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48 Cards in this Set

  • Front
  • Back

What is Marketing?

The management process that identifies, anticipates & satisfies customer requirements profitability

What is a Market?

A physical or non-physical place where sellers exchange goods/services with buyers for money

What are Consumer good markets?

Where products such as food, cosmetics, furniture & magazines are sold

What are markets for services?

Varied & could include services for individuals, such as banking or business services (Lawyer)

What is the housing market?

Where people buy and sell property

What is the Commodity market?

Where raw materials such as oil, copper, wheat & coffee are traded

What is market share?

The proportion of sales in a total market that a business or product enjoys

Equation for market share?

(One businesses sales/Total sales in the market) X 100

How do businesses satisfy customers?

Identify & anticipate what they want & carry out market research

What is a marketing strategy with examples?

A set of plans designed to achieve marketing objectives E.g. Raise the price, improve packaging & advertising in exclusive magazines

What is Product orientation?

Where a business focuses on the design & manufacture of the product itself rather than the needs/wants of customers

What is Market orientation?

Where a business focuses on the needs of consumers when developing products

What is the marketing mix?

The key elements in a firm's marketing strategy, commonly known as PRODUCT, PRICE, PROMOTION & PLACE

What is a marketing objective?

Goal or a target for the market department/company to work towards & achieve in the future

What is market segmentation w/examples?

Divide in the market, separated into certain/specific groups for a specific product/service, dependent on needs & wants such as Age, Gender, Lifestyle/Interests & Ethnicity

Benefits of market segmentation?

Improving customer loyalty, avoid wasting promotional resources, meets customer needs & wants more & increase revenue by producing different products in different market segments

What is mass marketing w/examples?

When a business targets multiple/various segments of the market E.g. Coca-Cola or Maccas

What is niche marketing w/examples?

When a business targets a small/distinct & Specific segment of the market E.g. Tie Rack & Pet Airways

What is Market Research?

The collection & analysis of information on consumers, competitors & trends in the market, doing it to discover needs/wants of consumer & position of product/company along with being eye-catching

What primary research Strategies are there?

Testing & Observation, Focus groups, Questionnaires & Surveys

What secondary research is there?

Already existing information on internet, easy to collect however may be unreliable due to date

Limitations of market research?

Sampling is limited (Due to costs & time) however research to reduce risk of failing in market

What is a brand?

Business identity, a method of promotion & the business image

Why are brands important?

Promotes company (Advertises), Recognition (Familiarization), Attracts customers (Higher sales, Higher market share)

What is the role of packaging?

Protect, Advertise, Inform & Appeal

What is the product life cycle?

The level of sales at the different stages through which a product passes over time (Introduction, Growth, Maturity & Decline)

What is an extension strategy?

Methods used to prolong the life of a product

What is the Boston Matrix?

2x2 matrix which describes products according to the market share they enjoy & whether the market has any potential for growth (Star = High growth & market share), (Cash Cow = High Market share, Low growth), (Question mark = Low Market share, High growth) & (Dog = Low Market share & growth

Factors affecting price?

Competitors, Cost to construct, Objective, Demand & Marketing mix

What is Penetration Pricing w/ad&disad?

Setting a low starting price to establish in the market, then gradually raised later. E.g. Ryze.

Ad: Attracts customers (low price).

Disad: Customers may dislike price increase

What is Skimming pricing w/ad&disad?

Set high price initially, lowering later E.g. Xbox.

Ad: More revenue & profit earlier on.

Disad: Maybe too expensive for customers

What is Psychological pricing w/ad&disad?

Set a price slightly below a round figure E.g. All companies.

Ad: Makes people thing it's cheaper

Disad: Every company does it

What is Cost Plus w/ad&disad?

Addina a percentage (Mark-up) to the costs of producing a product to get the price.
Ad: Guaranteed profit

Disad: Too expensive for some

What is Loss leader pricing w/example, Ad&Disad?

A product sold below cost to draw in customers E.g. Tesco

Ad: More customers, more sales, more profit

Disad: Making a loss on the loss leader product

What is Promotional Pricing w/example, Ad&Disad?

Special price for limited time E.g. Clothes, Primark

Ad: More customers

Disad: Losing potential profit

What is Competitive Pricing w/example Ad&Disad?

Pricing strategies based on the prices charge by rivals E.g. Asda Vs Tesco

Ad: More competitive, cheaper

Disad: Not particularly profitable

What is Destroyer pricing w/ad&disad?

Setting low price until rivals have gone out of business.

Ad: Less competition, more customer variety

Disad: Losing profit

What is Promotion?

Businesses communicating with their customers to be able to sell their products

Above-the-Line promotion?

Placing adverts using the media E.g. Tv, Radio, Internet, Magazines, Paper

Below-the-Line Promotion?

Promotion not involving the media E.g. Sales promotion, Sponsors & Public relations

Factors affecting Promotion method?

Cost, Market type, Product type, Stage in life cycle & Competition

What is place (distribution) In market mix?

Where you can buy products & how it gets to the customer, aiming to make products available in right place, right time with right quantities

What is a distribution channel?

Route taken by a product from the producer to consumer

What is Direct selling w/ad&disad?

Where businesses sell products directly to customers.

Ad: Keep all profit, low costs

Disad: Harder to reach/target customers

What is a Retailers w/ad&disad?

A business which buys goods from manufacturers & wholesalers & sells them in small quantities to consumers.

Ad: More accessible, convenience & sales

Disad: Sell less (quantity) & less profit

What is a Wholesaler w/ad&disad

Business which buys goods from manufacturers in bug bulk & sells in smaller bulk quantities to retailers.

Ad: Less transport, less cost

Disad: Final price of product more expensive

What is an Agent/Broker w/ad&disad?

An intermediary that brings together buyers & sellers (Specialist).

Ad: Good knowledge, experienced & completes paperwork

Disad: Charge commission on sales

Factors to consider with Place?

Cost, Market (Producer/Consumer goods), Control, Nature of product (Product type, product features/characteristics)