1.1.1 Introducing Marketing Flashcards
What is brand awareness?
The percentage of the market that knows of your brand; that is, they can recognise it from a list of brand names, or they can quote it unaided.
What is brand loyalty?
Is when customers return to your brand rather than swapping and switching between brands.
What is the marketing mix?
The plan for getting the right blend of product, price place and promotion 4Ps
What is a marketing objective?
The targets the marketing department must achieve, such as increasing sales by 15 per cent within 12 months.
What is market segmentation?
Dividing a market up by customers’ age, gender or income to find areas that are under-served, e.g. Bikes for older people.
What is a Marketing strategy?
The medium-to-long-term plan for meeting the marketing objectives, delivered through the marketing mix.
What are the 4Ps of marketing?
Price, place, product and promotion
What is the marketing?
The department tasked with greeting the right product at the right target market using the right combination of price, promotion and place
What is market size?
Total value or volume of sales in the market.
Calculated as number of Units Sold x Price
What is market share?
This is the proportion of total market sales that a firm has.
Calculated as: Sales of one firm / total market sales X 100
