DURRAH/ BUSINESS STUDIES/ MARKETING MIX

MARKETING, COMPETITION AND THE CUSTOMER

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  • Created on: 02-05-16 03:06
give three examples of sections, other than distribution, which might be found in a marketing department?
Sales, research and development, promotion, advertising.
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identify four roles of marketing?
identify customer needs, satisfy customer needs , maintain loyalty by building customer relationships, gain information about customers, anticipate changes in customer needs.
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state 5 objectives of marketing
raise cutomer awareness, increase sales revenue and profitability, increase or maintain market share, maintain and improve the image of product or a business, target new markets at home and abroad, develop new products or improve existing products.
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Give four reasons why consumer spending patterns change?
customer taste and fashion change,changes in technology, change in income, ageing population
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identify four ways a business can remain competitive?
keep good customer relationships, improve existing product, bring out new product, keep cost low.
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what is meant by market?
it is where the buyers and sellers come together. it is made up of the total number of customers and potential customers and all the suppliers of that good or service.
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what is the difference between niche market and mass market?
a niche market is small, specialised goods or services where as a mass market is for goods or service that appeals to a larger market.
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describe ,using your own examples, what is meant by market segments and explain their importance to the process of marketing?
market segment is where the market has been divided up into groups of consumers who have similar needs.
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how could a market for clothes / cereal be segmented?
segment by income group-clothes / by age, teens in the market buy fashionable clothes older people would buy functional clothes. cereal can be split by adults,gender, children, lifestyle health
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Explain the term market gap?
some customers in a market are not having their needs satisfied
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why might a business that is entirely product orientated find it difficult to survive?
product- orientated business is one where the main focus of activity is on the product itself while market orientated business is where ,arket research is carried out to find out what customer wants.
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explain why a business might carry out market research?
if a business is entirely product orientated then it not be responomer needs. it may be producing a product that is out of dare or one that no longer meets the need of a customer. market orientated businees will take the customers.
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difference between qualitative and quantative information?
qualitative info, gathers opinion of judgements where as quantitative info. finds out the quantity of something.
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difference between primary and secondary research?
primary research is original info: carried out for a particular purpose where as secondary info" is second hand info" and was gathered by someone else for some purpose other than your own.
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list four eg: of secondary research that could be used by a business planning to open a sports centre?
external sources- goverment statistics, rsearch reports,news papers, media reports/ internal souces-consumer records from existing sport centres, finance departmetn.
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give one example to show how a company can benefit from using secondary research?
eg: answer trade association statistics might provide info: about the size of the market and underlying trends. this would benefit the company in determining its market share and relative performance, helping to help it to develop stratgies for the
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why might info: collected from market research be inaccurate?
info: being out of date, too small a sample was questioned, badly designed questionnaire gave misleading information, newspaper article may be biased.
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identify the four P's in the marketing mix?
product, price, place, promotion.
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products can be grouped in to four different types , name them.
consumer goods , producer goods, consumer services, producer services
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what has to be taken into account to improve the chances of the successful developmetn of a new product?
the product needs to satisfy consumer needs, have a good design, something destinctive compare to competition and not be expensive to produce.
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what is meant by brand?
a unique name/ logo/ image for a product that makes it different to other brands.
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four eg: of famous brands why do you think they've lasted so long?
coca cola, apple, samsung, car brands. student;s own development of the examples.
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what are the risk of launching a new brand?
that it might not be successful and business will lose money
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what has been taken into account and why when packaging for a new toy? / chocolate bar?
toy-discussion of safety, eye-catching, carries information of the product/ chocolate- protects the product, pleasing shape, ingredients, easy to handle.
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Draw and label the stages of a typical product life cycle.
stages should be identified and the axes labelled correctly.
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using eg: explain why some products have a longer life cycle than others?
answer should include discussions of factors such as, nature of the product, spped of innovation of new ideas, durability of the product leading to early saturation of the market, suitable example for maximum marks.
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name 5 pricing methods that a business could use?
cost-plus,competitive,psychological, penetration, price skimming
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what factors should a company take into accoun when determining its selling price?
answer should focus oneither cost or the market, indicate the part pricing decisions play in the overall marketing strategy, factors can include competitor's price, cost of production, the stage of the product of life cycle.
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cost of production for a new toy is $10. the prices of competitors' product are: product A-$25, product B-$ 20, product C- $23, product D-$22. what price should the company sell the new toy at if it prices at cost plus profit at 100%profit mark up?
$20.
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cost of production for a new toy is $10. the prices of competitors' product are: product A-$25, product B-$ 20, product C- $23, product D-$22.. what price should the company sell the new toy at, if it prices using competitive pricing?explain
$20,
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cost of production for a new toy is $10. the prices of competitors' product are: product A-$25, product B-$ 20, product C- $23, product D-$22.. what price should the company sell the new to at, if it prices using penetration pricing? explain
less than $20
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cost of production for a new toy is $10. the prices of competitors' product are: product A-$25, product B-$ 20, product C- $23, product D-$22.. what price should the company sell the new toy at if it prices using price skimming. explain
more than $25
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state pricing strategy and justify answer for,XYZ plc is producing a new brand of chocolate bar that has a luxurious taste, it containsd ingredients that has not been used in chocolat before and give a special taste.
skimming or psychological pricing, as it is a new product and luxurious product, a high price can be charged
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state pricing strategy and justify answer for, a wooden furniture manufacturer wants to achieve a $50 profit on each table produced.
cost-plus pricing, to make sure the profit is made.
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state pricing strategy and justify answer for, T&Z has been established for many years selling a well-known brand of washing powdes, its sales are starting to fall, it uses competitive pricing at the moment , but should it change strategy?
yes, it should use promotional pricing to boost sales.
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shops often decrease their prices at certain times of the year, why do they do this?
explanation points: seasonal nature of products, cash flow proble, to stimulate spending at quiet time of the year.
