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7 Cards in this Set
- Front
- Back
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What is a market ? |
A market is a place where goods and services are sold. buyers and sellers communicate and exchange goods for money. Today buying and selling can be done over the telephone or Internet! |
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Market share |
Businesses are often interested in their market share. is a share of the total market in that particular business or product. Businesses often aim to increase their market share!
Market share =
Total product or business sales _________________________________ X 100
Total sales in the whole market
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What is marketing? |
Identifying the needs of consumers
designing and producing products that meets these needs
Understanding the threats from competitors
advertising the products
charging the right price
making products available in convenient locations
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Satisfying customer needs |
Businesses have to satisfy customer needs and wants. They have to know what their customers want and need. Businesses do this by carrying market research. Businesses have to keep up with designs, trends, fashions and technology. |
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The marketing mix |
The marketing mix is to get the right product (high quality, customer needs) at the right price (Value for money) to the right place (convenient locations)at the right time. |
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Marketing objectives |
General role= help selling products Increase market share by X % Increase weekly sales by X € rebrand an existing product Increasing the number of outlets by X |
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Marketing strategies |
Marketing strategies is a set of plans that are drawn up so that a specific marketing objective can be achieved. adapt an existing product improve the packaging raise the price advertise in exclusive magazines distribute through exclusive outlets. |
