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.
