Comercial Practice Flashcards
What goes into conducting a bussiness?
- Marketing
- Product Development
- Human Resources
- Advertising
- Promotion
Define marketing
Finding out the needs of the consumer and trying to meet those needs through services and/or products
Define technology push
New products created as a result of the advancement of research
Define market pull
A function to be fulfilled is primary, a product is made to match this
Define in-bound marketing
Intaking information from the public to a company
Examples of primary research:
- Focus groups
- Interviews
- Surveys
- Observations
Examples of secondary research:
- Books
- Internal Sales Data
- Research conducted by agencies
Advantages of primary research:
- Tailored to a company’s needs
- Up to date information
Advantages of secondary research:
- Quicker to collect
- Cheaper
- Less people involved
Disadvantages of primary research:
- Time consuming
- Expensive
- Can produce conflicting results
- Requires more interpretation
Disadvantages of secondary research:
- May be out of date
- Not specific to company’s needs
- Less effective for targeting specific sets of people
What are the four P’s
- Product
- Price
- Promotion
- Place
What are the considerations of product?
- Appearance
- Performance
_ Brand Name - Maintenance
- Durability
- USPs
What are the considerations of price?
- How much is a customer willing to pay
- Distribution costs
- Promotional costs
What are the considerations of place?
a
