Business

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Give an example of primary research?
Questionnaire and survey. It may be expensive to publish your results.
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Give an example of secondary research?
Government statistics and books/magazines. It is cheaper because the data is already published.
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What is promotion?
Money and effort dedicated to increasing the sales of a product. It spreads information about the brand and company.
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Why is it important to carry out promotions in a cost-effective way?
Because the return on marketing is not easy to determine. The greatest possible return must be made.
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What is the combination of different types of promotion called?
The promotional mix
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What are promotions into the pipeline?
Methods that are used to sell more products into the distribution system. They are aimed at wholesalers and retailers rather than final consumers. E.g. 'Dealer loaders', such as 20 for the price of 10, display units, dealer competitions, extended cre
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Give examples of promotion into the pipeline?
'Dealer loaders', such as 20 for the price of 10, display units, dealer competitions, extended credit to dealers, sale-or-return, and so on.
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What are promotions out of the pipeline?
Methods that promote the product to the final consumer.
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Give examples of promotion out of the pipeline?
Free samples, trial packs, coupon offers, price reductions, competitions, demonstrations and point-of-sale
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What are the four forms of promotion?
Advertising, sales promotions, personal selling, public relations.
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What is advertising?
A form of above-the-line promotion. It can increase sales by making consumers aware of it, demonstrating how good it is and reminding consumers about it. Advertising TV is often used my companies with big marketing budgets because it is very expensiv
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What is sales promotions?
Promotion that takes place through media and non-media for a limited time to increase consumer demand. For example, competitions, special price offers for a limited period, point-of-purchase displays and free gifts.
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What is personal selling?
Oral communication with potential buyers of a product in the hope of making a sale. To begin with the seller will try to build a relationship with the buyer before they 'close' the deal.
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What is public relations?
Managing the flow of of information from an organisation to its 'publics' in order to build the reputation of a company and its brands. Any form of activity that does this is termed PR.
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What does PR involve?
It might involve a charity, informing consumers about a brand or producing advertisements that show the company and its products in a positive light.
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What is the purpose of promotion?
To increase the sales of the business.
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What is a wholesaler?
Firms that store goods in bulk which they purchase from manufacturers and then sell on to retailers. Wholesalers 'break bulk'; hold inventories and delivers to retailers.
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What is distribution?
The process through which goods are made available to consumers.
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What is the channel of distribution?
The series of stages involved in bringing goofs to the end consumer.
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What is inventory?
Materials, work in progress or completed goods held by a business which are or will be ready for sale.
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What is buffer inventory level?
Inventory held to deal with unexpected changes, e.g. in consumer demand or suppliers' ability to deliver.
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Why do consumers hold inventory?
Give consumers choice and good availability, keep production supplied with resources and provide cover for supplier hold up.
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What is the advertising process?
Set objectives, set budgets, decide on campaign, media choice and evaluation of campaign.
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What does the media choice depend on?
Cost, target market (type and location of customers), visual/moving image and hard copy.
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What are the advantages of sales promotion?
Boosts off-peak sales, encourage trial purchases and repeat purchases and encourages switching from competitors.
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What is the marketing budget?
The financial plan for the marketing of a product over a specific time period - includes the amount to be spent on promotion.
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What are the affects of a small/big marketing budget?
Too small - may not match competitors' spending. Too big - cost of promotion may exceed the revenue gained from sales.
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What are the advantage of skilled workers?
Increased flexibility - they can cover for other employees rolls because of their range of skills. It makes it more efficient to train them in a new role because of the skills set they already have.
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Other cards in this set

Card 2

Front

Give an example of secondary research?

Back

Government statistics and books/magazines. It is cheaper because the data is already published.

Card 3

Front

What is promotion?

Back

Preview of the front of card 3

Card 4

Front

Why is it important to carry out promotions in a cost-effective way?

Back

Preview of the front of card 4

Card 5

Front

What is the combination of different types of promotion called?

Back

Preview of the front of card 5
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