business edexcel a level > 1.3 > Flashcards

1.3 Flashcards

(98 cards)

Study These Flashcards
1
Q

what is a marketing strategy

A

methods used by a business to meet marketing objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what is the marketing mix

A

methods used to promote a brand or product in a market
4PS
product
promotion
place
price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is the product life cycle

A

the theory that all products follow a similar pattern over time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what are the stages of the product life cycle

A

development
introduction
growth
maturity
decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what is development in the product life cycle

A

-research and development of a product
-will have negative cash flow
-no sales revenue before launch

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what is introduction in the product life cycle

A

-product launched to market
-production and promotion costs high
-low sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what is growth in the product life cycle

A

-sales and revenue increase
-production costs increase as more units produced

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is maturity in the product life cycle

A

-sales stabilise
-steady revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what is decline in the product life cycle

A

-sales start to decline
-may become obselete

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what are extension strategies in the product life cycle

A

methods to maintain maturity and prevent decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what are the two methods of extension strategy

A

-change product eg new flavour
-more/new promotion eg branding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

pros of product life cycle

A

-forecast sales trends over time
-can adapt strategies depending on stage
-can be applied to many products
-simple to use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

cons of product life cycle

A

-not all products follow it
-hard to predict time in each stage
-only a prediction of a products stage
-theory, not exact

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what is the boston matrix

A

method of analysing a companys products in terms of market share and market growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what are the 4 areas of the boston matrix

A

-dogs
-question marks
-rising stars
-cash cows

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what is a dog on the boston matrix

A

-low market share, low market growth
-often discontinued
-likely unprofitable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is a question mark on the boston matrix

A

-low market share, high growth
-will require marketing to become successful
-may be cheaper to discontinue
-opportunity for profit in future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what is a rising star on the boston matrix

A

-high market share, high market growth
-increasing sales revenue
-high competition
-may become cash cow or dog

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what is a cash cow on the boston matrix

A

-high market share, low market growth
-established + profitable
-less competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what is niche marketing

A

when a firm targets a small subsection or previously unexploited gap in a larger market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

pros of niche marketing

A

-target specific customer type
-cheaper

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

cons of niche marketing

A

-may attract competition
-lower sales than mass

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

what is mass marketing

A

when a firm targets the whole of a market rather than a particular segment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

