Meeting customers needs 1.1 Flashcards
What is marketing
Targeting the right audience using the combination of the 4ps
Give examples of marketing objectives
- develop brand loyalty
- gain high market share
- target new audience
- grow digital presence
What is a brand
An image that distinguishes one company from another
Mass marketing advantages
- more potential customers = more sales
- economies of scale
- mass production - lower costs
Mass marketing negatives
- more competition
Harder to stand out
Niche marketing advantages
- charge premium price due to PD
- less competition
Niche marketing negatives
- expensive as research needs to be in depth and accurate
- do not benefit from economies of scale
- vulnerable to competition if one starts to dominate
Market share
A proportion of a businesses sales as a percentage of all the sales within that one market
The difference between risk and uncertainty
Risk is the possibility of something going wrong and uncertainty is when there is a lack of information
Market orientation
Businesses are heavily focused on consumer needs, decision-making is also influenced by this
Product orientation
The business focuses on what it does best For example high-quality products or Innovative products
What is market research
Gathering information about consumers competitors and distributed within a market
Examples of primary research
Retail research and observation
Examples of secondary research
The Internet, trade press, government produce data
Advantages of secondary research
Cheap
Usually based on actual figures
Good overview of market
