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BM: Unit 2 - AOS 2 (Marketing the Business) Flashcards | StudBud
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BM: Unit 2 - AOS 2 (Marketing the Business)
BM: Unit 2 - AOS 2 (Marketing the Business)
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Answers
1
four stages of business/product life cycle
intro, growth, maturity, post maturity
development, intro, maturity, decline
growth, maturity, decline, renewal
intro establishment, renewal, decline
2
Which strategy aims to attract buyers offering low prices
price skimming
bundle pricing
target based pricing
penetration pricing
3
What is price fixing?
fixing a lower price than competition
businesses fixing the same price to elimate competition
when the price is broken so you fix it
fixing a higher price than competition
4
What makes Coca Cola so successful?
The strength of the brand
loyal employees
The Colour Red
It tastes so good
5
price skimming
encourages customers to respond with emotion
attracts the most price conscious customer
setts rates high then lowering
sells multiple products for lower rate than if bought solely
6
How might businesses mine your data?
coupons
stealing customers phones
with a shovel
loyalty cards
7
Public relations is a type of
product
place
promotion
price
8
A particular group of consumers at which a product is aimed is what?
target market
product market
market segment
advertising market
9
what would be an example of intangible product
basketball
app
phone
cleaning services
10
The most important intangible benefit of a product is customer service
true
false
11
What is false or misleading advertising?
offering cash backs
bundling products
making vague statements
not including important information about the product
12
What is data mining?
process used to turn raw data into useful info
way to stalk customers
government conspiracy
mining into the earth for data instead of rocks
13
Analysing age, employment, income is what type of segmentation?
psychographic
geographic
demographic
behavioural
14
The biggest marketing research mistake is
not doing any research
only doing secondary research
spending too much money on research
only doing primary research
15
what are the main methods of market research?
tertiary
qualitative
primary
secondary
16
the product mix refers to
the pricing strategies used to sell products
how products are positioned against competitors
range of products offered by a business
the number of sales of each product
17
SMART stands for
solution, motion, action, reaction, time
highly intelligent
out smarting your competitor
specific measurable achievable realistic and timed
18
What factors determine a good location?
building materials, costs of construction
proximity to Nippy's distributors
weather & sea level
accessibility & visibility
19
Which strategies are below the line?
professional website
pamphlet drops in local area
instagram account
celebrity endorsement
20
What is an example of a non-store retail method
telemarketers
mail order
TV shopping
internet purchases
21
What is the third stage of the product life cycle?
renewal
growth
maturity
decline
22
What is an advantage of conducting interviews?
quick, easy, cheap
cost effective
detailed and indepth responses
used to measure reactions to new products
23
What is an example of primary research?
sales data
interview
media articles
government publications
24
Which of these is not one of the approaches to marketing
marketing approach
product approach
sales approach
consumer approach
25
Which is not a marketing objective?
raising awareness about product
attracting competition
increasing sales
Attracting new customers
26
Which is not a way to segment the market?
demographic
behavioural
geographic
physiological
27
Acting ethically (for businesses) can
attract criticism
reduce competition
reduce profit
increase customer loyalty and respect
28
a niche market is
where there is a huge demand for product
consists of primary production
where wholesalers and retailers operate
a small market with buyers who have specific need/wants
29
Businesses should be most focussed on
increasing sales of their most expensive products
being remarkable
relationship marketing
increasing production of what they can produce cheaply
30
what is the qualitative research?
based on stats
Hugh's favourite food
data grouped into four
based on opinion and feeling
31
What is predatory pricing?
act of setting prices low to eliminate competition
act of selling to a predator
act of pricing to match competitors
pricing higher than competitors
32
Which of these businesses would use exclusive distribution?
Rolex watches
lego
IGA supermarkets
smiggle watches
33
product marketing mix includes
branding
positioning
packaging
product identification
34
What are the key components of a marketing plan?
product, price, place, promotion
executive plan, competitor analysis, evalation
objectives, target mkt, competitors, mkting mix, evaln
Objectives, target market, marketing mix, evaluation
35
What is an example of above the line marketing?
road banners
Radio
pamphlets
Brochures
36
What does AIDA stand for?
Attention Interest Description Action
Australian Internet Description Attitude
Australian Interest and Desire Action
Attention Interest Desire Action
