Topic Six, Part 6 - Marketing Within A Business Environment Flashcards
What are the ways to measure business success?
- Sales
- market share
- satisfaction surveys
What are the advantages of setting objectives?
- Clear objectives motivate workers
- Assess performance
What are the disadvantages of a marketing plan?
- Consumer change interrupts a good marketing plan
- A recession can make a plan ineffective
What is a market leader?
A dominant business with control over the market. Also known as a monopoly.
What is a niche market?
Businesses that specialise to target a small section of a market which isn’t widely targeted
What is a challenger?
A small business attempts to attack the market leader through marketing
What is a follower?
If a market leader cuts prices, others do the same
What is Ansoff’s matrix?
Used to identify competitive advantages in existing and new markets
What is market penetration?
Trying to sell more of its existing products in its existing market
What is market development?
Selling an existing product to a new market segment
What is product development?
Changes are made to an existing product, but it continues to sell in the same market.
What is diversification?
Selling a new product in a new market
