Marketing Revision Cards

?
  • Created by: Cgray
  • Created on: 18-03-18 20:51
What is market research?
The process of gathering and analysing data to make marketing decisions.
1 of 30
Why is market research important?
• To identify opportunities e.g. demand for a product. • To weigh up actions and make decisions • To assess whether a business’ actions have been effective.
2 of 30
What is field (primary) research?
Uses data gathered first hand e.g. questionnaires, observations, focus groups.
3 of 30
What are the advantages and disadvantages of field research?
Advantages- Up to date research not from past years. The research is relevant to what you need. Disadvantages- Can be expensive and slow to collect.
4 of 30
What is desk (secondary) research? Give two examples
Using data that has been already gathered e.g. websites, newspapers, government reports.
5 of 30
What are the advantages and disadvantages of desk research?
Advantages- Can be relatively quick and easy to collect. Disadvantages- May not be up to date. May not be specific to the needs of the business.
6 of 30
Explain what is meant by the term market segment?
Involves dividing the market into parts which have specific characteristics e.g. age / gender / income / socio-economic group / etc.
7 of 30
What is the product life cycle? State the stages of the life cycle.
The different stages the sales of a product may go through over time e.g. launch, growth, maturity, decline.
8 of 30
What happens at the maturity stage?
Sales are still increasing but at a slower rate. A competitor may have entered the market.
9 of 30
What happens at the saturation stage?
Sales are flat. Everyone who wants the product has bought it. There is no further growth.
10 of 30
What is an extension strategy? Give three examples.
Attempts to maintain the sales of a product and prevent it from entering the decline stage of the product life cycle e.g. reducing prices, increasing advertising, changing the packaging or the product.
11 of 30
What is the marketing mix?
Refers to all activities influencing whether or not a customer buys a product e.g. product, price, place, promotion.
12 of 30
What is Product Mix?
Different products sold by a business to optimise their sales and their share of the market. For example – Cadburys, Kellogg’s
13 of 30
What is a Niche Market?
A unique product is made which will target a small area of the market. There is not much competition as the product is different.
14 of 30
What is a brand?
Brand is the name/logo given to a good or service which makes it different from its competitors.
15 of 30
Why is branding important when selling products?
• Products differentiated from rivals, customers can tell one product from another. • Brand loyalty. • The brand may become known for quality.
16 of 30
Why is packaging important when selling products?
• Product stands out in display, impulse buying is encouraged, reach target market/market segment • Information- such as name and address manufacturer, use of product, ingredients • Protection -to hold product, reduce risk of damage, keep fresh
17 of 30
Give 3 examples of Promotional Methods
Sponsorship, Advertising, Sales Promotion, Packaging, Public Relations.
18 of 30
Give 3 examples of Advertising methods
Radio, Catalogues, Public Transport, Billboards, Television, Newspapers (local/ national), Word of Mouth.
19 of 30
What are the advantages and disadvantages of advertising on TV?
Advantages- can reach millions of viewers, visual, sound Disadvantages- expensive
20 of 30
What are the advantages and disadvantages of advertising on Radio?
Advantages- relatively cheap compared to TV, can reach certain types of listeners. Disadvantages- sound only, no visuals
21 of 30
Why is Promotion used?
To help boost sales, give information or to help launch a new product.
22 of 30
Give 3 methods of SALES Promotion.
Free Gifts, BOGOF, Loyalty Cards, Money Off, Sales, Product Placement, Point of Sale Display.
23 of 30
What are the advantages and disadvantages of sales promotion?
Advantages- can be used in the short term to push customers to action Disadvantages- can encourage customers to switch brands, customers may start to expect incentives to buy your product.
24 of 30
What is cost plus pricing? Advantage and disadvantages?
Setting prices based entirely on manufacturing costs. Advantage- adding profit to cost so profit is made on each good Disadvantage- may not work in a competitive market, depends on margins
25 of 30
What is competition-based pricing?
Setting prices similar to these of competitors.
26 of 30
What is penetration pricing? Advantage and disadvantages?
Setting prices lower to increase market share. Advantage- the goods have a low price to attract customers Disadvantage- when prices rise people may not be willing to purchase - questions over quality
27 of 30
What is price skimming? Advantage and disadvantages?
Setting prices higher to appeal to a niche market. Advantage- setting a high price to recoup costs of providing goods – attracts early adopters Disadvantage- customers unable to / unwilling to pay the high prices
28 of 30
What is Placement/ Distribution?
The route a product takes from the producer to the consumer.
29 of 30
Give 3 Channels of Distribution.
Producer> Consumer, Producer> Retailer> Consumer, Producer> Wholesaler> Retailer> Consumer.
30 of 30

Other cards in this set

Card 2

Front

Why is market research important?

Back

• To identify opportunities e.g. demand for a product. • To weigh up actions and make decisions • To assess whether a business’ actions have been effective.

Card 3

Front

What is field (primary) research?

Back

Preview of the front of card 3

Card 4

Front

What are the advantages and disadvantages of field research?

Back

Preview of the front of card 4

Card 5

Front

What is desk (secondary) research? Give two examples

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing resources »