4.1 Flashcards
Marketing
Identifying, anticipating and satisfying consumer needs and wants profitably
What does Marketing involve?
Advertising
Market Research
Product Design
Setting Pricing
Designing Promotion campaigns
How to get the product to consumers
After sales service
Market
Any place where buyers and seller come together to buy and sell goods and services and exchange information
7 P’s
Product
Price
Promotion
Place
People
Physical Evidence
Process
Market Orientation
An outward looking marketing strategy
Whereby the needs and wants of customers are identified through market research then goods and services are produced to satisfy these needs and wants.
Product Orientation
Focusing on research and development and producing high quality product
Ignore the market to som extent with assumption that consumers will buy their products
Benefits of market orientation
new product likely to be more successful
can build customer loyalty through customer satisfaction
can react quicker to changes in consumer preferences
Benefits of product orientation
more likely to be different from competitors (USP)
Market research is not always reliable
Customers don’t always know what they want
Market Share
Sales Revenue of the business x 100
Sales revenue of the market
Market Growth
(a-b)/b x 100
a = market revenue this year
b = market revenue last year
Market Leadership (HL)
The business in the market with the highest market share
