Marketing Flashcards
Marketing objective?
A marketing target for the business, setting out what it wants to achieve and when
Corporate objective
A target set for the business as a whole
Marketing strategy
A marketing plan to achieve the objective
Niche marketing
When a firm targets a specific market segment
Mass marketing
When a business targets the majority of the market
PRice elasticity of demand
The responsiveness of demand to a change in price
Elastic demand
Demand change is greater than the change in price
Inelastic demand
Demand change is less than the change in price
Income elasticity of demand
The change of the demand of a product in response to the change in a customers income
Promotional elasticity of demand
The sensitivity of demand in relation to changes in promotional expenditure.