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Created by
Rachel Bloco
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Cards (100)
What is the definition of 'Place' in marketing?
Where
the
product
is
available
for
purchase
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What is a warehouse?
A
place
where
products
are
stored
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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
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What are distribution channels?
Routes goods follow from
manufacturer
to consumer
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What does distribution involve?
Transporting materials to
producers
or consumers
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Who is a manufacturer?
The maker of
products
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What is a wholesaler?
Buys goods from
manufacturers
and sells to
retailers
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What is a retailer?
Sells
goods
directly to consumers
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What is multi-channel distribution?
Using
more
than
one
channel
to
distribute
goods
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What is direct marketing?
Direct link from producer to customer without
intermediaries
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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
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What is e-commerce?
Buying
and
selling
via
the
internet
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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
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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
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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
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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
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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
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What is m-commerce?
Buying goods through
mobile devices
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What is economy pricing?
A pricing strategy to attract
budget shoppers
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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
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What is a mass market?
A large
undifferentiated
market of customers
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What is a niche market?
A
smaller
part of a large market
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What is primary research?
Collecting new data for a
specific
purpose
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What are the advantages of primary research?
Up-to-date
information
Specific to
business needs
Accurate data
collection
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What are the disadvantages of primary research?
Expensive
to collect
Time-consuming
Potential for bias
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What is competitive environment?
Businesses competing to persuade
consumers
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What is market growth?
Percentage
increase in
sales volume
or
value
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What is market segmentation?
Dividing
the market into parts with characteristics
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What are the factors for market segmentation?
Socio-economic status
Location
Income
Lifestyle
Time/purpose
Ethnic and cultural factors
Skills/proficiency
Gender
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What is secondary research?
Using
existing
information for analysis
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What are the advantages of secondary research?
Inexpensive
to collect
Quick to obtain
Cost-effective
analysis
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What are the disadvantages of secondary research?
Often
out of date
Limited
availability
Quality control
issues
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What is the marketing mix?
The
combination
of factors to sell products
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What is the sales process?
Steps
from buyer meeting seller to sale completion
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What is customer engagement?
Communication
between business and customers
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What is customer loyalty?
Repeat purchases due to
preference
for products
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What are premises?
Buildings used by
businesses
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What is customer service?
Interaction
between business and customer
Understanding
consumer
needs before, during, and after sale
Positive reactions enhance
reputation
and
sales
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What are the benefits of good customer service?
Increased
customer loyalty
Higher
customer spending
Improved
reputation
Attracting
new customers
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What are the consequences of poor customer service?
Dissatisfied
customers
may not return
Difficulty
attracting
new customers
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See all 100 cards
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