Theme1
Help!
|
|
||||
|---|---|---|---|---|---|
| Define Market Positioning | show 🗑
|
||||
| show | Internal constraints e.g. budgets
Internal strengths e.g. creativity and innovation
Market conditions e.g. degree of competition
External environment e.g. state of the economy
🗑
|
||||
| Explain what is meant by a Market Map | show 🗑
|
||||
| What are Factor inputs? | show 🗑
|
||||
| Define Added Value | show 🗑
|
||||
| Define Unique Selling Point and provide an example | show 🗑
|
||||
| show | A feature of a business that allows it to perform more successfully than others in the market e.g. Same quality of product at a lower price
🗑
|
||||
| show | States that a firm can enjoy a competitive advantage if it is either:
Lowest cost or Highest differentiated. Porter’s premise is to be one thing or the other and not stuck in the middle.
🗑
|
||||
| Describe Michael Porter’s generic strategy - Low Cost | show 🗑
|
||||
| Describe Michael Porter’s generic strategy - Differentiation | show 🗑
|
||||
| Define Product differentiation | show 🗑
|
||||
| Define Market | show 🗑
|
||||
| Explain what is meant by Mass Markets | show 🗑
|
||||
| Describe Niche Markets | show 🗑
|
||||
| Define Market size | show 🗑
|
||||
| show | Number of units sold x price
🗑
|
||||
| show | The proportion of total market sales that a firm has
🗑
|
||||
| What is the Market Share Formula? | show 🗑
|
||||
| Define Brand | show 🗑
|
||||
| Explain Branding | show 🗑
|
||||
| Describe what is meant by a Brand extension | show 🗑
|
||||
| Describe two benefits of building a brand | show 🗑
|
||||
| show | One that is subject to rapid or continuous changes e.g. shoes. Online retailing is a dynamic market it is consistently changing, expanding and developing.
🗑
|
||||
| show | The process of buying and selling goods and services over the internet
🗑
|
||||
| What is the Market Growth formula? | show 🗑
|
||||
| show | The outcome of an action taken or not taken, in a situation which may result in loss or gain. Risk can be measured and quantified. It is the possibility that a business will have a lower than expected profit or a loss.
🗑
|
||||
| Define Uncertainty | show 🗑
|
||||
| Describe Innovation | show 🗑
|
||||
| Explain how a business can protect itself from uncertainty | show 🗑
|
||||
| show | 1. Offers greater convenience to the consumer 2. Can shop 24/7
3. Breaks down geographical barriers 4. Lower overhead costs
5. Access to a wider market
🗑
|
||||
| show | Involves the division of larger markets into small clearly identifiable sections. Segmentation happens in most markets e.g. in the toothpaste market there are toothpastes for smokers, small children and people with sensitive teeth.
🗑
|
||||
| Define Market segment | show 🗑
|
||||
| Explain Demographic segmentation | show 🗑
|
||||
| show | Defines market categories based on where people live e.g. regions, cities or neighbourhoods.
🗑
|
||||
| show | Identifies subgroups of the market based on their levels of income and profession. Newspapers segment in terms of socioeconomic groups.
🗑
|
||||
| show | Characterises subgroups based on the behavioural patterns of the consumer rather than their characteristics. For example' frequency of purchase e.g. heavy user or light user
🗑
|
||||
| show | Each member of the population has an equal chance of being included. Its appropriate when researching a large market and bias cannot be introduced
🗑
|
||||
| show | Separates the population into segments e.g. income groups.A sample is then taken from that segment
🗑
|
||||
| show | Occurs when the interviewers select people within the population who meet set criteria e.g. 300 males aged between 24 –26. The interviewers can choose whoever they want provided they meet the criteria set
🗑
|
||||
| show | The systematic and objective collection, analysis and evaluation of information relating to markets and marketing
🗑
|
||||
| Explain and give two examples of Primary research | show 🗑
|
||||
| show | Research that has already been undertaken by another organisation and therefore already exists. Examples include; national and Local Government e.g. Office for National Statistics,Academic organisations e.g. universities and Newspapers
🗑
|
||||
| Describe Quantitative research | show 🗑
|
||||
| show | The gathering of non-statistical information that gives a company in depth insight into the reasons for human behaviour
🗑
|
||||
| show | 1.Past data and trends may not be a fair indication of the future
2.Accuracy of research findings
3.Financial costs
4. Questionnaire bias and Respondent bias e.g. exaggerating or not telling truth
🗑
|
||||
| Define Product orientation | show 🗑
|
||||
| Define Market orientation | show 🗑
|
||||
| show | 1.Invite feedback through blogs
2. Can be used to monitor the number, frequency and timings of visitors
3. Online polls and surveys
4. Cookies
🗑
|
||||
| show | 1.Reviews
2.Blogs
3. Likes/dislikes
4. Viral marketing
5. Customer feedback
🗑
|
||||
| State one advantage of Quota Sampling | show 🗑
|
||||
| State two disadvantages of Quota Sampling | show 🗑
|
||||
| show | It is random thus it reduces bias/It is not as expensive as a full random sample
🗑
|
||||
| State two advantages of Market Orientation | show 🗑
|
||||
| show | Regular changes in the appearance or function of a product may leave customers confused about what the brand really stands for/With customers who care mostly about cutting edge products, a marketing orientation may not work as well as product orientation
🗑
|
||||
| State one advantage of Product Orientation | show 🗑
|
||||
| Give one advantage of Random sampling | show 🗑
|
||||
| Give one disadvantage of Random Sampling | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
durquhart1
Popular Business sets