Markets (Chapter 5) Flashcards
What is the definition of Marketing?
A process whereby the pricing, promotion and distribution of products is planned and carried out, in order to meet the business’ goals and mission.
What is the definition of a Market?
A market is simply a place or process where buyers (customers) and sellers (businesses) meet to trade.
What is the definition of Market Size?
The market size is the number of buyers and sellers in a particular market.
What is the definition of Market Share?
Market share is the percentage or proportion of sales within the total market sold by one business.
What is the definition of a Marketing Plan?
A plan carefully researched and prepared by a business that assists with achieving goals in other areas of the organisation, and it is generally prepared at the same time as a full business plan.
What are the 6 key elements of a Marketing Plan?
- Market Position
- Competitor Analysis
- Target Market Analysis
- Marketing Goals
- Marketing Strategy
- Marketing Mix
What is the definition of Market Position?
A summary of the existing situation that the business finds itself in.
What is the definition of Competitor Analysis?
A summary of the strengths and weaknesses of competitors by analysing their capabilities, strategies and goals.
What is the definition of Target Market Analysis?
The process of a business identifying the segment of the market that the product or service is aimed at.
What is the definition of Marketing Goals?
The process of a business identifying the goals it wants to achieve as a result of the marketing campaign.
What is the definition of Marketing Strategy?
Outlines exactly how the business will achieve goals set out in the marketing plan - divided into the 7P’s.
What is the definition of Customer Base?
Customer base is the measure of the total potential number of customers.
What is the definition of Barriers to Entry?
Barriers to entry determine the number of suppliers in the market and also can be a measure of a market’s size. Barriers to entry can differ in amount depending on the amount of existing firms in a specific market.
