Marketing Flashcards

1
Q

Marketing objective?

A

A marketing target for the business, setting out what it wants to achieve and when

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2
Q

Corporate objective

A

A target set for the business as a whole

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3
Q

Marketing strategy

A

A marketing plan to achieve the objective

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4
Q

Niche marketing

A

When a firm targets a specific market segment

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5
Q

Mass marketing

A

When a business targets the majority of the market

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6
Q

PRice elasticity of demand

A

The responsiveness of demand to a change in price

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7
Q

Elastic demand

A

Demand change is greater than the change in price

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8
Q

Inelastic demand

A

Demand change is less than the change in price

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9
Q

Income elasticity of demand

A

The change of the demand of a product in response to the change in a customers income

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10
Q

Promotional elasticity of demand

A

The sensitivity of demand in relation to changes in promotional expenditure.

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