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100
What is the difference between a primary source and a secondary source?
Primary is first hand, secondary is data already collected by another organisation.
100
What are the 4Ps of the Marketing Mix
product, price, promotion, place.
100
What does a complaint procedure look like?
Complaints policy, get information on what happened, review the problem, summarise the problem, check if customer is satisfied.
100
What is marketing research?
gathering information about the market place, consumers and competition to identify the target market, needs and wants.
100
Define brand
name, symbol or design to identify a product or service.
200
What is equivalent pricing?
Setting the prices the same/ similar to its competitors.
200
What are the two purposes for labelling?
Marketing the brand and to inform the customer.
200
Define branding
creating a unique identity for a product/ service
200
What is price leadership?
a business being the first setting a price change, hoping for other businesses to follow.
200
State the order of the distribution chain.
manufacturer -> wholesaler -> retailer -> consumer
300
List out two examples of a primary source.
surveys (telephone, internet, face to face), observing customers, interviews, discussion with customers.
300
What is skim pricing?
Setting a price high, then gradually deacreasing the price.
300
What is penetration pricing?
Setting a price low, then gradually increasing the price.
300
List out two examples of a secondary source.
journals, government reports, information posted online, reports from other areas within your business (operations, finance).
300
What are at least three different advertising methods?
SMS, website, website banners, internet search engines, direct mail, online shopping, TV, print media, radio, shopping centres
400
Provide an example of primary, secondary and tertiary packaging.
primary - used for the item that is being sold to the customer at the time of place, secondary - group of items, tertiary - use for the handling and transport of items
400
What are at least 2 elements when creating a brand?
font, colour scheme, sound, graphic
400
What is the difference between a push and pull promotional strategy?
push: businesses promote a product to customers, creating demand. pull: spending on advertising to create demand from customers.
400
What are at least three elements of a product?
Features, benefits, packaging, customer service, delivery, installation, quality, branding, warranty, name
400
What are at least two ways businesses do to make their products different?
Enviromental features, better features, value for money, quality service/ warranties, labelling information, convenience.
500
What problems will occur if I decrease my prices on my products.
Lose customer loyalty and trust, reputation of the business is affected, customers may think the product is cheap/ low quality.
500
Owen owns a hair salon, but he needs to improve his sales. What is 1 push and 1 pull strategy he could use to promote?
push: TV advertising, email, sales call,
pull: blog, influencer promoting
500
Identify the 4Ps in this image.
Product - bottled items, food,
Price - on yellow tags
Promotion - banners, half price sign, minecraft collectables,
Place - shopping centre, retailer.
500
List at least three different promotional strategies. (HINT there are 4)
personal selling, publicity, sales incentives, advertising
500
What is a competitor outline?
a summary that compares the business with its main competitors.