OUTLINE OUTCOME 2 Flashcards
marketing and the internal environment aspects …. listed
owners and managers
employees
corporate culture
marketing and the external (operating) environment factors … listed
customers
suppliers
competitors
marketing and the external (operating) environment factors … listed
economic factors
technological factors
legal factors
social factors
market research practices factors … listed
market research process
data collection techniques
data/analysis interpretation
target market attributes factors … listed
market dimensions
market segmentation
selecting a target market
consumer trends
the 7ps of marketing… listed
product
price
place
promotion
people
physical evidence
process
the product life-cycle factors … listed
introduction
growth
maturity
decline
marketing
process of implementing strategies to price, promote and distribute products to current and potential customers
customer base
group of consumers who continuously purchase goods and services from business
business objectives
goals business intends to achieve
the relationship between marketing, establishing customer base and business objectives … FACTORS listed
- increasing sales
- increasing market share
- improving levels of customer satisfaction
- increasing profit
internal environment
factors within business that business has control over
corporate culture
the shared values, ideals, beliefs and expectations of a business and their employees
economic factors
understanding current economic conditions allows business to create marketing strategies that attract/ retain customers
technological factors
both positive and negative impact on customer base and brand identity
legal factors/regulations
rules/laws made by government, aswell as decisions made in court
social factors
social factors including societal beliefs, behaviours and trends, are constantly changing
market research practices
determine whether good or service will be successful within market
market research process
when completing market research, a series of steps are taken where businesses are able to gather a rang of info
market research process aspects … listed
- define the problem
- collect the required data
- analyse and interpret the data
data collection techniques
when conducting market research, businesses must consider what kinds of info they’ll need to collect
data collection is broken down into … listed
primary data
secondary data
quantitative data
qualitative data
primary data
info collected for the first time by business
secondary data
info already collected for another purpose
quantitative data
info measured by numbers
qualitative data
info that is descriptive and non-numerical
data analysis/interpretation
once data is collected, business must analyse/interpret their findings to draw meaningful conlcusions
target market attributes
most markets are filled with a large number of consumers with differing needs and wants
market dimensions
indication of total number of potential customers who could purchase product from business in particular market
when considering marketing strategies, businesses should seek to consider whether their strategies are tailored to… listed
a niche market
a mass market
niche market
small specialised market for particular product
mass market
large market for goods and services produced on substantial scale for significant number of consumers
market segmentation
process of dividing market into different groups of consumers that share similar characteristics
market segmentation will involve business dividing different consumers into segments based on … listed
-demographic - age, gender,income
-geographic - city size, rural or urban, climate of location
-psychographic - lifestyle, personality, hobbies
-behavioural - regular or first time product users, purchasing frequency, reading behind purchase
primary target market
business main target market, which’ll exhaust most of its marketing efforts onto
secondary target market
smaller segment of market that’s the second most likely group of consumers to purchase goods or services
consumer behaviour
actions of those who purchase goods/services for consumption
consumer behaviours factors … listed
-cultural: nationality, ethnicity, religion
-personal: age, life stage, personality, wealth
-psychological: perception, attitudes, motives
-social: peer groups, family, friends, social class
consumer trends
developed patterns in consumer behaviours, attitudes and values
7p: product
good/service that’s offered to consumers to satisfy a need or want
7p: price
amount that customer pays for good or service
7p:place
how business distributes product to consumers
distribution channels
chain of intermediary businesses which products travel through to reach consumer
7p: promotion
marketing communications used by business to inform, promote and remind its target market about its products
promotional strategies ….. listed
advertising
sales promotion
direct marketing
personal selling
public relations
7p: people
individuals that influence customers perception of business and its products
includes:
owners and managers
employees
customers
7p: physical evidence
environment in which business and customer interact
visible elements that make up physical evince of business … listed
facilites
interior design
ambience
evidence of service being performed
digital world
7p: process
procedure set in place through entire customer purchasing experience at business
7p: process may involve … listed
finding out about product
choosing product over alternatives
purchasing product
retrieving product
methods that improve customer purchasing experience … listed
info
purchasing options
efficient service
knowledgeable staff
the product life cycle
series of stages that product passes through from the moment its introduced to market until it becomes obsolete/replaced
1.introduction
product is introduced
2.growth
customers have accepted product resulting in sales growth
3.maturity
business reach peak level of product sales before they being to plateau
- decline
business will experience steady decrease in sales as product becomes obsolete/outdated
