Business Studies: Marekting
Card Set Information
Business Studies: Marekting
Business Studies Marketing
Notes on business marketing
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
Outline the 4 principles to the development of a marketing concept.
supported by integrated marketing strategies
aimed at satisfying customers
integrated into the business plan so as to achieve the business's goals
Identify the 6 different types of markets.
: agricultural businesses
: secondary and tertiary businesses
: wholesalers and retailers
: individuals and households
: vast numbers of individuals
: small target market
Factors influencing customer choice?
: perception, motives, attitudes, personality & learning
: social class, culture and subculture, family roles & reference groups
: boom & recession
Identify under what circumstances a business is required to offer a refund.
does not match the description or a sample
failure to do the job they were supposed to do
State the main ethical criticisms.
creation of needs
stereotypical images of males and females
use of sex to sell products
List some unethical marketing practices.
untruths due to concealed facts
invasion of privacy
Strengths, Weaknesses, Opportunities & Threats provides the information needed to assess the business's position compared with its competitors.
define market research
the process of systematically collecting, recording and analysing information concerning a specific marketing problem.
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
Marketing objectives include:
increase market share
expand the product range
maximising customer service
Distinguish between primary and secondary target markets.
Primary target market
share where most of the marketing resources are directed, whereas
secondary target market
s is usually a smaller market segment.
Identify the 3 approaches to identifying and selecting a consumer target market,.
: the seller mass-produces, mass-distributors and mass-promotes one product to all buyers
: the total market is subdivided into groups of people who share one or more common characteristics
: a narrowly selected target market segment
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
Identify the 3 key performance indicators used to measure the success of the marketing plan.
market share analysis
marketing profitability analysis.
Revising the marketing plan.
changes in the marketing mix
new product development
Identify the 7 marketing elements that make up the marketing mix. [7 P's]
Summarise the 4 main ways of segmenting consumer markets.
: features of a population
: urban, regional and rural locations
: personality characteristics
: customers' relationship to the product
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
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
Identify the 4 main pricing strategies.
The 4 elements of the promotion mix.
personal selling & relationship marketing
publicity & public relations
Identify the 3 ways of distribution.
: when the businesses wishes to saturate the market with its products
: using only a moderate proportion of all possible outlets
: only one retail outlet for a product in a large geographic area.
2 approaches to global marketing strategies.
: assumes the way the product is used and the needs it satisfies are the same the world over
: assumes the way the product is used and the needs it satisfies are different between countries
3 main reasons why businesses use global marketing strategies.
provides a uniform worldwide image
successful brand name can be linked to new products into the market
3 global pricing methods.