Unit 2 Chapter 5 Flashcards
Marketing a Business
marketing
the process of implementing strategies to price, promote, and distribute products to current and potential customers.
customer base
a group of consumers who continuously purchase goods and services from a business.
customer profile
a specific description of the type of person a business is selling to.
○ Demographic characteristics
○ Psychographic characteristics
○ Geographic characteristics
business objectives
the goals a business intends to achieve
○ Increasing sales
○ Increasing market share
○ Improving customer satisfaction
○ Increasing profit
internal environment
involves factors within a business that a business has control over
corporate culture
the shared values and beliefs of a business and its employees
operating environment
the primary external factors impacting a business which it has some control over
macro environment
social, legal, technological and economic conditions that a business has no control over
social factors
societal beliefs, behaviours, trends etc.
market research
the process of investigating
and analysing the activities
and behaviours of
customers and competitors
in a specific industry.
market research analyst
a marketing specialist who gathers and investigates customer information
primary data
information that is
collected for the first time
by the business for its
research purpose.
secondary data
information that has
already been collected for
another purpose
Quantitative data
information that can
be measured in numbers
and figures
Qualitative data
information that is
descriptive and nonnumerical
survey
a research
method that involves
asking questions to collect
data from a group
of people
market dimensions
an indication of the
total number of potential
customers who could
purchase a product
from a business in a
particular market
niche market
a small,
specialised market for a
particular product
mass market
a large market for goods
and services produced
on a substantial scale,
for a significant number
of consumers
Market segmentation
the process of dividing
a market into different
groups of consumers
that share similar
characteristics
target market
a specific group of
consumers that a business
aims its marketing efforts
towards
primary target market
a business’s main
target market, to which
it will exhaust most of its
marketing efforts.
secondary target market
a smaller segment
of the market that is the
second-most likely group
of customers to purchase
a business’s goods or
services
consumer behaviour
the actions of those
who purchase goods and
services for consumption
consumer trends
developed patterns in
consumer behaviours,
attitudes, and values.
