Marketing Flashcards
marketing
identifying customer need and satisfying them
roles of the marketing
-identify customer needs
-satisfy customer needs
-maintaining customer needs
why do markets change
consumer spending patterns change
-this might be due to….trends and fashion change
-adavancement in technology
niche market
a small usually speacilized segment of a mass market
mass market
where there is a very large number of sales of a product
market segments
a sub group of a market in which the consumers have similar characteristics
market research
gathering information about consumers needs or preferences in a market
product oriented business
a business that focuses mainly on the product itself
market oriented business
a business that focuses on market research and find out what the consumer wants before a product is developed
unique selling point
specific factors that make a product different from its competitors
market
the total numbers of customers, potential customers and other business offering the same good or service
primary research
gathering of original data by talking directly with the customers
samples
a group of people who are selected to answer I.e questionnaire
quota sample
when people are selected based on certain characteristics
focus group
a group of people who respresent the target market
secondary research
information that has already been collected and is available of others
secondary research can be obtained from
-internal sources- within the firms own records
-external sources- outside the business; government statistics
marketing mix
all of the activities that are involved when marketing a product or service
4’s of marketing mix
-product
-place
-promotion
-price
functions of packaging
-protect it and allow it to be used easily and transported easily
-to promote the product
product life cycle
-development
-introduction
-growth
-maturity
-saturation
-decline
development
Introduction
growth
maturity
saturation
decline
price skimming
a high price is set for a new product on the market
cost plus pricing
the cost of manufacturing plus a profit
promotional
priced very low for a short period of time to increase sales
price elasticity
a measurement of how responsive the market is when there is a change in price of a product
price elastic demand
is when the % of the loss in demand is Greater than the % of the increase in the price
price inelastic demand
is when the % of the loss in demand is less than the % of the change in price
