Marketing Process Flashcards
SWOT analysis
a technique that allows an organisation to assess its overall position, or the position of one of its divisions, products or activities
Product Life Cycle
Stages a product passes through after establishment
Stages of the Product Life Cycle
introduction, growth, maturity, decline
Market Research
systematic problem analysis and fact finding tool for the purposes of improved decision making in the marketing of goods and services and achievement of business objectives
Marketing Objectives
realistic and measurable goals achieved by a marketing plan, for goals to be measurable, it must be SMART
What should the objective of the business be, with regards to it being customer oriented
- increase market share
- expanding the product range
- maximising customer service
Market Share
a company’s product sales as a percentage of total sales for that industry
How can businesses increase market share
developing an extensive product range
Product mix
the range of a business’s products
To generate and increase the customer/markets interest a business should…
expand their product mix
Customer Service
responding to the needs and problems of the customer
How can a business maximise their customer service
- training employees and rewards
- anticipating market research
- establish and maintain long-term relationships
Target Market
a group of customers with SIMILAR characteristics who presently or in the future, may purchase the product
Primary Target
is the market segment at which most of the marketing resources are directed towards
Secondary Target
usually a smaller and less important target segment
What are the benefits of identifying a target market
- establishing a positive relationship with the group for an increase in long term sales
- use resources more efficiently and more cost effective
- refine the marketing strategies used to influence customer choice
Examples of selecting a target market
Mass Marketing, Marketing Segmentation, Niche Marketing
Mass Marketing Approach
Targets a large range of customers, mass produces, distributes and promotes ONE product to all buyers
Marketing Segmentation Approach
For businesses who cannot sell their product to the entire market, they segment the market into:
- demographics, geographical, lifestyle, and behavioural
Niche Marketing Approach
narrowly selected target market
- Little competitors -> untapped market
Marketing Strategies
activities undertaken to achieve objectives through the marketing mix (product, price, promotion, place)
