Marketing Flashcards
What does a market refer to?
Any potential buyers of a product, that is, all the people who need, want and could buy a product
What are the four P’s of marketing?
Product, place, price and promotion
What is the definition of marketing?
Obtaining what people want, producing it, encouraging them to buy it and then selling it at profit
What is the main aim of product marketing?
To unite the needs of a customer with a product
What are three major parts a market is segmented into?
Demographic, geographic and behavioural patterns
What does demography describe?
The age, life cycle, ethnicity, income and lifestyle of the population
What does geography describe?
Where people live
What do behavioural patterns describe?
The psychological, physiological, social and economic needs of a customer and how they affect product choice and loyalty
What is the basic definition of price?
The cost of producing and marketing a product
What is the basic definition of place?
The geographic position of the store and location of the product
What is the basic definition of promotion?
The attempts to increase sales
What is the target market?
A group of customers that business has decided to aim its marketing efforts and ultimately its merchandise towards
What are the four sections that the product life cycle is split into?
Introduction, growth, maturity and decline
What happens during the introduction stage?
The product is initially promoted using either a skimming or penetration strategy
What is skimming pricing and when is it effective?
When prices are initially set very high and then gradually lowered over time, effective if there are few competitors for the product
