definitions Flashcards
infrastructure
infrastructure is a general term for the basic physical system of a business, region, or nation.
e.g. highways, streets, and roads are common forms of infrastructure
marketing
Stimulating, facilitating & fulfilling customer demand
Four main functions of marketing?
- Increased Sales
- Competitive advantage
- Product image (branding)
- Customer satisfaction
increased sales
this is important to increase the number of sales with a view to increase organisational profitability. organisations use marketing to increase their customer base (continue to attract new customers as well as bring old customers back)
competitive advantage
There are many organizations offering similar products or services. Therefore marketing plays an important role in helping organizations or destinations to attract more customers than their rivals.
product image
Customers like to use brands that are familiar
Or which they think offers the best value for money.
Marketing is essential in creating an association of a certain product in the customers mind
customer satisfaction
meeting the needs and wants of customers so they return
promotion
any form of activity carried out specifically to call attention to products ad services
market research
collecting recording, analysing, and evaluating data about customers and the market itself
2 types of market research
- primary
- secondary
quantitative data
numerical data that can be shown in a graph or chart
what are the 4 P’s
- product
- price
- place
- promotion
SWOT
- strength
- weakness
- opportunity
- threats
qualitative data
information collected about customers opinions and attitudes
PEST
- political
- economic
- social
- technological
5 stages of market research
set objectives => design the research => collect data => analyse data => report results
what is PEST used for
when an organisation wants to find the external factors affecting a business
stages in the product life cycle
- introduction - product is launched into the market
- growth - demand rising, competitors
- maturity - product continues to make a profit, competition is strong, marketing is needed to extend the products appeal
- decline - number of sales falls sharply, organisation needs to decide whether to discard or re-launch the product
name the 3 most common market segments
- geographic
- demographic
- phycographic or lifestyle
what is the demographic segment
classified by :
- age
- gender
- ethnicity and levels of disposable income
examples of primary research
- questionnaires
- telephone, online & postal surveys
- face-to-face interviews
- observation
- focus groups
what is market segmentation
customers are classified according to a number of pre-set characteristics and the market is divided into segments based on these
product lifecycle
this marketing tool allows an organisation to evaluate the positioning of the products and services it offers in the market
what is the phycographic segment
by socioeconomic factors such as level of education or profession as well as interests and attitudes
