What Is Mearcketing? Flashcards
What is marketing?
To identify, anticipate and meet the wants and needs of customers profitably.
Name 3 things the Marketing Department includes?
Market research
Analysis of marketing data
Planning using the marketing mix
What does SMART stand for?
Specific
Measurable
Agreed
Realistic
Timely
What is sales volume?
The number units sold over a certain period of time
What is sales value?
The revenue received from sales
What is sales growth?
A specific increase in the volume or value of sales over a given period of time
Formula for sales growth?
Sales growth% = sales this year - sales last year/ sales last year * 100
What is market share?
The percentage of sales in a market made by one firm or brand.
An advantage of market share:
Tells how well a business is doing compared to its rivals
A drawback of market share:
Often difficult to define “the market” when firms are in more than one market.
What is market saturation?
If the market is saturated the firm needs to entice customers away from other businesses
Market share formula?
Sales/total market size (volume or value) * 100
