Marketing And E-commerce Flashcards
Marketing
Promoting and selling products or services
Assets-led marketing
Where attributes of the product are used to market the product
Niche market
Appealing to a small,specific and well defined segment
Product orientated marketing
Where a business/ firms focus is on its products and the skills and knowledge that support product
Mass marketing
Appealing to a wide target market and a range of people
Market orientated marketing
Where a company organises its activities,products and services around the wants and needs of its customers
Disadvantage of asset-led marketing
Missed opportunities
By focusing on the product the owners can loose sight of other marketing opportunities
Disadvantage of asset-led marketing
Lack of flexibility
Fails to take into account changes in the market. Its an internal focus
Disadvantage of assest-led marketing
Limited customer research
Often companies dont engage in customer research as they believe the strength of the brand is sufficient
Advantage of market orientated marketing
More focused production
Making the customer needs a focal point means the company is more likely to develop products that match the customer needs
Advantage of market orientated marketing
Marketing advantages
When the company has a good understanding of the needs and wants of the of the market they can efficiently market to benefit them
Advantage of market orientated marketing
Long term profitability
Consistently understanding and delivering what the market wants leads to long term profitability
One time buyers ➡️ repeat customers
