  3. increase brand loyalty
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12
Q

influences on marketing ( internal examples )

A

• cost of campaign
• availability of finance
• staff expertise
• size and culture of business

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13
Q

influences on marketing ( external factors )

A

PESTLE

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14
Q

primary market research

A

data collected by a specific business/ individual for a specific purpose

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15
Q

secondary market research

A

data already exists, the individual/ business decides how to interpret the data

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16
Q

examples of primary research

A

interviews, surveys, focus groups

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17
Q

examples of secondary research

A

online, MINTEL, newspapers

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18
Q

3 advantages of primary research

A
  • specific to your business
  • up to date data
  • this is data no competitors can access
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19
Q

3 disadvantages of primary research

A

timely
costly
results bias

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20
Q

3 advantages of secondary research

A

highlights gaps in the market
accessible immediately
broadens knowledge of opinion

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21
Q

3 disadvantages of secondary research

A
  • may be out of date/ irrelevant
  • competitors can access
  • might be not accurate
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22
Q

whats the difference between qualitative and quantitative data

A

qualitative data portrays opinions and how consumers feel, however quantitative data produces numerical results

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23
Q

define sampling

A

selecting a representative group of people from the target market

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24
Q

2 advantages of sampling

A

quick and easy
large sample means reliable results

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25
name the 4 types of sampling
convenience- available pps random- random selection quota- same characteristics cluster- more similiar characteristics
26
define extrapolation
predicting trends in the future based on past results the further predicted in the future, the increase in risk
27
define market positioning
the strategic process of establishing a brand or product in the minds of consumers
28
whats product differentiation
distinguishing product/ service from rival firms
29
whats a market map
a market map is a map that shows where a product is positioned in a market based on two features such as: price and quality
30
advantage and disadvantage of a market map
A- spots gaps in the market A- useful for analysing competitors D- how reliable is the research?
31
what does PED stand for
price elasticity of demand
32
if a product has a ped from 0- 1, is it elastic or inelastic
inelastic
33
whats a unitary elastic good
a change in demand which equals to the demand in price
34
name the 4P’s
price, product, place, promotion
35
how to calculate PED
% change in demand/ % change in price
36
name the 5 influences in PED
- substitutes are available - more expensive= more elastic - luxury= elastic , necessity= inelastic - addictive, the more elastic - short term= elastic, long term= inelastic due to substitutes
37
whats the difference between an elastic and inelastic good
an elastic good is a luxury, an inelastic is a necessity. the demand of an inelastic good will not change with the price
38
whats YED
how quantity demanded changes with income
39
calculation for YED
% change un quantity demand/ % change in income
40
what is market segmentation
dividing criteria, making market share smaller
41
market segments
people who have similar characteristics and buying habits
42
6 examples of market segments
behavioural- when do they buy income demographic geographic occupation education
43
benefits of market segmentation
- makes consumers easier to target - higher levels of loyalty -better reputation
44
what does STP stand for
- segment - divide - think- which to appeal - position- product in consumers mind
45
whats a market strategy
set of plans to achieve market objective
46
whats the product life cycle
introduction, growth, maturity, decline
47
what goes quick through the life cycle
up to date trends eg: slime, loombands
48
advantages of market maps
spot gaps in the market and is useful for analysing competitors
49
what is the boston matrix
a grid which categorises businesses products, according to market share and growth
50
what does the star stand for in the boston matrix
High market share, high market growth These are products doing well in fast-growing markets. They require a lot of investment to maintain their position
51
what does the cash cow stage in the boston matrix
High market share, low market growth These are well-established products in mature markets. They generate a lot of cash but don’t need much investment.
52
what does the problem child stand for in the boston matrix
Low market share, high market growth These are in growing markets, but they’re not doing great (yet). They need a lot of investment to try and turn into Stars
53
what does the dogs stand for in the boston matrix
Low market share, low market growth These products often don’t make much profit and have limited potential. They might be phased out or rebranded.
54
name the 6 pricing strategies
price penetration price skimming cost plus pricing dynamic psychological competitive
55
adv and disadv of price penetration
adv- loyal customer base disadv- may turn consumers
56
adv and disadv of price skimming
adv- initial sales covers research disadv- may put off consumers and lead them to question quality
57
adv and disadv of cost plus
a- control over profit margin d- profit loss potential as it doesnt consider competition
58
adv and disadv of psychological pricing
a- increased sales d- lack prestige, may lead to brand looking cheap
59
dynamic pricing adv and disadv
a- inc revenue and customer satisfaction d- confusing to create and timely
60
adv and disadv of competition pricing
pricing based off awareness and adjusting to competitors adv- takes market share disa- reduced profit by ignoring internal costs or putting price below ideal profit margin
61
5 influences on pricing strategy
costs unique selling point target market stage in PLC brand image
62
whats distribution
refers to making a product/ service available when and where consumers need it
63
whats the difference between retailing and e tailing
retailing is in a physical shop however e tailing is online
64
name the 4 channels of distribution
1. manufacturer- customer ( perishable or small business ) 2. manufacturer- retail- consumer 3. manufacturer- wholesaler-retail- customer 4. manufacturer- agent - wholesaler- retail- customer
65
benefits of distribution channels
try on products displays to attract advice and help enjoy experience
66
benefits of online
cheaper for business open 24/7 access to all countries
67
disadvantage of online
shipping cost cannot try on immediately waiting
68
7ps
product, price, promotion, place, people, process, physical environment
69
7ps
product, price, promotion, place, people, process, physical environment

a level business (10 decks)

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