M1-Topic 3 Marketing Processespart 2: establishing market ojectives, identifying targets markets Flashcards
what are objectives
are goals set by the business.
why will the business function set objectives (3)
provide direction
track
evaluate + monitor business success
what are some examples of marketing objectives(3)
increase market share
to expand into new markets
to expand the product range/mix
what is the benefits of expanding your product mix(3)
supply alternatives
go into different markets for different products
more revenue to be gained
what are the benefits of increasing market share(2)
Higher market share puts companies at a competitive advantage
More influence in the market
why do business want to expand into new markets geographically(1)
greater number of buyers
more sales
what is a target market
a group of present and potential customers which a business intends to sell to
why does a business identify a target market (2)
to direct its marketing strategies to that group of customers.
to better satisfy the needs and wants of the targeted group
what are the 3 approaches to selecting target market
mas marketing approach
market segmentation approach
niche market approach
what happens in the market segmentation approach
the market is divided into sections and then the business selects a segment to be it’s target market
why would a business use the market segmentation approach
they recognise that they can’t sell to the entire market
how can markets be segmented(4)
demographic
geographic
Psychographic
Behavioural
what things can be segmented in a market demographically(5)
age gender occupation income ethnicity
what things can be segmented in a market geographically (5)
region urban rural city climatic
what things can be segmented in a market psychographically (3)
lifestyle
personality
socioeconomic groups
