Column 1
State 2 roles of marketing
- Identify customer needs
- Satisfy customer needs
- Maintain customer loyalty
What is market research?
Process of collecting, analysing and interpreting information about the customers, competitors and market for a product
What is cost plus pricing?
Setting price by adding a fixed amount to the cost of making or buying the product.
In which stage of PLC is promotional pricing usually used?
Decline Stage
What are the 4Ps of marketing mix?
-product
-price
-place
-promotion
2 reasons why consumer spending patterns change
- Changes in tastes and fashion
- Changes in incomes
- Changes in price of the product
Name 3 methods of primary research?
State 1 adv and 1 disadv of penetration pricing.
(+) Attracts customers quickly. Increases market share.
(-) Possible loss of revenue due to lower prices
(-) Low quality
State 2 aims of promotion.
State 2 costs of developing new products?
- Requires high capital expenditure
- Market research is very expensive and time consuming
- No guarantee that the product will be a success
2 reasons why have some markets become more competitive
- Globalization
- Improvement in infrastructure
- E-commerce
State 2 advantages of primary research?
- up to date information
- Data is for specific needs of business
- Data is not available for other businesses
2 advantages of using wholesaling channel to distribute products.
- reduces storage costs
- Breaks bulk
- Can reach to a larger market
State 2 threats of using e-commerce for businesses.
- Increases competition
- Unfamilarity for consumers
- Hacking
Identify 2 roles of packaging?
- To protect the product
- To provide information about the product
- To help customers recognize the product.
What is niche marketing?
smaller segment of a larger market where customers have more specific needs and wants
State 2 advantages of secondary research?
_ Cheap.
- Easier and quicker to obtain
State 2 types of sales promotion.
- Discounts
- BOGOF
- Free samples
- Money off coupons or vouchers
State 1 adv and 1 disadv of skimming pricing
(+) recover research and development costs quickly.
(+) create a quality image for its products
(-) loss of potential sales
(-) Attract cheaper competitors
Identify 2 ways markets can be segmented.
- By income
- By age
- By gender
What is mass marketing?
selling the same product to the whole market with no attempt to target groups with in it
State 2 disadvantages of primary research?
- Expensive
- Time consuming
- Risk of data being inaccurate
State 2 benefits of using e-commerce for businesses.
- Increased market
- Reduce cost
- Better information
State 2 advantages of niche marketing.
- Can sell at a higher price.
Less Competition
State 2 benefits of developing new products?
- Can create a competitive advantage
- Helps to increase potential sales, revenue and profit
- Spread Risk