Marketing Flashcards
Marketing
Marketing means identifying consumer’s requirements and identifying how to supply these requirements at a profit. It is finding out what a customer wants and making a product to satisfy these needs profitably
The Marketing Strategy
A marketing strategy is a plan of setting out how a business achieves its marketing objectives
Identifying your Target Market
A Target Market refers to all people who might buy a particular good or service. The Target Market will have something in common and are targeted by the advertisers
Example Target Market for Ed Sheeran tickets would be Pop Music Fan
Market Research
Market Research, which is the collecting of information about a product and its market and then using that information to make business decisions.
Field Research
Field Research is primary research, and it involves going into the marketplace and gathering information by making direct contact with existing or potential customers.
Desk Research
Desk Research is secondary research, where a business accesses information that has already been gathered. The information already exists, so the business does not have to go out to try and find it.
Market Segmentation
Market Analysis can show that your target market can be divided into smaller segments. Market Segmentation involves dividing up the market into clearly identifiable segments that have common characteristics
Geographic Segmentation
This is segmenting markets based on where a person is from, like country or county, urban v rural, climate, population growth etc… Think of radio stations like Spin 1038
Demographic Segmentation
This is segmenting markets based on characteristics, such as age, income, gender etc.. You are able to target demographics differently for the same or similar products. Think of Cadbury Chocolate Bars
Behavioural Segmentation
This is segmenting our brand loyal v infrequent users. Multipack offers can be offered to frequent users, while individual packets can also be purchased, like Manhattan Popcorn
Psychographic Segmentation
This market is divided into segments based on beliefs, attitudes, social status, and lifestyle. Think about luxury cars or expensive clothes
Niche Market
A niche market is a subset of a market segment which a specific product is focused and its features are aimed at satisfying a specific market segment’s needs, as well as price range, production quality, and demographic it is intended for
Product Positioning
Product positioning means creating an image for the product in the minds of consumers in the target market. For example, what do you think when you consider Marks and Spencers v Aldi for food shopping
The Marketing Mix
The Marketing Mix consists of the 4 elements that a business can use to persuade consumers to buy their products Product Price Place Promotion
Product
A product can be an idea, a service or a good. Consumer products such as clothes and TV sets are products purchased to satisfy personal and family needs.
