Marketing Flashcards
What does SMART stand for?
Specific, Measurable, Achievable, Relevent, Time Bound.
What is Marketing?
The process of raising awareness about a business to keep customers up to date about events, offers, new services or updated menus.
What is a Market Share?
The percentage of a given market that a business holds.
What is Brand Personality?
Human characteristics to which a customer can relate, especially if similar to their own.
What is Brand Image?
The general impression of a product held by a real or potential consumers. “beanz meanz Heinz” Sticks to the mid.
What is the meaning of Brand?
The identification of a product that is instantly recognisable without explanation.
What is Mass Marketing?
Mass Marketing is when a business makes their audience as big as possible to increase the ammount of potential buyers.
What are some features of Mass Marketing?
Appeals to the whole market e.g. Pepsi
It requires high volume of sales and low prices
Less risky
Revenues are higher
Economies of scale
Increased competition
Difficult to appeal to individual customers
Fixed capital costs are high, e.g. large factories etc and expensive machinery
What is Niche Marketing?
Niche Marketing is when a business selects a specific part of the market to become their audience.
What are some features of Niche Marketing?
Targets a small section of a market
Sales will be lower but prices can be higher
Less competition
Products can be tailor made
Less likely of having outdated stock, singe fewer units made
Fewer potential customers
Profits lower and prices higher
If too successful could be targeted by larger companies
What is Market Segmentation?
The classification of customers or potential customers into groups or sub-groups (market segments), each of which responds differently to different products or marketing approaches.
What are some ways that a business can segment the market?
Income
Age
Region or location
Gender
Use of product
Lifestyle
What is Target Marketing?
Appealing to a specific type of customer, in the same sense that a Niche Market does, they taylor their product to meet the specific needs of individuals.
What is a USP? (Unique Selling Point)
A characteristic of a product that makes it different from other similar products being sold. This can help a business gain more market share.
What is Primary Research?
Primary Research is performed by yourself with sources such as interviews or surveys, they can be face to face or over the phone.
