Marketing

    Cards (100)

    • What is the definition of 'Place' in marketing?
      Where the product is available for purchase
    • What is a warehouse?
      A place where products are stored
    • What factors should be considered when locating a store?
      • Closeness to market
      • Availability of location
      • Suitability of size and facilities
      • Cost of rent or purchase
      • Ease of access for customers
      • Business area and passing trade
      • Competition nearby
      • Planning permission
    • What are distribution channels?
      Routes goods follow from manufacturer to consumer
    • What does distribution involve?
      Transporting materials to producers or consumers
    • Who is a manufacturer?
      The maker of products
    • What is a wholesaler?
      Buys goods from manufacturers and sells to retailers
    • What is a retailer?
      Sells goods directly to consumers
    • What is multi-channel distribution?
      Using more than one channel to distribute goods
    • What is direct marketing?
      Direct link from producer to customer without intermediaries
    • What are the functions of a retailer?
      • Display goods
      • Promote goods
      • Sell to consumers
      • Provide customer service
      • Handle complaints
      • Distribute goods
      • Buy from suppliers
      • Break bulk
      • Offer credit
    • What is e-commerce?
      Buying and selling via the internet
    • What are the advantages of customers buying on the internet?
      • Compare many products easily
      • Compare prices from multiple sellers
      • Save travel costs
      • Pay online conveniently
      • Access wider choice of products
      • Order 24/7
    • What are the advantages of retailers selling on the internet?
      • Attract more customers 24/7
      • Possible expansion without new premises
      • Internet advertising can drive foot traffic
      • Lower labor costs
      • Convenience for customers
    • What are the disadvantages of selling on the internet for retailers?
      • Time spent on website management
      • Potential reputation damage from issues
      • High setup costs for websites
      • Increased storage space needs
      • Risk of fraud
    • What are the disadvantages of customers buying on the internet?
      • Goods not inspected before purchase
      • Misleading images of products
      • Delays in receiving goods
      • Additional costs for returns
      • Risk of fraud
    • What are the components of the marketing mix (the 4Ps)?
      • Product: Introduce new goods
      • Place: Location and distribution
      • Price: Pricing strategies
      • Promotion: Advertising and sales promotion
    • What is m-commerce?
      Buying goods through mobile devices
    • What is economy pricing?
      A pricing strategy to attract budget shoppers
    • What are the functions of the marketing department?
      • Conduct market research
      • Identify successful products
      • Set appropriate prices
      • Oversee advertising campaigns
      • Ensure product availability
      • Maintain customer service
    • What is a mass market?
      A large undifferentiated market of customers
    • What is a niche market?
      A smaller part of a large market
    • What is primary research?
      Collecting new data for a specific purpose
    • What are the advantages of primary research?
      • Up-to-date information
      • Specific to business needs
      • Accurate data collection
    • What are the disadvantages of primary research?
      • Expensive to collect
      • Time-consuming
      • Potential for bias
    • What is competitive environment?
      Businesses competing to persuade consumers
    • What is market growth?
      Percentage increase in sales volume or value
    • What is market segmentation?
      Dividing the market into parts with characteristics
    • What are the factors for market segmentation?
      • Socio-economic status
      • Location
      • Income
      • Lifestyle
      • Time/purpose
      • Ethnic and cultural factors
      • Skills/proficiency
      • Gender
    • What is secondary research?
      Using existing information for analysis
    • What are the advantages of secondary research?
      • Inexpensive to collect
      • Quick to obtain
      • Cost-effective analysis
    • What are the disadvantages of secondary research?
      • Often out of date
      • Limited availability
      • Quality control issues
    • What is the marketing mix?
      The combination of factors to sell products
    • What is the sales process?
      Steps from buyer meeting seller to sale completion
    • What is customer engagement?
      Communication between business and customers
    • What is customer loyalty?
      Repeat purchases due to preference for products
    • What are premises?
      Buildings used by businesses
    • What is customer service?
      • Interaction between business and customer
      • Understanding consumer needs before, during, and after sale
      • Positive reactions enhance reputation and sales
    • What are the benefits of good customer service?
      • Increased customer loyalty
      • Higher customer spending
      • Improved reputation
      • Attracting new customers
    • What are the consequences of poor customer service?
      • Dissatisfied customers may not return
      • Difficulty attracting new customers
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