Purposes Of Marketing Flashcards
What is the purpose of marketing?
The purpose of marketing is to help businesses develop and sell the goods and services that customers want.
What is anticipate demand?
Anticipate demand is to predict future customer needs and prepare in advance.
What is recognise demand?
Recognise demand is to identify what customers want through research and feedback.
What is stimulate demand?
Stimulate demand is to encourage customers to want or buy a product through promotions or advertising.
What is satisfy demand?
Satisfy demand is to meet customer needs by providing the right product in the right amount and quality.
What are the 4 principles of marketing?
Anticipate demand
Recognise demand
Stimulate demand
Satisfy demand
What is a market?
A market is a place where people buy and sell things, or customers who might want to buy a product.
What is a value share?
A value share is the percentage of total sales revenue a company has compared to its competitors in a market.
What is the starting point for a business: anticipate, recognise, stimulate, or satisfy demand?
A business should start by recognising demand to understand what customers want through complying to the current market trends.
What is the order of steps for managing demand of a new business? What demand is used in the new business first to last?
- Recognise Demand
- Stimulate Demand
- Satisfy Demand
- Anticipate Demand
