Marketing Flashcards
What is a market
A place where buyers and sellers come together.
What is marketting
-identifying customer wants.
Anticipate customer requirements.
-attempt to satisfy requirements.
Why’s marketing important
-can attracts new customers by letting them know about the range of products.
-allows business to enter new markets., which maximes profit.
What is market segmentation
When businesses focus their product to specific group of people
Why is market segmentation useful
-make sure product is suitable and specific to customer needs.
-ensure the product is sold in the correct place.
-set price accordingly.
What is market share
The percentage of all sales within a market that is held by a company.
Identify the 4 Ps of marketing
Product price promotion place
Describe the term product
Good/ service that is sold to consumers.
Product life cycle
Introduction , growth, maturity, decline
What is introduction
- products launched.
-costs high.
-will have a few competitors.
Growth
-sales increase.
-/rand loyalty occurs.
-competition increases
Maturity
-product is well known.
-growth slows.
-price falls.
Decline
-customer loss
-sales fall
-competition is too strong
Define the term product
Good or service sold to consumers.
What should a business consider when choosing a price.
-competitor prices.
-disposable income.
-cost of making the product.
Low price is set to
Try and undercut the competition
Hugh price is set to
Try and increase brand image
What is cost plus
Percentage of cost is added to give a profit
What’s penetration pricing
Setting a low price for a new product to encourage people to purchase
What’s price skimming
Charging a high price at launch which eventually comes down.
Methods of distribution
Road, train , air, boat
Methods of sale promotion
Premium offers.
Price reductions.
Competitions.
Celebrity endorsment.
Sponsorship.
Desk research
-quickest way of gathering informations.
Already exists.
However could be outdated.
Field research
Reliable as its first hand
Time consuming
However may be bias
