Chapter 15: Marketing Flashcards

1
Q

Define Marketing

A

Identifying the needs of consumers and producing and selling products to satisfy those needs profitably

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2
Q

Explain marketing concept

A

Identifying the market needs and then developing and brigning to the market products and services that will profitably meet these needs.

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3
Q

What are the two ways of segmenting markets

A

Demographic and Psychological

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4
Q

Explain Target Market

A

a precise description of the customers to whom a product will be aimed

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5
Q

Explain Niche Market

A

A specific gap in the market for a new product or service

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6
Q

4 elements to the marketing mix

A

product
price
place
promotion

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7
Q

What does Product concern itself with

A
core product
unique selling point
name of product 
design of product 
pacaging
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8
Q

What are the factors affecting the price of a product

A

cost
target market
competition

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9
Q

What is mark up pricing

A

When you add profit percentage to production eg in a cinema

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10
Q

What is Psychological pricing

A

setting the price on the expectations of the customers eg a bottle of luxury perfume

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11
Q

Premium pricing is

A

Charging a high price for a luxerious good eg gucci

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12
Q

Price Skimming is

A

when you charge a high price at the begining to recover cost eg apple

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13
Q

Discriminatory pricing

A

when you charge a different price for either times of the year or cutomers eg hotels

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14
Q

Channel of Distribution means

A

the various paths that goods may follow from producer to consumer

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15
Q

what are the 4 options available in channel of distribution

A

channel a,b,c and d.

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16
Q

what are 4 ways of promoting

A

advertising
sales promotion
direct selling
public relations

17
Q

what is advertising

A

messages designed to inform, persuade or remind people to buy a product or service

18
Q

what is sales promotion

A

specific incentives offered to customers to attract their attention, increase sales and encourage customer loyalty.

19
Q

what are the three branches within direct selling

A

personal, telemarketing and direct mail

20
Q

explain public relations

A

the aim of public relations is to maintain a good public image

21
Q

explain sponsership

A

where a company pays money towards something whihc is ususally charitable.

22
Q

what are the 5 stages in the product life cycle

A
  1. introduction
  2. growth
  3. maturity
  4. saturation
  5. decline
23
Q

explain each aspect of the product life cycle

A

introduction is when the product is launched sales are low until methods of promotion have kicked off
growth is when the prodcut is being recognises sales are increasing rapidly
maturity is when sales start to level off as new products enter the market
saturation new products have entered the market and now sakes are beggining to decrease
decline production has outlived demand