Marketing Flashcards
What is Marketing
The managing process that identifies, anticipates and satisfies customer requirements for profitability
Product- Orientated approach to marketing
Focus on skills, knowledge & systems needed to produce a specific product
- research done focuses on the characteristics of the product
Market- Orientated approach to Marketing
- focus on satisfying needs & wants
- do market research on an on-going basis in order to identify new trends
The marketing process
1.Market research & development
2. Promotion
3. Logistics/ distribution
4. Sales
What are the aims of the marketing function
- increase market share by maintaining a competitive advantage
- broadening the target market by developing new products/ improving the current ines
- identifying new markets so business can grow
Market segmentation
Divides the overall market into different groups to focus the business resources on customers with similar characteristics
What does market segmentation look at
- Income bracket
- Lifestyle
- geographical area
- cultural grouping
What is the marketing mix and are its components
Element used to ensure products/ services are marketed effectively
- product
-place
- price
- promotion
Different types of products
- Consumer goods
- Consumer services
- Producer goods
- Producer services
What makes a product successful
- satisfies needs & wants
- design
- cost
- competitive advantage
Steps taken to develop a product
- Generate ideas
- Research/ filter the ideas
- Feasibility and viability studies
- Build prototype
- Market testing
- Product launch
Product life cycle
1.Development
2. Introduction
3. Growth
4. Maturity
5. Decline/ withdrawal
How can you extend the product life curve
- Variation
- New market
- Development
- Distribution channels
- promotion
- price
What is the importance of packaging
Protection of products
Makes product handling easier
Promotes product( appealing)
Reinforces brand image
Price
- can indicate quality
- must be able to recover costs
