Market Flashcards
Definition of market forces
Are the factors that influence the price and availability of goods/services in a market economy.
When supply drops + demands rise = market force pushes prices up.
When supply grows + demand shrinks = market force drives prices down.
What is market pull?
The user demands a new product , which might be a revitalised existing product or a radically new product,
What is technology push?
The arrival of a new material, component, process or manufacturing methods that provides an opportunity for a new or improved product.
What is market research?
Knowing the wants and needs of the intended target market, using marketing strategies.
What are the marketing strategies?
Marketing segmentation- dividing markets into smaller groups to specifically target them.
Product development- producing a product that matches these wants and needs.
Customer insights- reveals why customers behave in certain ways.
Customer satisfaction analysis- measuring happiness with current products/services. To help identity improvements.
Analyse the competition- identifying their strengths and weaknesses.
Campaign effectiveness- advertising and promoting.
