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Business Studies GCSE > Unit 5-Marketing > Flashcards

Unit 5-Marketing Flashcards

1
Q

What is Quality?

A

Customers want the good/service to be of the quality that they require and expect.

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2
Q

How does price affect a business?

A

Customers will expect to pay a reasonable price for goods or services.

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3
Q

What is convenience?

A

If it is easier for customers to purchase.
-Is Delivery, websites, e-sales easy to work with and use.

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4
Q

What is the importance to a business of satisfying customer needs?

A

-Helps a business to generate sales and survive.
-Helps to provide products that customers will buy.
-Allows business to operate competitively in their markets.

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5
Q

What is segmentation?

A

The process of dividing a market into groups of people based on difference and distinct characteristics.

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6
Q

What are the Main categories of Market Segmentation?

A

-Location
-Age
-Gender
-Income

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7
Q

What are the benefits to a business of effective segmentation?

A

-Better matching of a product to a specific customer needs.
-Efficiency increases as time and resources are specifically allocated to the specific group of customers.
-Increased sales and higher chance of success.

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8
Q

What are some potential drawbacks to a business of segmentation

A

-Data is not always available or reliable.
-Segments are dynamic and fast-moving.

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9
Q

What is the purpose of market research?

A

To gain insight into competition.
-Inform business decisions.
-Identify and understand customer needs.

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10
Q

What are the two types of mark research?

A

-Primary
-Secondary

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11
Q

What is Primary market research?

A

-Data collected first-hand for a specific research purpose. E.G. Surveys, Questionnaires, Focus groups.

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12
Q

What are the Benefits of Primary Market research?

A

-Directly focused to research objectives.
-Kept private not publically available.
-More detailed insights into customer views.

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13
Q

What are the drawbacks of Primary Market research?

A

-Time consuming and costly to obtain.
-Risk of survey bias.
-Sampling may not be representative of the whole population.

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14
Q

What is Secondary Market research?

A

Data that already exists that has been collected for a different purpose. E.G. Government publications, articles in newspapers.

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15
Q

What are the benefits of Secondary Market Research?

A

-Often free and easy to obtain.
-Good source of market insight.
-Quick to access and use.

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16
Q

What are the drawbacks of Secondary Market research?

A

-Quickly becomes out of date.
-Not tailored to business needs.
-Specialist reports are expensive.

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17
Q

What is the purpose of Market research?

A

-To gain insight into competition.
-Inform business decisions.
-Identify and understand customer needs.

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18
Q

What is Primary Market research?

A

Data collected first hand for a specific research purpose. E.G. Surveys, Questionnaires, Focus groups.

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19
Q

What are the benefits of Primary Market research?

A

-Directly focused to research objectives.
-Kept private not publicly available.
-More detailed insights into customer views.

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20
Q

What are the drawbacks of Primary Market research?

A

-Time consuming and costly to obtain.
-Risk of survey bias.
-Sampling may not be representative of the whole population.

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21
Q

What is Secondary Market Research?

A

Data that already exists that has been collected for a different purpose. E.G. Government publications, articles in newspapers.

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22
Q

What are the benefits of Secondary Market research?

A

-Often free and easy to obtain.
-Good source of market insight.
-Quick to access and use.

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23
Q

What are the drawbacks of Secondary Market research?

A

-Quickly become out of date.
-Not tailored to business needs.
-Specialist reports are expensive.

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24
Q

What is Quantitative data?

A

Numerical data
-Methods are surveys.

