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Busi 5th 13,14
| Question | Answer |
|---|---|
| Market research | Involves systematically gathering recording and analysing data about people, companies or markets to gain insights into consumers behaviours, preferences and market trends |
| What are the benefits of market research | 1. Helps businesses gain valuable insights into consumer behaviour. 2. Identify areas for improvement. 3. Develop targeted marketing campaigns |
| Target market | The group of consumers with common needs and wants that a business aims it’s product or service at |
| Niche market | A specialist market with small number of suppliers e.g bridal shoes. Identified through market research |
| What is market segmentation | Dividing the market into sections with common characteristics. Allows a firm to identify its target market |
| What are the 3 market segmentations | Geographic, demographic and psychographic |
| Define the 3 market segmentations | 1. Geographic, the market is divided into different geographic zones. 2. Demographic, the market is divided based on certain common characteristic. 3. Psychographic, the market is divided based on beliefs, attitudes, social status and lifestyle |
| Ethical marketing | Leads to higher brand loyalty and increase in market share, and reduces the risk of negative public relations. The concept of ethical marketing has honesty and transparency as core values. |
| Sustainable marketing | It involves developing and promoting products that have minimal negative impact on the environment. Sustainable sourcing of raw materials and reducing carbon emissions |
| What are the 7ps of marketing | Product, price, place, promotion, people, process, packaging |
| What is a product and product portfolio | Product: The good or service provided by a business. Product portfolio: The range of products a company sells e.g proctor & gamble |
| Product design | 1. Function, it must do what it is supposed to do. 2. Materials and manufacturing, the materials should be ethically sourced and with minimal damage to the environment. 3. Form, practical and easy to use. 4. Cost, cover the unit cost and make a profit |
| What is a Patent | Legal protection of an invention or a design of a product |
| What is a trademark | A logo legally registered by a business to distinguish them and their products from their competitors |
| What is branding | Creating an identity for a product that distinguishes it from it’s competitors |
| What are the benefits of branding | 1. Marketing 2. New products are easier to produce 3. Pricing 4. Customer loyalty. 5. Products may become the brand |
| What is stages of a product/service life cycle | Represents the stages a product or service goes through from it’s introduction to the market to its eventual decline in sales. It illustrates sales growth over time and is divided into five stages. |
| What are the 5 stages a product/service life cycle | 1. Introduction. 2. Growth. 3. Maturity. 4. Saturation. 5. Decline |
| 4 factors businesses consider when Settings price | 1. Target market, the TM’s disposable income and willingness to pay. 2. Demand, high demand = high pricing and Low demand = competitive pricing. 3. Production costs, cost of raw materials. 4. Competition, what competitors are charging |
| Low pricing strategies | 1. Penetration pricing; Undercutting a competitors price to gain a market share. 2. Loss leader; Product sold at or below cost price to attract customers. 3. Predatory pricing; Charging a very low price to drive competitors out of the market |
| High pricing strategies | 1. Price skimming; High start price, drop price later to get more sales. 2. Premium pricing; charging a high price for goods deemed to be of high value |
| Other pricing strategies | 1. Cost plus pricing; the cost of producing goods plus a profit mark-up. All costs must be covered e.g marketing. 2. Psychological pricing; Many products are priced below psychological barriers e.g €4.99 instead of €5. 3. Price discrimination; Charging di |
| The factors in choosing a channel of distribution (place) | 1. Cost- The more stages the greater cost for the costumer. 2. Type of product- Breakable goods need a shorter channel of distribution. 3. Customer location- If all customers are in 1 location, a more direct channel of distribution keeps costs low. |
| What is channel 1 of the channel of distribution | Producer-wholesaler-retailer-consumer |
| What is channel 2 of the channel of distribution | Producer-retailer-consumer |
| What is channel 3 of the channel of distribution | Producer-agent-consumer |
| What is channel 4 of the channel of distribution | Producer-consumer |
| What is promotion | Refers to all the efforts (excluding price) made by the seller to communicate and influence the target market to buy a product |
| What is the promotional mix (promotion) | 1. Advertising. 2. Public relations. 3. Promotion. 4. Personal selling |
| Types of advertising (promotion) | 1. Informative. 2. Persuasive. 3. Competitive. 4. Generic. 5. Reminder |
| Sales promotion (promotion) | Short term gimmicks used by businesses to attract customers to buy products and services e.g loyalty cards, special offers (3 for 2) |
| Public relations (promotion) | A marketing technique used to create a positive public image for a business and the products or service it sells e.g sponsorship, endorsement |
| Personal setting (promotion) | Sales staff meet consumers face to face, provide information on products and persuade the consumer to purchase them |
| ‘People’ in the marketing mix | Refers to everyone involved in the production and delivery of services or products, including employees and customers |
| ‘Process’ in the marketing mix | The aim of every company is to create the most efficient and customer friendly journey and this isn’t possible without the correct processes in place behind the scenes. In an efficient business world an ideal process |
| ‘Packaging & physical evidence’ in the marketing mix | Packaging; preparing a product for transportation and storage e.g wrapping, botteling, sealing, marketing, cushioning and/or weatherproofing |
| What is USP analysis | A company works out what differentiates the product/service from those of its competitors and tries to find ways of placing that product/service |
| Positive Impacts of technology on marketing and market research | Positive impacts; 1. Efficiency and productivity, used to streamline marketing. 2. Targeted advertising, Using technology to conduct market research allows precise audience segmentation, which enables a business to target the correct audience. 3. Global a |
| Negative Impacts of technology on marketing and market research | Negative impacts; 1. Job displacement. 2. Security & privacy issues, the amount of consumer information collected raises security and privacy concerns. 3. Information overload, consumers are bombarded with emails, targeted ads and notifications every day. |
Created by:
Louie Masterson