The marketing mix Flashcards
What is marketing
The identification, satisfying and revisiting of customer needs, covers a number of activities including market research with a purpose of making profit
Why is marketing important to businesses
Gain market share, develop brand awareness, encourage customer loyalty
What does it mean to understand customer needs
Market research to identify who the customers are and their needs and wants
What does the importance of marketing depend upon
Budget, competition, seasonality and economic state
What is product orientation
An inward looking approach to new product development where the key focus is on what products can be made and the production process informed by scientific research and R&D, the business concentrates on producing high quality products and finds a market for them later
What is market orientation
An outward looking approach to new product development where the focus is on what the customer wants, informed by market research where the business focuses on consumer needs, reduces but does not eliminate the risk of new product development
What is asset led marketing
An inward looking approach that bases a firms activities around its existing competences and assets, focuses on brand awareness and identifying new products that can be sold through existing channels
What are the advantages of asset led marketing
Cost effective, strengthen assets further to build customer loyalty
Define product
The goods and services that the firm provides, made u-p of core features and functions as well as additional aspects that can sway consumer behaviour like guarantees
Define promotion
The activities designed to communicate with the market thereby increasing visibility and sales of a product
Define price
The amount of money that the customer has to pay to receive the good or service
Define place
The physical location where a product is available as well as the distribution channel it has travelled through to get from the manufacturer to the customer, can either be a physical location or a virtual location
