Marketing Flashcards
Marketing
process of identifying and fulfilling customer needs at a profit
Why is marketing important
Increases sales
avoids costly mistakes
competes with better firms
What is the market
made up of customers needing a product or services and sellers providing it
Demand
Desire and ability to buy a product
Target Market
group of customers that a business focuses on
Market research
gathering information about consumers needs and preferences
Marketing process
Customer needs
Market research
product development
pricing
promotion
place
Limitations of Segmentation
Difficulty predicting consumer behaviour
Customer segments can be hard to reach
Drawbacks of Segmentation
Research and development costs
Promotional costs
Extensive market research
Segmentation
when market is divided into different groups of needs and wants
Benefits of Segmentation
business can develop products to suit customers
business can set prices accordingly
