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Flashcards in Unit 3 Deck (25):
1

What does motivation lead to

Hardworking flexible workforce willing to go the extra mile
Greater commitment
Less time of illness
Improved customer service
Improved communication

2

What are the levels from low to high of Maslow hierarchy of needs

Physiological
Safety
Love and belonging
Self esteem
Self actualisation

3

Define marketing

Involves identifying and understanding customer needs and wants and meeting them profitably

4

Process of marketing after market research

Market research , developing , communicating

5

How does market segmentation help a business

Tailor products to customer needs
Target promotions at specific groups
Carry out market research

6

Process of market research

Planning and designing- aims?techniques?type?
Doing the research- time limit?sample size?
Analysing - same or different comment?trends?

7

Marketing decisions

Is the marketing mix appropriate
Product or service need changing to be more appropriate
Should it be left unchanged
Time to withdraw or replace

8

What is a product trial

When a customer buys the product for the first time to assess whether they want to buy it again

9

How do businesses get first time customers

Advertising
Viral marketing
Public relations
Free samples
Low trial prices

10

How do businesses keep customers loyal

Special promotions
Reminder adverts
Loyalty schemes
Product innovations

11

Why might businesses want to keep cutsomers

The customer of retaining customers might be less than attracting new ones

12

Stages of the product life cycle

Introduction
Growth
Maturity
Decline

13

What is the introduction phase

Product has just been launched sales are beginning to be made but no profit
Negative cash flow

14

What is the growth phase

More sales
Profit being made
Sales rapidly increase
Small positive cash flow

15

What is the maturity phase

Sales growth slows down
Repeat and loyal customers still purchase
Market becomes saturated with competitive products
Positive cash flow

16

What is the decline phase

Product is outdated
Product needs extending or withdrawn
Cash flow issues

17

What are some extension strategies

New packaging
New flavours
New taste
Slightly changing the product to appeal to new customers and new market segments and encourage existing customers

18

What is a Product portfolio

A range of products a business sell

19

What does a product portfolio analysis help

What products to launch and when
When to withdraw a product
What products are doing well or not
How to increase sales

20

Define cash flow

The movement of money in and out of a business

21

What is the Boston matrix

A product portfolio analysis tool used to plan the development of products, links to the product life cycle

22

What is a star

Very successful
High growth and market share
Has to be funded to keep up with demand which can be a problem

23

What is a cash cow

Little growth high market share
Supports other products

24

What is a dog

Low market share and low growth
A business should think about withdrawing this product if brings profit down

25

What is a question mark

High growth
Low market share
Needs investment