Unit 3 - marketing Management Flashcards
Relationship marketing
Is an approach in which a company seeks to build long-term relationships with its customers by providing consistent satisfaction and focuses on consumer retention
Business ethics
Refer to whether a business decisions is perceived to be morally right or wrong
Marketing objective
Is a measurable and time specific target set for the marketing function; for example, to increase sales by 10% within 3 years
Sales volume
Measures the level of sales in a given period in terms of units sold
Sales value
Measures the level of sales in a given period
Sales growth
Is the percentage changes in sales volume or value over a given period
Market share
Measures the sales of one brand or business as a percentage of total market sales in a given period
Internal influences
On marketing objectives and decisions are factors within the business such as employees and operational resources
External influences
Influences on marketing objectives and decisions are factors outside the business such as the state of the economy
Globalisation
Refers to the increasing trade between countries and the growing internationalisation of businesses
Marketing research
Involves haltering and analysing data relevant to the marketing process
Competitiveness
Measures the extent to which a business offers good value for money relative to competitors. A business is competitive it offers better value for money than rivals
Primary market research
Involves gathering data for the first time to use for marketing purposes
Secondary market research
Uses data that already exists for marketing purposes
Big data
Refers to large and complex sets of data. There have been difficult to analyse in the past but improvements in technology is making the use of big data more feasible
Sample
Is a group of people or items selected to represent the target population
Target population
Is all the items or people that are relevant to the market research being undertaken. For example, a business might be interested in all 16-18 year-olds in the UK
Price elasticity of demand
Measures how responsive demand is to change in price l, all other factors constant
Income elasticity of demand
Measures how responsive demand is to a change in income, all other factors constant
Segmentation
Occurs when similar customer needs and wants are grouped within a market
Market segments
Are the groups of similar needs and wants within the market
Mass market
Approach aims to provide products that meet some of the needs of a large proportion of the market
Niche marketing
focuses on a particular segment of the market
Positioning
Identifies the benefit and price combination of a product relative to competitions
Market mapping
Analyses market conditions to identify the position of one product or brand relative to others in the market in terms of given criteria
Consumer products
Are goods bought for consumption by the general public
Industrial products
are goods bought for use in business processes.
Product life cycle
Shows the sales of a product over its life
Boston matrix
Analyses all of a firms products in terms of their market share and growth in the market
Social media
Refers to the social interaction among people where they create, share or exchange information in online communities
Viral marketing
Is a marketing technique that uses social media and networks to raise brand awareness and boost sales by getting users to recommend the promotional campaign ( such as a blog or advert) to others
Multichannel distribution
Means that consumers can buy the product in several ways e.g. in store, online and click and collect
E-commerce
Is the buying and selling of products through an electronic medium such as the internet
