5 Marketing Flashcards
what are aims of marketing?
identifying a product that costumers need/want, developing a product and its features accordingly, communicating the product and its benefits at a price consumers are willing to pay and made avalible to them
what is highly important to all businesses?
“having a market” and knowing a market
what is marketing about?
creating value for the customer
product
a product is every good and/or service that can be exchanged in order to fulfill the wishes and needs of consumers
producer products
goods and services that are sold from one business to another (business-to-business, B2B)
consumer products
goods and services that are sold to consumers or private households (business-to-business, B2B)
what are some of marketing objectives (not limited)?
- consumer satisfaction
- creating a unique selling proposition (USP)
- gaining and maintaining market shares
- maintaining or increasing sales
- profitability
product orientation
- focuses on product and products features, later thinks how to sell it
- it relies on “good product sells itself”
market orientation
- focuses on costumers needs/wants
- produces what costumers want/need
- has the advantage of anticipating changes
customer relationship management (CRM)
aims at creating a long-term relationship with customers via their data that is kept
market research
provides information about existing and prospective customer of a business, potential buyers of products, competition, industry in general
on what two sources can be based market research data?
primary and secondary sources
primary sources
- primary information gained by conducting an empirical study or having data collected by a market research institute
- tailored information to specific interests
secondary sources
- secondary information based on existing research that has been done by somebody else (myb for some other purpose)
- general information
costumer analysis questions
WHO (costumer are), WHAT (costumers do with the products), WHERE, (costumers buy products) WHEN (costumers buy products), WHY (c. buy products/prefer differ4ent product)
market size/ market volume
total sales of a products of all the businesses in the market
can be expressed in value and quantity
market share
proportion (percentage) of a certain market that is held by a business/ its products/ brands
absolute market share
sales volume of one business/ market volume
relative market share
market share of a business/ largest competitors market share
- how a business is doing in terms of its largest competitor
market potential
market volume+ potential costumers
sales volume
sales volume of one firm
