Marketing
What is a target market?
A group of people who are likely to want to buy a particular product or service.
What is field research?
Involves collecting new information from members of the public.
Eg: Questionnaires/surveys, interviews, focus groups (panels), or direct observation.
What is a U.S.P?
This is what makes the product different from the competition.
What is a business plan?
A business plan is a written description of your business’s future aims, strategies, markets and financial forecasts.
A market that targets a specific and often small group of people is called a ............?
Niche Market
What is better, surveying 3 people or 20 people in relation to accuracy of results?
20 people
What is penetration pricing?
Charging a very low price to encourage people to buy then slowly increase the price.
What is the purpose of a business plan?
•Establish whether the business is likely to succeed.
•Help the business raise the finance it needs.
•Force the entrepreneur to focus on the goals of the business.
•Anticipate problems and identify possible solutions.
•Set targets to be achieved.
What is marketing?
Marketing is all the actions a business takes to encourage consumers to buy their product or service.
Why does the audience matter when deciding on what way to present your findings?
If it is suitable for your audience.
At the end of the product life cycle, how could a business try to extend their sales?
•Introducing a new improved version of the product.
•Selling the product in a new market.
•Changing the price of the product.
•Launching a new advertising campaign.
A .......................... sets out what a company does, would like to do and the companies beliefs.
Mission statement
What is market segmentation?
Dividing the market into people with something in common.
Name 3 types of sampling.
Random
Quota
Cluster
What is the longest channel of distribution? Why is it more expensive for the consumer?
Producer - Wholesaler - Retailer - Customer
More middlemen involved who all want to make a profit
What is wrong with the following mission statement of Airbus:
“Drive innovation. Deliver results. Define our industry. Develop our people. Airbus Group is a global pioneer in aeronautics and space. Combining European heritage with global outreach, we bring together talent and technology to drive innovation, integration and internationalisation. We create cutting edge technology to help our customers connect and protect lives.
Our people have the competence, character and courage to take this industry to the next dimension. We dare to challenge the status quo and push the boundaries; strive to stay agile, take risks to innovate and manage these risks with responsibility. Our passion for this industry compels us to stand up for what we do and we do what we believe to be right. We take responsibility for our behaviour and the quality and safety of our products. We value the trust that our colleagues, customers, communities and shareholders place in us. By collaborating with integirty and respect, we craft competitive products, solutions and services. On behalf of the people we work with and for, Airbus Group creates added value and secured future growth; delivering the profitability that provides the basis for innovation.
We never forget that how we deliver is just as important as what we deliver. Learning from experience is just as important as learning from science; and the support of our customers, suppliers and communities is equally important to our success as is our own work.”
It is too long. It must be more concise.
Why would an expensive company such as Tesla look at people’s income when deciding on a target market?
To see if their target market can afford their products.
What is an advantage of a postal survey?
Convenient
Can take your time with it
What channel of distribution do you think a service for a kitchen fitting would need? Why?
Producer - Consumer
Kitchen fittings are personalised and would need direct contact from the producer to the consumer.
Name the five characteristics of a good business plan.
Specific
Measurable
Agreed
Realistic
Timing