marketing

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define marketing
managing process that identifies, anticipates and satifies customers requirements with thoughts on profit
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what needs to be considered in marketing
potential cumstomers/ future needs/ satisfying needs/ their usp
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what are the objects of marketing
increase sales/ increase market share/ maintaining or improves brand image/ target new market
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what is market share
what percentage of the market a business holds
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how do you calculate market share
value of product sales / value of the market x100
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what are the 3 type of business orientation
marketing / product / asset based
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what is product orientation
there is a focus on product development, customers can find them due to the quality of their product (e.g. concord, bugatti)
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what is marketing orientation
they identify customers needs, create product/ service to meet those needs (e.g. Mc Donalds)
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what is asset based orientaion
firms identify their main strength and concentrate on that part of the business
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what is standard deviation
measures how far on average a figure is from the mean on the normal distribution
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how do you calculaye standard deviation
1) calculate mean 2) take mean away from each figure 3) square each figure 4) add up the total 5) divide by the number of figures 6) square root
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what is normal ditribution
statustical model used to help analyse research sampling data
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how does using the normal distribution help
tells a business what the expected range of outcome from a particular target market will be
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what is market segmentation
dividing a market into different catergories, also know as segments
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how is a market segment identified
using market research, as it can focus on particular segments
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what type of segments are there
age, gender, religion, geographical area, socio- economic group
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what is a usp
a key aspect of the product/service, expoloit this to target certain markets
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what are the 3 ways to find out the affectiveness of advertising
1) advertising elasticity of demand 2) AIDA 3) DAGAR
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what is advertising elasticity of demand
measures the responsivness of demand for a product with change in advertising expenditure
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how do you calculate advertising elasticity of demand
% change in QD / % change in adverting expenditure
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what is AIDA
A - attention: gain attention of the audience through advertising I - intrest: stimulate buyer by understnading the benefits D - desire: create desire for your product over the competion A - encourage purchase through sales promotion
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what is DAGAR
Definging Advertising Goals for Measured Advertising Results
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what are the main parts of DAGAR
1) unawarness 2) awarness 3) comprehention 4) conviction 5) action
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what is SWOT analysis used for
planning, assessing, help companies operate in a competitive market
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what is SWOT
S - strength W- weakness O - oppurtunities T - threats
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what are the advantages of using SWOT analysis
strategic planning, better understanding of the business, helps set objective
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what are the disadvantages of using SWOT analysis
doesnt prioritise issues, no solutions to problems, not all ideas are useful
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whqat is the boston matrix
a tool used for the marketing manager
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what are the differnet parts to the boston matrix
Star - generates income, but have to invest a lot into it Cash cow - generates more money then invested into it Dog - generates very little cash for the company, eventually get rid of it Question mark - consumes resources and generates little
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what is cross elasticity of demand
mesures if a change in the price of one product will affect the demand for another
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how do you calculate cross elasticiy of demand
% change demand for product A / % change in price for product B
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how sensitive are diffenent products
substitues - inelastiuc (positive) complementary goods - elastice (negative)
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what is income elasticity of demand
mesures the responsiveness of demand to a change in income
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how do you calculate income elasticity of demand
% change in QD / % change in income
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what are the factors affecting elastic demand
inferior goods, luxary goods, large increases in income, customers income is low
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what are the factors affecting inelastic demand
necessity items, small increases in income, increase already high
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what do the different answers to income elasticity of demand
postive answers - normal gooods negative answers - inferior goods
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what are the differnt pricing stragies
skimming, penetration, premium, phychological, competion-based, predatory, promotional
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what is skimming pricing
set price high but over time decrease
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what is pentration pricing
set prices low to try and attract customers
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what is premium pricing
set prices high to create an image of high level of quality
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what is phychological pricing
setting price that sounds less than it really does
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what is competiton based pricing
set lower prices than competion to gain advantage
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what is predatory pricing
new businesses join market and establish reduced prices
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what is promotional pricing
used to maintain high sales e.g. BOGOF
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what are the different stages of the prodcut life cycle
introduction, growth, maturity,saturation, decline
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what is the introduction stage in the product life cycle
research and development to develop product, find customers needs / sales are slow until custmers try the product / any marketing activity or any interation has been build up
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what is the growth stage in the product life cycle
once customersa are aware of the product, sales will increase / rate of growth depends on naturre of product and number of competition / informative advertising may contiue by persausive is more likley
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what is the maturity stage in the product life cycle
product starts to become profitable / maintaining the product at this stage is the next issue / market will change and competioin from new products will be a concern
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what is the saturation stage in the product life cycle
all customers have bought the product and more sales are difficult / the aim is to kep sales constant and not fall / the business use extention strategies to do this
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what is the decline stage in the product life cycle
sales are falling, customers lose intrest and there are better alternatives/ if the sales are too low price may drop depending if there is a new product ready to release
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what is promotion
attemp to create awarness of a product/service in order to gain new customers
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what is above the line promotion
using paid form of independant media, aimed at the mass market
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what is below the line production
a direct method which firms have control over, aimed at niche markes
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what is the aim of promotion
raise awarness, attract more customers, improve image, communicate with audience, reassure customers, encourage switch, support existing customers, stand out from competition
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what is viral marketing
business strategy that uses existing social networks to promote a product, helps create work of mouth
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how is viral marketing uses successfully
easyily shared, unexpected, focus on emotions, keeps simple, link with current even and colour
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who should use viral marketing
businesses wanting to boost brand awarness, small businesses, young target markets
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Card 2

Front

what needs to be considered in marketing

Back

potential cumstomers/ future needs/ satisfying needs/ their usp

Card 3

Front

what are the objects of marketing

Back

Preview of the front of card 3

Card 4

Front

what is market share

Back

Preview of the front of card 4

Card 5

Front

how do you calculate market share

Back

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