Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/18

Click to flip

18 Cards in this Set

  • Front
  • Back

What are the 4 p's in marketing?

Product


Price


Promotion


Place

Why might a customer be prepared to pay a higher price than usual for a product?

- They really want the product


- If it's in a really convenient place

Why is it important for businesses to develop a marketing strategy?

- Maximise sales


- Make best use of resources

Why are market maps useful for businesses?

- understand its location within the market


- understand the market's key features

What might a market map include?

- How many customers are in the market and how much they spend
- Which segment the customers belong to (age, gender, location, class etc.)


- Which products are popular/unpopular


- Identify competitors

What is a gap in the market?

A customer need that isn't being met

What should businesses carry out before deciding on their marketing strategy?

- Market research


- Analyse themselves and the market


- Analyse their strengths and weaknesses
- Identify gaps in the market

Why is market research important?

Finds out what customers want

Give 3 examples of information that market research is used for...

- Find out what products consumers want
- What price they are willing to pay
- Identifying buying habits
- Competitor analysis

What are the 2 main type of market research?

Field research (primary)
Desk research (secondary)

Give 2 examples of field research methods...

Questionnaires
Telephone surveys
Customer/supplier feedback
Focus groups

Give 2 examples of desk research methods...

Market research reports
Government publications
Newspaper articles
Magazine
Internet

Give an advantage of field research...

- Up to date
- relevant


- specific

Give a disadvantage of field research...

Expensive
Time consuming

Give an advantage of desk research...

Cheaper
Easily found
Instantly available

Give a disadvantage of desk research?

Often out of date
Not always relevant
Not specific

What is a market driven firm?

Using market research to find out what people want and then making it.

Explain why small firms often find it easier to alter their products than larger firms...

work on a smaller scale, making fewer products, using fewer people and less equipment means altering production is less disruptive and costs less money - making it easier to alter their products