AS Business Studies F292 (Marketing)

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  • Created by: Michelle
  • Created on: 13-05-13 19:02
What are marketing objectives?
Desired outcomes of a marketing plan or the marketing function
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What is a marketing strategy?
A plan to achieve stated marketing objectives
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What are tactics?
Day-to-day decisions that are taken to manage the firm and to help fulfil its overll strategy
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What are resources?
Physical terms needed to assist in the achievement of the company's objectives
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What is marketing?
A process that attempts to identify customer demand, and then satisfy it, at a profit
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What is the significance of marketing?
Identifying customer demand, satisfying customer demand, making a profit
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What is customer versus product orientation?
Customer orientation, product orientation
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What is customer orientation?
Where a firm considers what the market wants before trying to produce it
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What is product orientation?
Where a firm produces a product and then tried to convince the public that they need it
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What is market segmentation?
Breaking down a large market into subgroups or sections that are likely to products in different ways
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What are the 7 types of market segmentation?
Geographical, lifestyle, age, gender, social class, residence, behaviour
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What is Niche marketing?
targeting a clear and identifiable segment of the market
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What is mass marketing?
Selling into a market containing many products that are similar
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What is product differentiation?
Where products alter specific features of their product to make it seem different from the products of other firms
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What is market share?
The proportion of total market sales accounted for by an individual firm
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How do you work out the market share?
sales value of one product line or brand / total sales value in the whole market (x100)
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Define market growth
An increase in sales in total market
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Define value analysis
A process that firms carry out to assess the attributes of their product in relation to what is likely to be successful
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What makes a good product?
function, aesthetics and economic production
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What is function?
Can the product do what is meant to do?
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What is Aesthetics?
Does it look as the consumer would want it to?
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What is economic production?
Can it be produced and sold at a profit?
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Define product life cycle?
A marketing model that assesses the pattern of sales over time, in which four stages represent different aspects of the product's life
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What are thee 4 stages?
Introduction, Growth, Maturity and Decline
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What is the product portfolio analysis?
A way of examining the existing products of a firm
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Define the Boston matrix
A marketing model that assesses individual products in terms of their market share compared with the growth in the market in which they operate
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What is meant by pricing strategies?
This means the pricing objectives are achieved
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What is meant by pricing tactics?
Short-term adjustments to a price to achieve a particular response
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What is cost-plus pricing?
Adding a certain amount to the cost of a product to determine the price
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What is contribution pricing?
Setting a price to cover at least the direct costs
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Define price discrimination
Charging different prices to different customers for the same thing
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What is promotional pricing?
Setting a price to satisfy a particular promotional activity
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What is psychological pricing and give an example
Where the price suggests its cheaper than it actually is, e.g. £10 - £9.99
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What is price skimming?
Setting a high price for a new product
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Define penetration pricing
Setting a low price for a new product
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What is loss leading?
Selling one or more products at a loss to encourage further sales
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What is predatory pricing?
Setting low prices to force out the competition
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What is the main type of distribution?
Physical
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What is physical distribution?
Physically moving goods, by lorries, vans etc.
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Define the distribution channel
The route taken from the producer to the final customer
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What is meant by intermediary?
One link in the distribution chain
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Briefly describe what a wholesaler is
Takes goods from the producer, stores them and breaks bulk until a retailer needs them
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What is breaking bulk?
Taking large quantities and reducing it into more manageable form for customers
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What is a retailer?
Deals directly with the final customer
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What factors can affect distribution?
Cost, type of product, type of firm, spread of market etc
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What is promotion?
The process of communicating with customers
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What is advertising?
Communication that tries to inform potential customers about products and persuade them to buy it
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Define above-the-line promotion and give at least 3 examples
Using mass media to promote to a wide audience, for example, TV, newspaper, radio, magazine, billboards&posters, electronic and cinema advertising
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What is below-the-line promotion and give examples
Personal selling, sales promos, coupons&leaflets, competitions, fairs&exhibitions etc
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What is meant by promotion mix?
The use of different promotional methods into the promotion aspect of the overall marketing strategy
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The use of a particular promotion method is determined by what factors?
Nature of the product being sold, timescale, finance available, type of customer, size of firm
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Define demand theory
Higher prices lead to lower demand
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Define supply theory
Supply more products as their price is increased
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How do you calculate the 'price elasticity of demand'?
percentage change in quantity demanded / percentage change in price
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How do yo calculate 'percentage change in quantity demanded'?
Change in demand (actual number) / original demand (x100)
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Other cards in this set

Card 2

Front

What is a marketing strategy?

Back

A plan to achieve stated marketing objectives

Card 3

Front

What are tactics?

Back

Preview of the front of card 3

Card 4

Front

What are resources?

Back

Preview of the front of card 4

Card 5

Front

What is marketing?

Back

Preview of the front of card 5
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This is a set of 55 flash cards asking for definitions of the main marketing terms. Can be used to test yourself or for joint revision.

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