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16 Cards in this Set
- Front
- Back
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MARKET
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a place where buyers and sellers come together to exchange products for money
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PRODUCT-ORIENTED BUSINESS
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a business whose focus is on the product itself
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MARKET-ORIENTED BUSINESS
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a business whose focus is the market, and develops its product after conducting market research
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MARKETING BUDGET
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money available for spending on marketing activities of a product for a specific period of time
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MARKETING
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is the management process which identifies customer's wants in the present and future, and goes about satisfying them.
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WHY IS MARKETING DONE?
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- to find current consumer requirements
- help make consumer profits - satisfy consumer needs -to predict future consumer requirements |
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SALES DEPARTMENT
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- responsible for sales of the product
- has several sections responsible for the regions the product was distributed to |
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RESEARCH AND DEVELOPMENT DEPARTMENT
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- market research
- testing new products to see if they are suitable for consumers - research existing products to improve them |
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PROMOTIONS DEPARTMENT
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- organising the advertising for the product, and is responsible for the agency used, etc.
- chooses appropriate advertising to be used - will have an advertising budget to spend on advertising |
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DISTRIBUTION DEPARTMENT
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is responsible for the transporting the product to the market
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MARKET SHARE
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percentage of total market sales held by a brand or business
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OBJECTIVES OF MARKETING
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- increase sales revenue
- increase or maintain market share - improve or maintain business and products' image - target a new market or market segment - develop or improve products |
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SWOT ANALYSIS
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- technique used to assess a product
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MARKET SEGMENTATION
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is where the market is divided into groups of consumers who have similar needs and characteristics
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MASS MARKET
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- a very large number of sales of a product
- as it targets most of the market segments - e.g. food, medicine, shampoo and toothpaste |
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NICHE MARKET
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- is a small, specialised, segment of a larger market
- few and small firms sell these as large markets cannot be bothered because they sell so less |
