AOS 2 - Marketing a business Flashcards
What is marketing?
The action or business of promoting and selling products or services, including market research and advertising
What is a customer base?
Is a group of people who keep buying your proud or service
What is a business objective?
Is a goal that the organisation wants
- Profit
Operating factors
Immediate external factors impacting a business which a business has some control over
Macro factors
Social, global, legal, technological and economic conditions that a business has no control over
Brand identity
Values a business seeks to display to its customers
Owners & managers
- Have a responsibility to implement marketing strategies
- Need to establish a customer profile first
- Marketing needs to be aimed at a target market
- Can use a marketing expert if they don’t have the skills
- Need to enforce new strategies in business
Employees
- Play an essential role as they mainly interact with customers
- Might need the training to implement marketing strategies
- Customer service is a large part of marketing as it can increase the customer base and improve brand identity
- They are the face of the business
Corporate Culture
- These are the shared values and beliefs of everyone in a business
- CC should be in-line w/ customer needs
- Positive CC will improve brand image and through word of mouth, this will spread to customers
Market research process
- Define the problem
- Collect the required data
- Analyse and interpret the data
Methods used to collect primary data
- Survey
- Observation
- Experimentation
- Focus gap
Methods used to collect secondary data
- Company records
- Internet search
- Government agencies
Market segmentation
The process of dividing a market into different groups of consumers that share similar characteristics
Target market
Specific group of customers which a business aims its marketing effort towards
Customer behaviour
Actions of those who purchase goods and services for consumption
Customer trends
Developed patterns in customers’ behaviours, attitudes and values
7P’s of marketing - part 1 + definitions
- Product
Good or service that is offered to customers to satisfy needs or wants - Price
Amount of money the customer pays for the good or service - People
Individuals that influence a customer’s view of the business and its products
7P’s of marketing - part 2 + definitions
- Physical evidence
The environment in which the business and customer interact - Process
Procedures set in place throughout an entire customer purchase - Place
How a business distributes its product to customers - Promotion
Marketing communication is used by a business to inform, promote and remind the target market of its product
Product life cycle
Series of stages that a product will pass through from the moment it is introduced to the market until the product becomes unpopular or replaced
Introduction
Sales and market share are low and the business is focusing on improving awareness and market share
Growth
Sales growth is at a high and the business is facing increased levels of competition
Maturity
The business faces high levels of competition, while sales growth begins to plateau
Decline
The business experiences a firm decline in sales while its product becomes obsolete or outdated
Customer relations
The way business’ create, build and maintain customer relationships
