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Flashcards by Virginia Vidal, updated more than 1 year ago
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| Question | Answer |
| What is primary market research? | Original data that the company has collected themselves for a specific purpose. PROS- relevant & up to date CONS- Time consuming & expensive |
| What is secondary market research? | The processing and use of data that has already been collected. Also known as desk research. PROS- Cheap & quick CONS- may be irrelevant, outdated and biased. |
| Methods of Market research? | >Surveys >Focus groups >Interviews >Test Marketing |
| What are the two types of sampling? | Random (everyone has an equal chance of being selected) Quota (a specific number of people are chosen using a specific criteria) |
| What is a highly-compeditive industry? | One in which a large number of relatively small firms offer similar products . |
| What is a highly-concentrated industry? | One that is dominated by a small number of large firms. |
| What does level of competition depend on? | >The number of firms and their relative size >The extent to which products from each firm are similar >How easy it is to enter or leave the industry |
| What are the indicators of level of competition? | >Measures of market share and market competition >Measuring the entry and exit from the industry >Measuring customers switching behaviour |
| How can a company outdo its competition? | >Reducing price >Improving quality >Product differentiation >Advertising |
| What is marketing? | The process involved in putting the right product, in the right place, at the right time, at the right price. |
| What is the marketing mix? | Price Product Promotion Place |
| What does price depend on? | >The type of product >Level of competition >Cost to produce the product >The price customers are willing to pay |
| What are the pricing strategies? | >Competitive pricing >Cost plus pricing >Penetration Pricing >Predatory/destroyer pricing >Psychological Pricing |
| What are the main stages in a product life cycle? | Development Introduction Growth Saturation and Maturity Decline |
| What is the saturation point? | A point in which sales are at their peak and very few new customers can be found. |
| How can you extend the life of a product? | >Modifying product >Repackaging >Re-branding >Reducing price |
| What is advertising? | The process of drawing attention to a product, brand or company. The purpose is to inform customers and persuade them to purchase the product. |
| What are the methods of advertising? | >TV >Magazines and newspapers >Internet and social media >Cinema >Billboards and posters >Radio |
| What is a sales promotion? | A short term incentive that is used to encourage customers to purchase a good or service. |
| Examples of sales promotions. | >Sales/ price reductions/ discounts >Loss leaders >Competitions >Money back/ money off coupons >Free gifts |
| What is the channel of distribution? | The method used to get goods and services to a location where consumers can purchase them. |
| What are three main channels of distribution? | 1. Manufacturer to consumer 2. Manufacturer to retailer to consumer 3. Manufacturer to wholesaler to retailer to consumer |
| What does your choice of distribution channel depend on? | >Cost of channel >Speed with which goods reach customer >Geographical coverage of channel >Reliablity of channel |
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