The role of marketing Flashcards
1
Q
What is market segmentation?
A
when businesses segment the market, to develop their marketing strategy.
2
Q
What are the two types of market?
A
Mass and Niche
3
Q
What is Mass market?
A
targeting products at the general population
4
Q
what is Niche market?
A
targeting products at specialist interest markets
5
Q
what are specialist interest markets?
A
specific group of consumers with unique interests
6
Q
what is an example of specialist interest markets?
A
luxury watches
7
Q
list the 6 marketing aims and objectives
A
- understand customer needs and wants
- developing new products
- improving profitability by reducing costs
- increasing market share
- diversification
- increasing brand awareness and loyalty
8
Q
what is the purpose of marketing?
A
to generate interest in a product or service
9
Q
list the 4 ways you can generate interest in a product or service?
A
- anticipating demand
- recognising demand
- stimulating demand
- satisfying demand
10
Q
list the 5 principles of marketing
A
- identifying needs
- promoting products
- pricing the brand
- promoting the brand
- distributing the brand
