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18 Cards in this Set
- Front
- Back
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What are the 4 p's in marketing? |
Product Price Promotion Place |
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Why might a customer be prepared to pay a higher price than usual for a product? |
- They really want the product - If it's in a really convenient place |
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Why is it important for businesses to develop a marketing strategy? |
- Maximise sales - Make best use of resources |
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Why are market maps useful for businesses? |
- understand its location within the market - understand the market's key features |
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What might a market map include? |
- How many customers are in the market and how much they spend - Which products are popular/unpopular - Identify competitors |
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What is a gap in the market? |
A customer need that isn't being met |
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What should businesses carry out before deciding on their marketing strategy? |
- Market research - Analyse themselves and the market - Analyse their strengths and weaknesses |
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Why is market research important? |
Finds out what customers want |
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Give 3 examples of information that market research is used for... |
- Find out what products consumers want |
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What are the 2 main type of market research? |
Field research (primary) |
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Give 2 examples of field research methods... |
Questionnaires |
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Give 2 examples of desk research methods... |
Market research reports |
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Give an advantage of field research... |
- Up to date - specific |
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Give a disadvantage of field research... |
Expensive |
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Give an advantage of desk research... |
Cheaper |
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Give a disadvantage of desk research? |
Often out of date |
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What is a market driven firm? |
Using market research to find out what people want and then making it. |
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Explain why small firms often find it easier to alter their products than larger firms... |
work on a smaller scale, making fewer products, using fewer people and less equipment means altering production is less disruptive and costs less money - making it easier to alter their products |
