C1/H5 - Marketing Flashcards
market
exists when buyers and sellers exchange goods and services for money.
Marketing
process of identifying, anticipating and satisfying customer requirements profitability.
What do buyers want
satisfactory goods and services and value for money
What do sellers want
want to make profit
local market
where customers short distance from suppliers
Global market
market where customers are spread through the world
Mass Market
Offering same products to almost all consumers and promoting them in same way.
Niche market
targeting product at particular, small segment of market that has specific wants and needs.
trade market (B2B)
business to business: where 1 business sells to another i.e. cake manfacturer purchasing flour and sugar form anoher business
COnsumer market (B2C)
when product/ service bought by individual for own of family use.
Product
physical tangible goods, capable of satisfying customer need e.g. TV
Service
intangible activities people prepared to pay for e.g. hair dressing.
seasonal goods
Ceratin products are only sold during particular season or time, demand for them varies throughout the year e.g. ice cream, easter eggs, sun tan lotion.
seasonal markets
fluctuations over certain period of time.
market size
size of market measured by total value or by volume of all businesses in market.
