targeting markets Flashcards
what does an enterprise decide on the most suitable marketing mix based on?
whether they are targeting a B2B market or a B2C
what is a B2B market?
an enterprise sells its goods to another enterprise
b2b:
what may the goods be to selling it to businesses? (4)
raw materials, equipment, consumables, items for resale
consumables
items that are used up and then replaced
what is a B2C market?
an enterprise sells its products (goods + services) directly to individuals for their own use
b2c:
what are such individuals known as?
consumers
b2b decision-making factors:
what are 5 ways?
- create a profitable return on investment
- to increase revenue
- to reduce costs
- to improve efficiency and productivity
- to generate profits
b2c decision making factors:
why convenience?
the product may be obtained easily
b2c decision making factors:
what may the product value for?
money
b2c decision making factors:
what may it be an emotional response to?
promotion of the product
b2c decision making factors:
why brand identity?
the meaning of the brand to consumers (behaviour towards the product)
b2c decision making factors:
why features and benefits of the product?
to meet consumers needs
methods of marketing:
what does b2b markets generally consist of?
large companies
methods of marketing:
why would enterprises use expensive marketing methods?
to influence their buying decisions, such as advertising nationally, stands at exhibitions and discounts to customers for buying in bulks
methods of marketing:
how does b2c markets target individual consumers?
money-off vouchers
discounts
loyalty schemes
