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15 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is the Role of Marketing? |
1. Identify Customer Needs. 2.Satisfy Customer Needs. 3.Maintain customer loyalty 4. Gain information about customers 5.Anticipate Changes in Customer Needs |
Market Research, Production ETC |
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Define Market Share |
Percentage of total sales held by one brand or business |
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Why Customer Changing Pattern Changes. |
1. Changes in tastes and fashion. 2.Changes in Technology. 3.Changes in Incomes. 4.Ageing Populations |
Changes in Demand |
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Why are some markets more competitive? |
1. Globalisation- products being sold all over the world. 2. Transportation has become easier. 3.E-commerce |
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How can businesses respond to changing patterns and increased competition? |
1. Maintain Customer Realtionships. 2.Improve existing products. 3. Keep low prices. 4. Bring out new products. |
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What is a market? |
Total Number of customers+ Potential Customers + Sellers |
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What is a Mass Market? |
Is where there is a large number of sales of a product. |
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Advantages Of Mass Market |
1. Sales are large- increased profits. 2.Economies of Scale. 3.Risks can be spread. 4.Oppurtunities for growth are more. |
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Disadvantages of Mass Market |
1. High levels of competiton. 2. High costs of Advertising 3.Standardised- may not meet specific needs- loss of potential customers. |
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Niche Market |
Usually a small, specialised segment, of a larger market. |
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Advantages of Niche Market |
1. Comparitively less competition. 2.Needs of Customers can be focused on. |
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Disadvantages of Niche Market |
1. Small, therefore limited number of sales. 2. Risks cannot be spread out. |
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What is a market segment? |
An identifiable sub group of a market in which consumers have similar prefrences or characteristics. |
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What are the ways of Segmenting the market? |
1. Socio-economic group. 2.Age 3.Region Location 4. Gender 5.Use of product 6.Lifestyle |
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Benefits of Segmenting |
Making marketing expenditure more cost effective. Closely meeting the needs of these customers. Therefore enjoying higher sales Identifying market segament with is being ignored, and provide them with services- increased Profit. |
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