Marketing - CORRECT ANSWER promoting a business and what it offers/process of teaching
consumers why they should choose product/service of competitors/li... [Show More] nked to sales with the
intention that a successful marketing campaign will pay dividends
Anticipating demand - CORRECT ANSWER looking at latest trends to anticipate demand on
sales.
Recognizing demand - CORRECT ANSWER keeping up to date with competitors and
recognizing demand for products/services and trends in consumer behavior
Stimulating demand - CORRECT ANSWER finding different ways to promote the brand e.g.
online advertising, happy hour, BOGOFs, offering vouchers for product lines from poor sellers.
Satisfying demand - CORRECT ANSWER ensuring stocks/ capacity can deliver a service that is
sufficiently available to meet any demand generated making sure there is enough stock to cover
items for the holidays.
BOGOF - CORRECT ANSWER Stands for Buy One Get One Free
Happy hour - CORRECT ANSWER selling products at reduced prices e,g to encourage
customers to stay and eat when buying a cheaper drink.
marketing aims and objectives - CORRECT ANSWER these consist of: understanding customer
wants and needs, developing new products, improving profitability by reducing costs, increase
market share, diversification, increasing brand awareness and loyalty
market leadership - CORRECT ANSWER the position of a business with the largest market
share in a given market for goods and services
scattergun approach - CORRECT ANSWER identifying purpose of products/services to
establish a target market
product segmentation - CORRECT ANSWER determined by: age, gender and ethnicity and
findings are presented in a pie chart
brand personality - CORRECT ANSWER This can have a major impact of what the customer
buys especially if it has a brand personality e.g. sophistication and professional look of certain
brands including: L’Oréal
brand image - CORRECT ANSWER This can stick in a customer's mind helping to link to
products with a particular supplier/manufacturer e.g. "beanz, meanz, heinz" - most successful
advert campaigns ever. strong brand can portray an image which can bring success.
Once a brand becomes more successful, it can help the business to enter new markets or sell into
existing markets with less risk of failure. if customer is satisfied will purchase again
Different methods to market services/products - CORRECT ANSWER these methods consist of:
social media, word of mouth, email, billboard signs, pens, posters etc.
The future of marketing, mobile marketing and the impact of social media - CORRECT
ANSWER social media has had a positive impact --> more ways of making advertising cheaper,
done digitally, aiming to target a specific market (considering how valid/reliable to data is)
Primary research - CORRECT ANSWER information/data taken from the original source/
asking directly e.g. surveys
Secondary research - CORRECT ANSWER information/data taken from a third party/ not
directly asking source e.g. reviews
Quantitative data - CORRECT ANSWER (opposite of qualitative data) data that can be
measured and counted e.g. how many boys are in a class
Qualitative data - CORRECT ANSWER (opposite of quantitative data) data that cannot be
measured/based on different opinions e.g. what is the food like in the canteen
Consumer behavior - CORRECT ANSWER product decisions answered routinely everyday with
the help of businesses marketing their product/service
the 7ps marketing mix - CORRECT ANSWER consisting of product, price, place, promotion,
people, process and physical evidence
promotional mix - CORRECT ANSWER personal selling, sales promotion, publicity, direct
marketing and advertising
branding - CORRECT ANSWER the identification of a logo/product/service which is instantly
recognizable without any explanation needed
factors of branding - CORRECT ANSWER these are: awareness, consideration, preference,
purchase, loyalty and advocacy
effective marketing strategies - CORRECT ANSWER these require careful planning and
structure into overall identifying the purpose followed by the objectives to identify how the aims
will be achieved.
objectives - CORRECT ANSWER the stated measurable targets of how to achieve business aims
SMART - CORRECT ANSWER Specific, Measurable, Attainable, Realistic, Timely
Marketing objectives focusing on selling the product and the 4 ps - CORRECT ANSWER
Creating a product that has a USP (Unique Selling Point)
Targeting a particular consumer demographic (population, age, gender, income etc.)
Social media and public relations activities to support the company brand image
USP - CORRECT ANSWER Stands for Unique Selling Point. this helps the brand to gain
market share over competitors in order to stand out.
budgetary constraints - CORRECT ANSWER marketing plans should have a budget to ensure
that the business doesn't overspend/justify its expenditure due to the impact of the sales.
internal influences on marketing activity - CORRECT ANSWER cost of campaign, availability
of finance, staff expertise and size and culture of the business
External influences on marketing activity - CORRECT ANSWER political and regulatory
environment, economic environment, competitive environment, social and cultural environment
and technological environment
Mass market - CORRECT ANSWER appeals to a large part of the market, these cover different
age groups and locations from their original form. The choice of which product of choice will be
made depending on other factors e.g. style/price
Features of mass market - CORRECT ANSWER lower costs and higher profits, high sales and
competition
Advantages of mass market - CORRECT ANSWER - high potential in sales
- market leader in mass market can be very profitable
- less risky
Disadvantages of mass market - CORRECT ANSWER - more competition
- needs to be able to operate on a large scale
- product harder to personalize [Show Less]
