marketing Flashcards
what is marketing?
the process of getting people interested in your product or service.
what is the target market?
a group of people with certain characteristics that the business wants to sell the products to.
what is market segmentation?
grouping customers together based on characteristics, these can be segmented by age, gender, location m and lifestyle
why use segmentation?
products can be made to meet the exact needs of the target market so sales will increase.
product is sold in the most appropriate locations where customers will be this will increase
pricing will be set to what the target group can afford , this will maximize sales.
can make advertisement more precise.
what is market research?
research carried out by the business to identify customers needs and wants
what are the types of market research
field research - going out and collecting primary info
desk research - most likely secondary info
what are different methods of field research?
face to face interviews, postal surveys, focus groups , survey and telephone interview
advantages and disadvantages of field research?
info is reliable and specific to business , competition do not have access to the info
it is expensive and time consuming
what are different methods of desk research?
secondary info, websites, sale figures, newspapers
advantages and disadvantages of desk research?
saves time, cheap and widely available
not specific to the business, may be out of date, may be bias
what is the marketing mix?
for marketing to be successful, an organization had to combine a successful mix of the right product, sold at the right price, in the right place using suitable promotion
4 ps = product, place, price and promotion
what is a product?
product is what the customer actually gets for their money
product should have a strong name and clear features
what are the 4 stages of the product life cycle?
intro - development / beginning of sales
growth - sales increase / trends
maturity - peaking / max sales
decline - sales, start to fail
how can business extend the product life cycle?
change price, packaging, name and make improvisations and change promotion methods
why is branding important?
the name or logo is recognizable and helps to beat competition to encourage reaper purchase
