3.3 Marketing Flashcards
1
Q
Define marketing
A
The process of identifying anticipating and satisfying customer needs profitably
2
Q
What is a marketing objective?
A
A specific goal or target relating to the marketing activities and performance of a business
3
Q
Formula for sales value ?
A
Units sold x price
4
Q
Define market size
A
A measure of the total value/volume of sales within a market
5
Q
Market size value formula?
A
Units sold in the market x price
6
Q
Define market growth
A
A measure in percentage terms of any increase in the size of the market
7
Q
Market growth formula?
A
Change in market size / original market size x 100
8
Q
Define market share
A
The proportion of a market that is held by an individual product or business
9
Q
Market share formula ?
A
Sales of one business or company / total market sales x 100
