Unit 3 Flashcards
What is marketing
The communication between a business and its(potential) customers in order to create and encourage sales
What is the purpose of marketing
To increase sales by identifying,anticipating and satisfying customer,this requires profitability
What is a market
Where buyers and sellers transact
What are the 2 types of markets
Retail(physical)
E-commerce(online)
What are examples of markets
Food and beverage
Tech
Clothing
Health care
What are objectives
Targets set by the marketing function
What are some key marketing objectives
Sales growth(percentage change)
Sales volume
Sales value (£)
Launching new products
Entering new markets
What is the process of marketing objectives
1.Define the main goal
2.Outline the objectives
3.Break out objectives into tasks
4.Tie tasks to dates
What are the key marketing measures
Market size
Market growth
Market share
What is FMCG
Fats moving consumer goods
What is the role of market research
Competitor analysis
Identify trends in the market
Aid pricing strategies
Meeting consumer needs
Ideas for development
Customer feedback
What is quantitative data
Facts and figures
What is qualitative research
Customers thoughts and feelings on a product
What is primary research
Data collected first hand for a specific business
What is secondary data
Looking at data that already exists
What are some primary research methods
Surveys/questionares
Observations
Focus groups
What are some positives of surveys/questionares
Reach a large target audience
Mix of qualitative and quantitative responses
Can usually gather much info from large sample