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what is meant by price inelastic demand for a product?
it measures the sensitivity of changes in prices-if demand is priceinelastic then consumers are not price sensitive, so if prices rise the quantity demanded will fall by a smaller %than the increase in price
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identify two products that could have price inelastic demand
petrol, bread, rice
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explain why each product could have price inelastic demand.
explanation will probably identify that products are necessities, this will depend on the product identidfied.
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why is promotion an important part of the marketing mix?
promotion gives consumer information about the rest of the marketing mix. without it consumers would not know about the product, the price it sells for and where it is sold, it is essential for the creation of brand image.
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state four aims of production?
create brand image, increase sales, improve , introduce new product to the market.
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why do business use different types of promotion? use examples to help explain.
because products are different , the products are at different stages of their life, target market are different.
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a new restaurant has opened very near to your own restaurant business and has taken many of your customers. what can you do to attract more customers to your restaurant?
cut prices , special promotional offers, advertising more, change of menu
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identify three advantages of sales promotion ?
can promote sales at quiet time of the year, encourage new customers to try any existing product, encourage customer's to buy your product.
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the difference between informative advertising and persuasive advertising?
informative advertising is where the emphasis of advertising or sales promotion is to give full information about the product. persuasive advertising is trying to persuade the consumer that they really need the product and should buy it.
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four types of advertising media might be used for the launch of a new drink, and why?
student's own answer
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four types of advertising media might be used for the launch of a new phone?
student's own answer with explanation.
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describe in your own words the relationship that exists between advertising expenditure and the level of sales.
both sales and advertising are linked, this means that if one increases then so does the other. but there is a time lag between the advertising expenditure and its impact on sales,
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three ways a business could use the internet to promote its product.
social networking sites, tweets, sponsored links, own reviews on websites, blog
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identify and explain two advantages of using the internet to promote products
reaches a global market< can target demographic group, information can be updated regularly, cheap to use,
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why is place an important part of the marketing mix?
place ensures the product or service is available where and when customers want to buy.
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describe the channel of distribution you might use if your products are to be sold abroad.
producer- agent- wholesaler-retailer-consumer
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describe the channel of distrinution you might use if your product needs to be discussed in detail with the customer to determine exactly what it is that the customer needs
manufacturer-consumer.
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identify and explain three reasons why some businesses choose to buy from a wholesaler
to save storage space, wholesalers can buy cheapre in bulk from producer, advice on products is supplied, credit is given
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what are the advantages to a manufacturer of using a channel of distrbution- manufacturere_wholesaler_retailer_customer?
bulk buys, storage, reduced administration , reduced transport costs, reduced promotional costs
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a processing business is thinking of ending the sales of their meals to a retail and selling them directly to the consumer o a home delivery basis, what are the advantages in doing this?
wide market, potential for growht, new market segments, cuts out the middleman, creating the possibility of lower prices and therefore increase sales, no longer dependent on the retailer.
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what is meant by e-commerce?
is the buying and selling of goods and services using computer system linked to the internet.
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identify and explain two advantages to a business of using e-commerce?
promotion of the business product is much cheaper, orders can go straight to the warehoust to dispatch, savings on wage costs as automated processg of orders, business to business transactions are easier, keep up competitiveness of the business
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identify and explain two disadvantages of a business using e commerce.
cost of setting up and maintaining website, no face-to -face contact with customer, transport cost higher, "returns" can be expensive to administer, large warehouse and stock control system required, not suitable for business selling personal service
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identify and explain 4 factors that should be considered when selecting the channel of distribution to use.
what type of product?, is the product very popular?/ how often is the product purchased?/ how expensive is the product?/ where are the customers located?/ where do the competitors sell their product?
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what is meant by marketing strategy?
is a plan to combine the right combination of the marketing mix for a product or service to a achieve a particular objective.
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suggest one question you might ask when devloping your product.
what price will target customers be willing to pay?/ where do the target market buy their product?/ what method of promotion should be used to attract target market?
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identify and explain a pricing strategy to use if the product is at the introduction stage of the product life cycle.
price skimming as there are few/no competitors
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identify and explain a pricing strategy to use if the product is at the maturity stage of the product life cycle.
competitive/ promotional pricing as competition becomes intense
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identify three laws in your country which protecy consumers when they buy products or services and explain how they protect consumers.
student's own answer
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identify two reasons why consumer protection laws can be of benefit to a business
laws mean business must compete fairly, can't make wrong claims about product/ must produce product that are safe to use so there is fair comeptition with busines which have higher cost to produce safe products.
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4 resons for more globalisation of business
growth potential of new markets in other countries/ home markets might be saturated and business look for new markets/ wider choice of location to produce products allowing to sell in these countries/low trade barriers makes it easy to enter markets.
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5 problems when entering new markets abroad
lack of knowledge, cultural differences, exchange rate changes, import restrictions, increased risk of non payment, increased transport costs
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explain how each of the three methods identified in previous question would overcome the problems of entering new markets abroad
joint ventures-important local knowledge, so customs,culture can be adapted to suit new market. licencing- the product doesn;t need to be physically transported to the new market, saving time, transport cost/ brand adapting to local market/ l
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Card 2

Front

identify four roles of marketing?

Back

identify customer needs, satisfy customer needs , maintain loyalty by building customer relationships, gain information about customers, anticipate changes in customer needs.

Card 3

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state 5 objectives of marketing

Back

Preview of the front of card 3

Card 4

Front

Give four reasons why consumer spending patterns change?

Back

Preview of the front of card 4

Card 5

Front

identify four ways a business can remain competitive?

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Preview of the front of card 5
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