BUSMAN5 Flashcards
MARKET
n. of all actual and potential buyers of a product
marketing plan
doc that lists activities and aimed at achieving particular marketing outcomes
mrketing
system of interacting activities designed to plan,price,promote and distribute products to present n potential customers
customer base
groups of customers who might be expected to purchase a bus g&s
benefits of est customer base
improved marketability of bus resultng in higher lvels of sales n increased loyalty
costs of customer base
financial costs (market research), time consuming (considering external factors)
marketing n bus objectives
increase value n volume of sales, market share, expand size of bus
produc mix
total range of products offered by a bus
customer service
responding to needs & problems Of the customer
Monitor markeing adjectives :
Est marketing plan Monitor performance Evaluate performance
take corrective action
performance indicators measures:
sales analysis, market share analysis, markeing profitability analysis
sales analysis
uses sales data to evaluate current performance & effectiveness of markeling mix
Marketing profitabilty analysis:
method used to break down total marketing costs into specific marketing activilies like ads, transport, administration
brand identity
name, term, design, symbol that identifies specific products and dsitinguishes it from its competitors
internal env
consists of pple working within a bus including owners n managers, employees, culture n policies
external oporating env
customers, suppliers- providers of raw matierials n products depend on success of bus, compeitiors - develope uniqu market plan
external macro env
bus plan must take into account of EME in which the potential cystmers are likely yo be found, bus has little to no cotnrol
external macro env - economi force
periods of strong economic growth can be favourable times to est bus or expand customer bse
external macro env - legal force
bus are subject to a numb of legal req like c&c act 2010
external macro env: technological forces
impacts market plan by making use of available tech to promote the bus (webs,socials,apps), processing payments remotley via creditcards,paywave,eftops
external macro env - social force
tapping into social trends, ebing aware of demo of bus located
3 steps of marketing research process
- determining info needs: what exactly needs to be measured or to find out about its target market or customer base
- collecting data from prim or sec source
- analysis and intepretation: conclusions needs to be drawn out
marketing data
consists of info usually facts and figures
primary source and methods
collected from og sources
methods: observation, surveys, experiementations
secondary source
methods
info that has already been collected
types: internaal - collect in bus external:collected outside of bus
