3rd Flashcards
2 internal factors that affect marketing objectives
Corporate objectives, Finance, Human Resources.
3 External factors that affect marketing objectives.
Type of market, Technology, Competitors, Ethics and environmental factors.
What is Predatory pricing and is it illegal?
Cutting prices to force a competitor out of business.
What is the trade description act?
Business are not allowed to lie about their products
Formula for market growth
New minus old Divided old times 100
Formula for Market share
Sales divided by Total market sales times 100
What is a quota sample?
Choosing people that fit the category (e.g people from 30-40 years)
What is STP Market decision
S- Segment, Target, P- Position
3 different ways you can segment the market
income, Gender, Age, Behaviour, Geographic.
What is Concentrated marketing and which businesses will use it?
One or two segments targeted. Appropriate with small businesses with limited resources
What is Differentiated marketing and which businesses will use it?
Where several segments are targeted. Used by big firms with large budgets.
What is Undifferentiated marketing and give an example of a product of it?
Where segments are ignored and usually done with one product e.g toothpaste.
What is a niche market?
Market is small and usually has no big competitors. Also sell a specific product.
What is the 7 marketing mix.
Price, Product, Physical Environment, Promotion, People, Place and Process.
3 factors that affect the marketing mix
Competitors, Size of firm, Selling good or service, Location of firm.