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25
What are the benefits of Quantitative data?
-Data easy to analyse. -Numerical data provides insights. -Can be compared to other sources.
26
What are the drawbacks of Quantitative data?
-Focuses on data rather than explaining why things happens. -Doesn't explain reasons behind numerical trends. -May lack reliability.
27
What is Qualitative data?
Based on opinions, attitudes and beliefs. -Methods are Focus groups and interviews
28
What are the benefits of Qualitative data?
-Essential for important new product developments and launches. -Focuses on understanding customer needs, wants and expectations. -Can highlight issues that need addressing.
29
What are the drawbacks of Qualitative data?
-Expensive to collect and analyse. -Risk that the sample chosen is not representative of rest of the population.
30
What is Market share?
The percentage share of the total market that is owned by a particular business.
31
What is the Marketing mix?
How a business combines the four P's in order to be successful.
32
What are the four P's?
Product-The good or service the customer obtains. Price-How much the customer pays for the product. Promotion-How the customer is found and how the product is promoted. Place-How the product is distributed to the customer.
33
How is the marketing mix different for different products?
-If customers really want the product or it is in a convenient place they will pay a higher price. -Customers may be prepared to go to a less convenient place if the price is lower.
34
What are some factors affecting the use of the marketing mix?
-Level of competition -Market segment -Type of product -Amount of finance available
35
What is Place?
It is about channels of distribution and how products get from manufactures to consumers.
36
What is a Distribution channel?
-It moves a product through the stages from production to final consumer. -Includes Wholesalers, retailers, direct to consumers, telesales.
37
What does selling to wholesalers mean?
Wholesalers buy products in bulk and store them in a warehouse.
38
What does selling to Retailers mean?
Retailers sell products to consumers.
39
What does selling to consumers mean?
Can be done via telesales which sell products on the phone.
40
What is E-Commerce?
When products are ordered online and then delivered to the customer.
41
What is M-Commerce?
Allows goods and services to be bought using wireless devices such as a smartphone or tablet.
42
What are the benefits of E-Commerce, M-Commerce?
-Can sell products 24/7 -Market can expand on an international basis -Deliveries can be tracked
43
What are the drawbacks of using E-Commerce, M-Commerce?
-No personal contact with customer -Websites must be actively managed -Businesses must be able to offer returns
44
What could poor distribution affect?
-Sales -Image -Price
45
What are the main influences on pricing methods?
Costs-Business may fail if its costs for making the product is higher than selling it. Nature of the market-If there is a high demand for the product, but less supply, the business could increase its prices. Degree of competition-If business operates in a competitive market it will have to be price competitive.
46
What is a product life cycle?
How the cost and demand of a product change over time.
47
What are the stages of the product life cycle?
-Research and development -Introduction -Growth -Maturity -Decline
48
What is Research and Development?
used to develop an idea and turn it into a marketable product (eg. use of scientists to find the most cost-effective materials)
49
What is introduction?
- the product is launched and put on sale for the first time - backed up by advertising and sales promotions
50
What is Growth?
-demand increases, until the product becomes established
51
What is Maturity?
-This is when demand reaches its peak. - Product is promoted less and businesses tries to make product more widely available
52
What is Decline?
-Eventually demand starts to fall as rival products take over
53
What are some reasons a product enters the decline stage?
-Changes in customers tastes -Increased competition -Failure to develop product
54
What are some examples of extension strategies?
-Advertising -Price reduction -Adding new features to it -Explore different markets
55
What is a product portfolio?
-List of all the products a business sells. -Businesses should aim to have a balanced portfolio.
56
What is the Boston Matrix?
-A way for a business to analyse its product portfolio. -Takes into account the market share and growth.
57
What are the four parts of the Boston matrix?
-Question marks -Dogs -Cash Cows -Stars
58
What are Question marks?
-All new products -Have small market share but high market growth -Aren't profitable yet and need heavy marketing
59
What are Dogs?
-lost cause -Low market share and growth -Business should sell them off
60
What are Cash Cows?
-Bring in plenty of money -Have high market share and low growth -Costs are low as they are in their maturity phase
61
What are stars?
-Have high market share and growth -Are future cash cows
62
What are the advantages of the Boston Matrix?
-Helps a business see whether it has a balanced product portfolio
63
Why might a business broaden their product portfolio?
-In order to increase sales -Can use the Boston Matrix to help them
64
How can a business broaden their product portfolio?
-Adding products to an existing range -Increasing the range of products

Business Studies GCSE (8 decks)

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