random revision Flashcards
what happens if population increases ?
theres an increase in demand for goods snd services, becomes a new target market to exploit (older generation), different cultural backgrounds, increase labour market and migrants will also work in low skilled jobs for low wages
what is fair trade?
social movement that works towards paying suppliers, particularly farmers in places such as Africa and South America a fair price for the raw materials leading to a fair wage for the farmers
what are marketing objectives?
the goals of the marketing department function which comes from and are designed to help achieve the corporate objectives
what is the marketing process?
setting marketing objectives
analyse marketing data
make marketing decisions
implementing decisions
review
what is market share?
measures the amount it sells as a percentage of the total sales of the market
what are corporate objectives?
the goals of the organisation that are created to provide a sense of direction and steer the actions of the organisation
what are the internals of a business?
refers to things a business has control over within the business i.e finances, employee skills, operations etc
what are the externals of a business?
refers to factors that are outside a businesses control i.e size of market, tax, ethical factors, competitors etc
what is primary research?
involves the collection of first hand data that did not exist before and therefore is original data i.e surveys, questionnaires, in depth interviews, focus groups and observation
what is secondary research?
research that has already been undertaken by another organisation and therefore already exists i.e office for national statistics, market research organisations, academic organisations, newspapers/magazines
what is market mapping?
diagrammatic technique that enables businesses to display the perceptions of customers . it compares different variables regarding products and consumers to identify gaps . it can also be used to analyse consumer buying habits and preferences. it can also to be used to identify what segment of the market is under provided for.
what are confidence levels?
reflects the degree of certainty with which a business believes a stated outcome will happen
what are confidence intervals?
the range of values within which the business is confident that the research results will be true
what is return of investment?
measures a firms profitability and performance
what is the ROI formula?
operating profit / capital investment x100
