Unit 2: Workbook A Flashcards
marketing def
the action of promoting and selling products or services, including market research and advertising.
4 links between marketing and demand
Anticipating demand
Recognising demand
Stimulating demand
Satisfying demand
SMART objectives
specific measurable achievable realistic time bound
mass marketing def
market that provides goods/services in large quantities/consumed by most of the society
niche marketing
market that provides goods/services in small quantities/consumed by minority of society
Types of segmentation
Geographic - where they live
Demographic - profile (age gender etc)
Psychographic - religion/beliefs
Behavioural - based on actions/ behaviour patterns
Benefits of segmentation (4)
.To increase market share (Sell into new market segments)
.To assist new product development (Introduce new products into gaps in market segments)
.To extend products into new markets (E.g. Sell mobile phones to consumers as well as business users)
.To identify ways of marketing a product (E.g. Advertise in The Sun to reach the right social class)
Limitations of segmentation (4)
.Difficult to identify the most important segments for a product (E.g. Difficult to categorise customers)
.Marketing to a chosen segment (E.g. Difficult to find the best way to market to a segment)
.Recognising changes in the segments interested in the product (E.g. Markets are dynamic – customers may not stay loyal)
.Meeting the needs of customers not included in the chosen segment (E.g. Ignoring other potential customers)
Branding def
the way your customers perceive you, your promise to them and what they should expect from your product or service. It is defined by individuals and not by companies.
4 Internal influences on marketing
cost of the campaign
availability of finance
expertise of staff
size/culture of the business
4 external influences on marketing
economic environment
competitors
politics
technology
market research def
gathering info on customers needs/preferences
primary research
gathering info yourself
questionnaire/interview
secondary research
using data that already exists
research
primary research pros + cons
+ up to date
+ can choose Qs
- more time/money/effort
secondary research pros + cons
+ less time/money/effort
- competitors can access same info
- less specific to your needs
- may be out of date
qualitative data
non numerical data
qualitative pros + cons
+ more detailed
+ insight into WHY
- subjective
- time consuming
quantitative data
numerical data
quantitative pros + cons
+ objective
+ no bias
+ can compare
- no insight into WHY
reliability
sample size
validity
generalisable?
up to date?
SWOT
Strengths
Weaknesses
Opportunities
Threats
PESTLE
Political Economic Social Technological Legal Environmental
