7.4 - 7.6 Flashcards
What is market segmentation?
When the total market is subdivided into groups of people who share one or more common characteristics.
What is the target market?
Refers to a group of customers to which a business intends to sell its products to
What is the primary target market?
The primary market is the market segment at which most of the marketing resources are directed and genrates most income.
What is the secondary target market?
Secondary target market provides an alternative incase there is a loss of customers from the primary target market and is aimed at a smaller and less important market segment.
Promotional Strategies that target young people and particular groups in the community
1) Building Brand Loyalty
2) The internet and social media
3) Pester power
4) Pyschology and research
5) Buzz marketing
What is ethics?
Ethics are the standard that define what is acceptable and unacceptable behavior. It is concerned with what is morally right and wrong and the shades of grey in between.
What is product placement?
A practice in which manufacturers of goods or providers of a service gain exposure for their products by paying for them to be featured in films and television programmes.
What is Materialism?
Is an individual’s desire to constantly acquire possessions.
Monitoring and evaluating selling techniques?
It is very important for a business to constantly monitor the effectiveness of its selling techniques. Any downturn in sales can be very costly to a firm’s profit. Any increase in sales should also be quickly analysed so that the reasons for it occurring are understood.
What are the types of factors influencing contemporary selling techniques?
1) Technology
2) Social Media
3) Global Markets
4) Government regulations
In what ways has technology affected the present market?
(AI) Artificial Intelligence
Webpage
Digital Advertising
Mobile phone and SMS marketing
Location-based marketing
Push notifications
How has AI affected marketing?
(Technology)
AI allows marketers to gather lots of information about consumers such as their habits, likes and dislikes. This helps the business to better predict consumer wants, needs and interests
How have web pages affected marketing?
(Teachnology
Businesses no longer have to invest in brick-and-mortar stores in order to sell their products. They can sell everything from a well-designed website. This also means businesses now have access to global markets and can sell their products to consumers around the world.
How has Digital Advertising
(Techonology)
Digital advertising allows business to reach customers in creative ways while also allowing customers to interact with the business. It also allows businsses to reach a larger target audience because it has the potential to reach customers all over the world.
How has Mobile and phone and SMS marketing
(Technology)
Mobile marketing is marketing on or with a mobile device. SMS has distinct advantages over email in that messages are delivered automatically to one or more recipients without the need for them to log on. Text messages can also be used to alert regular customers of any special deals on offer.
How has location-based marketing affected marketing?
(Technology)
Allows businesses to adapt and deliver targeted marketing messages and relevant offers to customers based on where they are located and through tapping into daily habits.
How has push notifications affected marketing?
(Technology)
Push notifications are automated messages sent by an app to a user even when the app is not open. Developing the app can be quite expensive, but in the long run, they are cheaper than using SMS
What is social media advertising?
(Social Media)
(SMA) is a form of online advertising using social media platforms such as Facebook, Youtube, and Twitter to deliver targeted commercial messages to potential customers.
Advantages of Social Media advertising?
A effecting marketing method that helps businesses
- gain exposure
- engage with their customers
- find out what people say about their business
- accurately measure reach ( number of people exposed to messages) and frquency ( average number of times someone is exposed)
- better customer service
What are the disadvantages of social media advertising?
The main disadvantage is that marketers do not have complete control over what online consumers write about the business.
2 types of business approaches to global market
(Global Maket)
1) Standardised approach
2) Customised approach
What is a business’s standardised approach?
Is a global marketing strategy that assumes the way the product is used and the needs it satisfies are the same world over.
What is a business’s customised approach?
Is a global marketing strategy that assumes the way a product is used and the needs it satisfies are different between countries.
