business Flashcards
what is market share?
every organisation selling goods or providing services will compete with other organisations to establish their share of the market.
what is market segmentation
market segmentation is when a buisness cant sell all their products because customers have diffrent needs
what is market research?
market research is when a business gets all their information on how the buisness runs
what is feild research?
feild reseach is when a person goes out and gathers their own information (primary)
what is desk research?
desk research is when a person looks up their information from the internet or a book (secondary)
two advantages of feild reseach?
one advantage of feild research is that all the information is in date
another advantage of feild reseach is its more relevents business’s needs
what are the 4 stages of the marketing mix?
price, product, place and promotion
what are the 6 stages of a products life?
development, introduction, growth, maturity, saturation and decline
what are some product life cycle extention stratiges?
new packaging, improve the product, chsnge the price and product line extention
what is the first aim of product promotion?
to persuade a customer to buy the product
what is the second aim of production stratiges?
to inform the public about the product
what is the third aim of product promotion
to remind the customer the product exists
