unit 3 - chapter 7 Flashcards
marketing definition
a function of a business that provides the link between the customer and the business, and is mutually beneficial
relationship marketing definition
approach to marketing in which a company seeks to build long-term relationships with its customers by providing consistent satisfaction. it focusses on customer retention rather than one off sales
e.g bank
market analysis definition
involves examining the particular characteristics of a market such as market size and growth
business ethics definition
whether the actions of a business decision are perceived as morally right or wrong
sales value definition
measures the level of sales in a given period in terms of amount spent
sales volume definition
measures the level of sales in a given period in terms of units sold
market share definition
measures the sales of one brand or business as a percentage of total market sales in a given time period
sales growth definition
the percentage change in sales volume or value over a given period
market growth definition
the percentage change in the total sales in the market over a given period
market share formula
(sales of the product / total market sales) x 100
what are 6 marketing objectives
- sales volume
- sales value
- sales growth
- market share
- market growth
- brand loyalty
what are the 2 internal influences on marketing objectives
- mission statement , corp objectives
- department capabilities
what are 4 external influences on marketing objectives
- competition
- market conditions
- incomes
- demographic
globalisation definition
increasing in trade between countries and the growing internationalisation of businesses
market growth equation
new market size - old market size
————————————————– x 100
old market size
