Marketing

• Main purposes of marketing?

  • Identifying and understanding customers
  • Increasing sales
  • Informing customers
• What are the 4 ps of marketing

  • product
  • place
  • price
  • promotion
• Primary research methods?

  • Trialling
  • Focus groups
  • Interviews
  • Questionnaires
• Secondary research methods ?

  • Census data
  • Data from newspapers, magazines
  • Data from websites
  • Internal data
• Qualitative data?

  Data that is non-numerical and descriptive in nature, such as interviews, observations, and open-ended survey responses.
• Quantitative data ?

  Numerical data.
• What are the 5 ways to segment a market?

  • Gender
  • Age
  • Lifestyle
  • Location
  • Income
• What does invention mean?


  the introduction of a totally new product or service
• What does innovation mean ?


  The improvement of an original idea, which will often involve using a new process
• What are the 4 stages of a product life cycle?

  • Introduction
  • Growth
  • Maturity
  • Decline
• Price skimming?


  Where a new product is more advanced than that of its competitors a price is set high as consumers are willing to pay higher prices to own the newest technology
• Cost-plus pricing?


  A pricing method that adds a percentage for profit to the total fists of making a product. This gives the selling price
• Penetration pricing ? 


  A price is set lower than this’s of competitor. Often used by new businesses to break into the market. This is a short term strategy only
• promotional pricing ?


  prices are reduced to give products a boost or to sell off old stock
• Competitor pricing?


  A price os set based on prices charged by competitors for a similar product
• Advantages of digital distribution?

  • consumer can buy products 24/7
  • Method of selling, without the costs of physical shops or transport
• Disadvantages of digital distribution?

  • Physical goods cannot be distributed digitally
  • Very competitive market as consumers can compare prices and products online
  • Customers without computers will be unable to buy online