3.1 - Introduction to Marketing Flashcards
What is marketing?
The role to maximise sales by understanding and anticipating customer needs and finding a profitable way to meet these needs
When does a market exist?
A market exists whenever there is an exchange between suppliers and buyers
What are the key elements of marketing?
Identify - Customer needs
Anticipate
Satisfy
Profitable
What is the Role of Marketing?
To lead and coordinate decisions with other functions; operations finance etc
What are the different types of markets?
Virtual (online) Physical Local business National business B2B B2C
What does the market size depend on?
Number of customers
Volume - number of units sold
Value - revenue
How do you calculate Market Size in Value?
Volume sold x average price
How do you calculate Market Growth Rate as a %
Change in size or difference/original size x100
How do you calculate Market Share?
Business Sales/Total market sales x 100