B3 (Revision) Flashcards
marketing
involves a mutually beneficial exchange process, such as a good or service - business gains profit and the customer gains satisfaction
marketing aims to…
satisfy customers, want them to come back - building a relationship with customer so they will be loyal, return for more and will be more willing to try other products you sell
relationship marketing
approach to marketing where a company seeks to long term relationships by providing consistent satisfaction. focuses on customer retention rather than one off sales
decision making to improve perfomance marketing
setting marketing objectives, understanding what customers want, conditionsin the market, capabilities + strengths of the business are relative to customers, deliver benefits, implemting marketing decisions, reviewing
business ethics
actions of a businesses decision are percieved as right or wrong
growth in sales equation
growth in sales = (change in sales over a given period / existing sales) X 100 (if the growth rate is negative that means that sales are falling)
marketing objective
measureable + time specific for the marketing function
market share
measures amount it sells as a % of total sales of the market
market share equation
market share = (sales of the product / total market sales) X 100
internal influences on marketing objectives
overall statergy, ambitions of managers, existing position of the business, amount the business can produce, finance
external influences on marketing objectives
political + legal enviroment (increasing restrictions (packaging, promotion) brexit), economic change (2008 uk economy recession - customers switched supermarkets), social change (trends, ethical factors)
internal influences
factors within business (employees + operational resources)
external influences
factors outside business - state of economy
PEST-C
political, economic, social, technological, competitive enviroment - helps managers to categorise different factors + help analyse external enviroment
