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Higher Business Management > Marketing > Flashcards

Marketing Flashcards

1
Q

Name 4 characteristics on market led companies

A

Products developed on customer wants
High levels of market research
Exist in competitive markets
Responsive marketing mix to PESTEC

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2
Q

Name 4 characteristics on product led companies

A

Products developed by business based on business belief
Minimal market research. High product research
New technologies. Little competition
Fairly unresponsive to PESTEC

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3
Q

Name 4 aspects of consumer behaviour

A

Why ( need/ want/ gift)
What(Routine/impulse/major decision)
How( cash/ credit card/store credit)
Where( outlets/catalogues/e commerce)

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4
Q

Name 6 types of Desk Research

A 
Web pages
Trade magazines
Govt publications
Financial statements
Sales figures
Previous market research reports
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5
Q

Name 3 advantages of desk research

A

Timely and easy to get
Cost effective (cheap)
Available

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6
Q

Name 3 disadvantages of desk research

A

Not objective gathered by someone else
Not appropriate not gathered for exact purpose
Not concise

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7
Q

Name 3 advantages of field research

A

Complete designed for specific information
Timely and up to date
Appropriate
Accurate and validated

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8
Q

Name 4 types of sampling

A

Random Sampling
Quota sampling
Stratified random sampling
Cluster sampling

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9
Q

Name 9 types of field research

A 
Telephone survey
Postal survey
Online survey
Personal interview
Hall tests
Focus groups
Consumer audit
Test marketing
EPOS
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10
Q

Name 7 aspects of the marketing mix

A 
Product
Place
Price
Promotion
Process
Physical evidence
People
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11
Q

Name the 5 stages of the product life cycle

A 
Introduction
Growth
Maturity
Saturation
Decline
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12
Q

Name 7 extension strategies

A 
Lowering price
Changing selling place
Change promotion
New product variations/flavours
Rebranding
Redesign packaging
Changing use
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13
Q

What are the four squares of the Boston matrix and where do they sit on the grid (market share/growth)

A

Stars(HH)
Question marks(LH)
Cash cows(HL)
Dogs(LL)

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14
Q

Name 9 advantages of a product portfolio

A 
Spread risk over different markets
Meet needs of different market segments
Newer products can replace those at end of cycle
Increases brand awareness
Easier to launch new products
Cash cows fund riskier ventures
Stars allow market leader
QM give opportunity to grow
Dogs can be divested
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15
Q

Name 5 disadvantages of a product portfolio

A 
High costs of marketing
High costs of product development
Bad publicity can affect whole portfolio
Resources assigned to new products may affect existing products
Dogs can drain a business of profits.
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16
Q

Name 10 pricing strategies and give examples

A

Cost plus( cost + Mark up PC’s)
Competitive( set similar to comp Fuel)
Skimming ( electronics)
Penetration( set low and then increase new chocolate bar)
Discrimination( based on factor like age (transport)
Destroyer – low to kill comp
Loss leaders set low to encourage customers to buy other products
Premium permanently high ( designer bags)
Low permanently lower than comp( Primark)
Demand set with supply an demand

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17
Q

Name 5 factors affecting pricing

A 
Target market
Demand
Business objectives
External factors
Cost of product
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18
Q

Name 4 parts of distribution channel

A

Manufacturer
Wholesalers
Retailer
Customer

19
Q

Name 6 factors affecting the channel of distribution

A 
Finance available
Image of product
Shelf life
Legal restrictions
Stage of product cycle
Technical qualities( may need demos)
20
Q

Name 5 types of direct selling

A 
E commerce
Mail order
Direct mail
Personal selling
On line/tv shopping channels
21
Q

Name 5 types of retailer

A 
Hypermarkets and superstores
Convenience super market( M & S simply food)
Out of town retail parks
On line retailers( amazon)
Discount stores ( Poundland)
22
Q

Name 4 advantages of using wholesalers to manufacturers

A

Packaging and displays dome by wholesaler saving time and cost
Buy in bulk saving on small deliveries
WS promote to retailers
WS carry risks of going out of date.