pros of mass marketing

A

-high sales
-high brand recognition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
cons of mass marketing
-expensive -time consuming -brand needs constant investment to stay relevant
26
what is industrial markets
-where businesses sell and market to other businesses
27
what are consumer markets
where businesses sell and market to the public and consumers
28
how can a business achieve customer loyalty?
-Customer service – physical environment – loyalty schemes; reward cards, saver schemes
29
w what is a reward card?
customers collect points or stamps for a free product or discount
30
what is a saver scheme?
After buying a number of products, or spending an amount of money you get one free
31
what are the issues with customer loyalty?
-may only be for convenience -may only be for price -may be due to indifference to change
32
What is the design mix?
The elements involved in designing a product -function -aesthetics -cost
33
what social trends may affect the design mix
-sustainability -Ethical sourcing -Resource depletion -Waste minimisation -Reusing and recycling -Health
34
what is ethical sourcing?
When a product comes from a supplier that treats its workforce fairly and its production hasn’t damaged the environment
35
what is promotion?
The activities is designed to inform customers about a product and persuade them to buy it by raising awareness of the product
36
what are the methods of promotion?
-Public relations (PR) -Direct marketing -Personal selling -Sponsorship -Advertising -Sales promotion -Digital communication
37
what is public relations?
Building a positive image by communicating with media eg newspaper or tv to get favourable publicity for the organisation
38
pros of public relations
-celeb endorsement -large audience
39
cons of public relations
-less precisely targeted -cant control what is written about product
40
what is direct marketing?
Contacting selected audiences on an individual basis, e.g. telephone letters or in person
41
pros of direct marketinf
-specially targetted -cant control what track progress
42
cons of direct marketing
-customers may not want contact -may dislike high pressure sales pitch
43
what is personal selling?
Sending a representative to meet with customers in person
44
pros of personal selling
-Build relationships with customers
45
cons of personal selling
-Employees need training -costly -Hard to manage
46
what is sponsorship?
A business giving money to support another business or person
47
pros of sponsorship
-create positive image among fans of sponsored event -appear credible
48
cons of sponsorship
-potential high competition and minimal brand exposure
49
what is advertising?
Paying for the promotion of a product through the main media
50
pros of advertising
-large audience easy to track
51
cons of advertising
-repetition may cause resentment -less personal
52
What is sales promotion?
Short-term offers to increase sales, e.g. demonstrations, giveaways, coupons
53
pros of sales promotion
-generate repeate purchase -persuade reluctant consumers
54
cons of sales promotion
-expensive
55
what is digital communications?
Targeting digital customers through online advertising , apps, social media etc
56
pros of digital communications
-cheap -wide audience -can be specific
57
cons of digital communication
-online ad clutter -scrolled past
58
what factor factors may affect promotion?
-Market segmentation and positioning -budget -competition -social trends -technology
59
what is a brand?
A type of project manufactured by particular company under a particular name, encourages recognition
60
what are the types of branding?
-Product branding -Multiple branding -Umbrella branding -Corporate branding -own label branding -Personal branding
61
what is product branding?
Products are given brand names that are new and not connected to existing brands by the company
62
what is multiple branding?
Marketing of similar and competing products by the same firm and a different brands
63
what is umbrella branding?
The same brand name is used for different but related products
64
what is corporate branding?
Promoting the business name rather than individual product
65
what is only label branding
common in supermarkets eg tesco finest
66
what is personal branding?
Individuals who become brand eg david beckam has clothes
67
what are the benefits of strong branding?
-Added value -Brand recognition -less cost of promotion -reduced ped -loyalty
68
how can a business build a brand?
-USP -Advertising -Sponsorship -Social media
69
what is viral marketing?
Any strategy encouraging individuals to pass on a marketing message to someone else
70
what is social media marketing?
Establishing a brand by building a following online to promote information and create a community
71
what is emotional branding?
France to connect to the consumers emotional nature rather than logical side to create emotional attachment and loyalty
72
what are the pricing strategies?
-Cost plus -Price skimming -Price penetration -Predatory pricing -Competitive pricing -Psychological pricing -Premium pricing
73
what is cost plus pricing?
When a percentage markup is added to the cost of producer of good service to produce selling price
74
what is price skimming?
Setting a high initial price in order to recruit costs, target early adopters who want product immediately
75
what is penetration pricing?
Setting a low initial price in order to gain market share, then slowly increasing price overtime
76
what is predatory pricing?
Setting low prices for a short period of time to force out competition, by dominant businesses. illegal
77
what is competitive pricing?
Setting prices based on those charged by competitors
78
what is a price leader?
Firms that dominate a market who set price prices that other businesses follow
79
what are price takers?
Smaller businesses in the market to set their prices based on the price leader
80
What is psychological pricing?
Setting a price for the product to make it sound cheaper than it is eg 9.99
81
what is premium pricing?
Charging a higher price if the product is a luxury or seen as desirable or good quality
82
what factors will affect pricing strategy?
-Differentiation/ USP -PED -competition -brand strength -stage in product life cycle -costs + need for profit -social trends
83
what is a price comparison website?
Website allowing customers to compare prices, forcing businesses to be competitive
84
what is distribution?
Our product gets to the right place at the right time for a consumer
85
what are the two types of distribution channel?
-zero level/ direct (short) -modern (long) -traditional (long)
86
Which of the distribution channels are short distribution?
-Zero level/direct/ short
87
which of the distribution channels are long distribution?
-Modern/ long -Traditional/ wholesaler
88
what are the steps in zero level/direct/short distribution?
Manufacturer Consumer
89
what are the steps in modern/long distribution?
Manufacturer Retailer Consumer
90
what are the steps in traditional/wholesaler distribution?
Manufacturer Wholesaler Retailer Consumer
91
what is a wholesaler?
By large quantities of supplies from producers and sell them in smaller quantities economies of scale
92
what is a retailer?
An organisation selling to the general public or end user
93
what is e-commerce?
When a business sells to consumers online
94
what is an intermediary?
Steps between the manufacturer and consumer in a distribution channel
95
what is multichannel distribution?
When a firm chooses to use a combination of methods to sell to consumers
96
what factors will affect distribution decision
-type of product -access to market -quantity and frequency -location and accessibility -cost -degree of control over product/ brand
97
what are the disadvantages of e-commerce?
-Consumers may prefer physical stores -Easy to compare price and reviews -More competition
98
what are the advantages of e-commerce?
-Large market -Lower costs -24/7 -no geographical barriers
business edexcel a level
flashcards
Decks in class (20)
# Cards
Brainscape helps you reach your goals faster, through stronger study habits.
© 2026 Bold Learning Solutions. Terms and Conditions