Business Studies: Marekting

  1. State the 4 main features of marketing.
    • involves a wide range of activities
    • is directed at a wide range of goods, services and ideas
    • stresses the importance of satisfying exchanges
    • not limited to the activities of businesses
  2. Outline the 4 principles to the development of a marketing concept.
    • customer-oriented
    • supported by integrated marketing strategies
    • aimed at satisfying customers
    • integrated into the business plan so as to achieve the business's goals
  3. Identify the 6 different types of markets.
    • resource market: agricultural businesses
    • industrial: secondary and tertiary businesses
    • intermediate: wholesalers and retailers
    • consumer: individuals and households
    • mass: vast numbers of individuals
    • niche: small target market
  4. Factors influencing customer choice?
    • psychological: perception, motives, attitudes, personality & learning
    • sociocultural: social class, culture and subculture, family roles & reference groups
    • economic: boom & recession
    • government
  5. Identify under what circumstances a business is required to offer a refund.
    • faulty
    • does not match the description or a sample
    • failure to do the job they were supposed to do
  6. State the main ethical criticisms.
    • creation of needs
    • stereotypical images of males and females
    • use of sex to sell products
    • product placement
  7. List some unethical marketing practices.
    • untruths due to concealed facts
    • exaggerated claims
    • vague statements
    • invasion of privacy
  8. SWOT analysis?
    Strengths, Weaknesses, Opportunities & Threats provides the information needed to assess the business's position compared with its competitors.
  9. define market research
    the process of systematically collecting, recording and analysing information concerning a specific marketing problem.
  10. Identify the 3 step of a market research process.
    • 1. Determining information needs
    • 2. Collecting data from primary and secondary sources.
    • 3. Data analysis and interpretation
  11. Marketing objectives include:
    • increase market share
    • expand the product range
    • maximising customer service
  12. Distinguish between primary and secondary target markets.
    Primary target market share where most of the marketing resources are directed, whereas secondary target markets is usually a smaller market segment.
  13. Identify the 3 approaches to identifying and selecting a consumer target market,.
    • mass marketing : the seller mass-produces, mass-distributors and mass-promotes one product to all buyers
    • market segmentation: the total market is subdivided into groups of people who share one or more common characteristics
    • niche market: a narrowly selected target market segment
  14. Summarise the 2 steps involved in developing a financial forecast.
    • 1. Estimate the cost of the marketing plan
    • 2. Estimate the revenue the marketing plan expected to generate
  15. Identify the 3 key performance indicators used to measure the success of the marketing plan.
    • sales analysis
    • market share analysis
    • marketing profitability analysis.
  16. Revising the marketing plan.
    • changes in the marketing mix
    • new product development
    • product deletion
  17. Identify the 7 marketing elements that make up the marketing mix. [7 P's]
    • product
    • price
    • promotion
    • place
    • people
    • processes
    • physical evidence
  18. Summarise the 4 main ways of segmenting consumer markets.
    • demographic: features of a population
    • geographic: urban, regional and rural locations
    • psycholographic: personality characteristics
    • behavioural: customers' relationship to the product
  19. Benefits of branding
    • identify the specific products that they like
    • evaluate the quality of products
    • reduce the level of perceived risk of purchase
    • gain a psychological reward that comes from purchasing a brand
  20. Recall the 3 main pricing methods.
    • Cost-based method derived from the cost of producing or purchasing a product and then adding a mark-up.
    • Market-based pricing method of setting prices according to the interaction between the levels of supply and demand
    • Competition-based method where the price covers costs and is comparable to the competitor's price
  21. Identify the 4 main pricing strategies.
    • price skimming
    • price penetration
    • loss leader
    • price points
  22. The 4 elements of the promotion mix.
    • advertising
    • personal selling & relationship marketing
    • sales promotion
    • publicity & public relations
  23. Identify the 3 ways of distribution.
    • intensive : when the businesses wishes to saturate the market with its products
    • selective : using only a moderate proportion of all possible outlets
    • exclusive : only one retail outlet for a product in a large geographic area.
  24. 2 approaches to global marketing strategies.
    • Standardised: assumes the way the product is used and the needs it satisfies are the same the world over
    • Customised: assumes the way the product is used and the needs it satisfies are different between countries
  25. 3 main reasons why businesses use global marketing strategies.
    • cost effective
    • provides a uniform worldwide image
    • successful brand name can be linked to new products into the market
  26. 3 global pricing methods.
    • Customised pricing
    • Market-customised pricing
    • Standardised pricing
Card Set
Business Studies: Marekting
Notes on business marketing