23
Q

Name 4 disadvantages of using wholesalers to manufacturers

A

Make less profit WS take a cut
Manufacturer loses control of how product is marketed
Manufacturer loses control of who product is sold to

24
Q

Name 4 advantages of using wholesalers to retailers

A

Retailers save on storage by using smaller quantities
Benefit from promotions offered by wholesaler
Trial smaller orders of new stocks

25
Q

Name 4 disadvantages of using wholesalers to retailers

A

More expensive than going to manufacturer
May miss out on exclusitivity deals from manufacturer
Same products sold to competitors

26
Q

Name 2 advantages and 2 disadvantages of above the line promotion

A

Adverts outsourced to agencies – high quality
Adverts reach large audiences
Businesses have no control over which consumers are targeted
V Expensive

27
Q

Name 8 types of advertising media

A 
TV
Radio
Newspapers
Magazines
Cinema
Internet
Billboards
Digital screens
28
Q

Name 2 advantages and 2 disadvantages of below the line promotion

A

Business has more control over target customers
BTL is more affordable
Impact can be limited
Customers can dislike because intrusive

29
Q

Name 4 into the pipeline promotions

A

Trade credit
Merchandising materials
Sale or return
Bulk buy discounts

30
Q

Name 5 out of the pipeline promotions

A 
Special offers (BOGOF)
Free gifts
Vouchers and coupons
Loyalty schemes
Interest free credit
31
Q

Name 5 advantages to using social media for BTL

A 
Target market contacted directly
New info uploaded immediately
Easy analysis of likes and follows
Comments can be left
Free to use
32
Q

Name 5 disadvantages to using social media for BTL

A

Difficult to engage with new customers
Requires time to be effective FTE
Negative feedback can affect
Negative feedback seen instantly not allowing reaction

33
Q

Name 5 advantages to using apps media for BTL

A 
Target based on browsing history
Share experience on sites
Integrated services eg boarding pass
Sales 24/7
Information easily updates
Integrate photos and games to add interest
34
Q

Name 5 disadvantages to using apps media for BTL

A

Apps require signal/ coverage
Limit of info due to screen size
Short shelf life ie world cup
Security

35
Q

Name 5 advantages for product endorsement

A 
Like celebrity like product
Free advertising every time product is worn
Good media coverage positive exposure
Higher prices
Brand loyalty
36
Q

Name 5 disadvantages for product endorsement

A

Put off if celeb not liked
Bad publicity tarnish product image
Expensive
Poor performance by celeb results in lower sales

37
Q

Name 4 advantages for product placement

A 
Awareness to large audiences
Subliminal advertising( don’t realise watching promotion)
Identified with characters
Merchandise spin offs
38
Q

Name 4 disadvantages for product placement

A

Exposure time short
Expensive
Association with disliked characters
Negative storylines can effect product

39
Q

Name 5 type of PR activities

A 
Press conferences
Press releases
Charity donations
Sponsorship
Company visits
40
Q

Name 4 factors that can affect method of promotion chosen

A

Target market
Finance available
Marketing mix
Ethical practises

41
Q

Name 4 methods how a business uses people in the marketing mix

A

Train staff in customer service
Update staff on product developments
Ensure rigorous selection of staff
Monitor staff using mystery shoppers or customer feedback.

42
Q

Name 6 methods how a business uses process in the marketing mix

A

Ensure outlets are well staffed
Empower customer facing staff to make decisions
Assess process such as queues
Introduce latest technology
Offer FAQ or live chat services on website
Simple customer returns etc

43
Q

Name 4 methods how a business uses physical evidence in the marketing mix

A

Premises /modern and clean
Settings convey ambience of product and service
Promote positive feedback and testimonials
Additional facilities, coffees etc

44
Q

Name 10 uses of technology in marketing

A 
Internet used for market research
Internet to advertise products
e- commerce to sell on line
social media to interact with customers
databases to keep customer info
apps to engage with customers
SMS to alert customers
EPOS for market research
Self checkouts to speed up process
Digital screens to advertise.
3D for cinema advertising

Higher Business Management (5 decks)

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