3.3.1 Flashcards
what is marketing
Marketing is the function within a business concerned with communicating with customers.
the process of marketing allows a business to
understand the market it is operating in
understand what customers want
understand the relative strengths and weaknesses in comparison to competitors
build a strong brand
build relationships with customers
understand the nature of pricing for its products.
what is the market
A market is where buyers meet sellers. A market exists wherever there are potential customers who want to buy a product, and where there is a business able to produce and sell that product.
marketing objectives
market share
brand loyalty
brand image
market and sales growth
what is market share
the amount a business sells as a percentage of the whole market. Increasing market share gives a business more influence and power in the market and means it has increased its number of customers.
what is brand loyalty
businesses need regular custom in order to succeed. Brand loyalty involves building a relationship with customers in order to encourage repeat purchasing.
what is brand image
building brand characteristics. If a business develops a good reputation (for example, high quality) it can attract and reassure customers and allow them to charge a premium price.
what is market and sales growth
measured in volume (units) or value (pounds). Marketing can increase the awareness, desire and ability of customers to buy the product - leads to increased revenue.
internal and external influences on marketing objectives and decisions
All business functions are interlinked and influence each other. For example marketing will negotiate its advertising budget with finance and work closely with operations to develop a product that meets customer needs.