Business topic 3.1 - 3.2: Marketing and meeting customer needs

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What does marketing mean?
The management process responsible for identifying, anticipating and satisfying customer requirements
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What is market research?
The process of gaining information about customers, competitors and market trends via primary and secondary data
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What is primary data?
Information collected yourself eg. surveys, interviews, focus groups
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What is secondary data?
Information that already exists eg. sales data, internet and newspaper articles, government stats
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What does quantitative mean?
Data that can be expressed as numbers and stats
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What does qualitative mean?
Data that is expressed as words (opinions and judgements)
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What does sample mean?
A small group that is selected for a survey
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What does respondent mean?
People who are questioned in a survey
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What does product trial mean?
Ways in which a business encourages customers to try out a product for the first time
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What is public relations (PR)?
Speading positive messages about your business via the media eg. TV shows, newspapers, magazines
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What is viral marketing (VR)?
Where people spread a message about a product via social networks eg. Facebook, twitter
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What does repeat purchasing mean?
When a customer buys a product more than once
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What is customer loyalty?
Its the willingness of customers to make repeat purchases of a product or a business
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What is the product life cycle?
The amount of time a business expects the product to sell for eg. introduction, growth, maturity, decline
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What does extension strategy mean?
Ways to extend the life of a product before it goes into decline
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What is a product portfolio?
All of the different product a business sells
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What does brand mean?
The thoughts and feelings a named product has in the minds of customers
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What is a generic brand?
Its where consumers see little or no difference between the product of one business compared to another eg. milk
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What is a own label brand?
A product which is sold under the name of a supermarket eg. Asda smart price, Morrisons savers etc.
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What is a market map?
A market map shows the difference between 2 branded products
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What does product differentiation mean?
It is making a product different from others in some way
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What is the marketing mix?
It is the combo of factors that help take into account customer needs eg. the 4 p's; product, price, place and promotion
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What does product differentiation mean?
Making a product different from others in some way
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What is the design mix?
Variables that create a successful design; function, cost and appearance
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What is a prototype?
A working model of a possbile product
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What is stock?
raw materials and finishd products a business holds
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What is Just in case?
having backup stock at all times
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what is maximum stock level?
the largest amount of stock a business will hold
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What is a re-order level?
The amount at which a business orders new stock
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What is minimum stock level?
The lowest amount of stock a business will hold
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What is just in time?
When stock is delivered only when it is needed
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What is lead time and how do you calculate it?
How long it takes for stock to arrive after re-ordering. It is calculated by the time difference between the re-order level and the point at which stock increases
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What is economies of scale?
Its where business can recieve discounts for buyung in bulk
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What is quality?
Achieving a minimum standard which meets the expectations of customers
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What is quality control?
Its where finished products at the end (to see if they meet standards)
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What is quality assurance?
Its where products are checked at every stage the whole way through
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What is kaizen?
Continuous improvement
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What is productivity and how do you work it out?
How much each worker produces. Calculated by the total produced by the business / number of workers
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What is production?
The total products produced by the business
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What are the benefits of improved productivity?
You'll have lower costs and you can meet customers needs quicker
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Name 2 ways productivity can be improved
By increasing output and reducing costs of production
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How can you reduce costs of production?
You can find cheaper suppliers or relocate abroad
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Name 1 advantage and disadvantage of quality control
Adv: can be less time consuming and cheaper Disadv: Mistakes can be made during production which would only be found at the end and products can be wasted
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Name 1 advantage and disadvantage of quality assurance
Adv: Reduces mistakes being made, less wastage of products Disadv: the costs of training staff would be expensive
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Name 3 out of the 6 quality assurance methoods
Quality as part of every process, Quality is everyones job, Customers and suppliers, Kazien, Zero defects, The role of management
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What are the benefits of quality?
It builds a strong brand image and it gives a competitive advantage
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Name 1 advantage and disadvantage of buffer stock
Adv: You can cope better with supply problems or delays, you can meet unexpected increase in demand, economies of scale Disadv: May have wasted stock, Higher storage costs
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Name 1 advantage and disadvantage of JIC
Adv: sudden unexpected orders can be made, the best price can be got from suppliers (economies of scale), if there's any problems with deliveries, you'll have back up stock Disadv: difficult to deal with supply probblems
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Name 1 advantage and disadvantage of JIT
Adv: less storage costs, less damages/unwanted stock Disadv: cant get economies of scale, unexpected orders cannot be made
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Name 2 benefits of prototypes
It improves design and it prevents faults
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Name the 3 stages of the research process
1. Research and development 2. Prototypes 3. Testing (quality, safety etc.)
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Name 2 benefits of research and development
You can create new and better products, it'll help meet customers needs, it can help to differentiate products from rivals
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Other cards in this set

Card 2

Front

The process of gaining information about customers, competitors and market trends via primary and secondary data

Back

What is market research?

Card 3

Front

Information collected yourself eg. surveys, interviews, focus groups

Back

Preview of the back of card 3

Card 4

Front

Information that already exists eg. sales data, internet and newspaper articles, government stats

Back

Preview of the back of card 4

Card 5

Front

Data that can be expressed as numbers and stats

Back

Preview of the back of card 5
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average

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