Unit 2 (Developing a marketing campaign) Flashcards
What is marketing
The identification, satisfying and revisting of the customers needs
Activities of marketing
Researching the market
Making decidion about the 4Ps
Up to date with changes in the market
What is the goal of marketing
To produce profit
What is a marketing mix
Product
Price
Place
Promotion
What is USP
Unique Selling Point
What is a niche market
A large market with a smaller criteria(limited choices)
What is a mass market
A market with more choice and the prices are lower
What is PLC
Product Life Cycle
What are the 4 stages of PLC
Induction
Growth
Maturity/Saturation
Decline
What is a extension strategy
An strategy used to stop a product falling into decline
Types of extension strategy
Discounts
New Packaging
BOGOF
Principles of marketing
Anticipating demand
Recognising demand
Stimulating demand
Satisfying demand
What are the six marketing objectives
Understanding wants and needs
Developing new products
Improving profitability
Increasing market share
Diversification
Increased brand awareness and loyalty
What is economies of scale
The more that is produced, the lower the units per cost
What is revenue and how is it calculated
The income of a business, selling price per unit times units sold
