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12 Cards in this Set

  • Front
  • Back

Marketing Objectives Should Always be SMART:

Specific: target a segment/product


Measurable: By a percentage or number


Achievable: Resources needed for the target


Realistic: it is reasonable as a goal quota


Time Bound: Within measurable limit of time

Effective Marketing Strategy requires POISE:

Profitable: has to benefit the business with a positive effect


Offensive: have an effective marketing approach


Integrated: whole business approach it


Strategic: Needs to be tailored to any certain issue, so reflects current business position


Effectively Executed: Plan of action needs to run smoothly


Characteristics of Effective Marketing

1. Identifying the target market


2. Segment your markets


3. A coherent brand image through a coherent marketing mix



Different Types of Market

Local:Small Geographical area, i.e personal services+fresh produce.


National: Chains, selling to wide geographical area.


Physical: Retails shops, Physical location where buyers and sellers meet and trade.


Electronic: E-commerce, virtual location where buyers and sellers trade.

Advantages and Disadvantages of Mass Markets

+.Cheaper per person


+.Easier to manage


+.High revenues


+.R&D more efficient and beneficial


-.Isn't targeting personally


-.Changes in demand likely


-.Competition


-.Less room for added Value



Advantages and Disadvantages of Niche Markets

+.Less competition


+.Costs are lower


+.Targets customers more personally


+.Usually greener as less mass production


-.Lower profit=high prices


-.Changes in demand vulnerability


-.Market envy of larger firms


-.Complex set up&hard to gain loyalty.

Formulas

Number of units*price=Market Size


Market Share*Sales/Total Sales=Market Share


Change in size/Original Size=Market Growth

Effective Branding

:-Images


:-Colour


:-Logo


:-Shape


:-Symbols


:-Celebrity Endorsement


Benefits of Brand Loyalty

>Brand Extension (New product ranges to a recognised brand name)


>Brand Value (Name itself adds value=higher costs)


>Brand Personality (Associate with human characteristics)

Factors that influence how markets change

*Demographics


*Technology


*Economy


*Social trends


*Ethics


*Environment


*Competition



How competition affecting the market

~More efficient-Drives poor trading out of business


~More intense Rivalry-better market outcomes


~Furthering Technology- domestic production more efficient and more environmentally efficient.



Difference between Risk and Uncertainty

#Risk: Possibility things will go wrong. Can be assessed and managed, through contingency planning. I.e; Making investments, product breaching health and safety regulations


#Uncertainty: Unpredictable and uncontrollable events that affect a business. I.e; Unpredictable effects of launching a price war against competition.