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9 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Market concept |
Ensures the business is always focused on consumers needs first, before it develops a good or service |
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Marketing |
The business process that is used to understand, anticipate and satisfy consumer needs and wants both now and in the futre |
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Marketing Strategy |
Examines the overall business objectives and develops marketing activities to help the business achieve these goals. |
Examines the overall business |
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Marketing plan |
Used to implement firm’s marketing strategy. 1.Conduct a SWOT 2. Market segmentation 3.Research target market 4.Develop a marketing mix |
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3 Roles of Marketing plan in Business |
1.Business goal 2.Finance- shows investors the business conducted a full depth analysis of the market 3. Benchmarking-business can use the marketing plan to benchmark planned performance against actual resultsb |
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Benchmarking |
Setting a standard and comparing performance against this standard |
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Benchmarking |
Setting a standard and comparing performance against this standard |
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Market segmentation 3 examples |
The market is divided into different sections Geographic- different zones or areas E.g region county country Demographic- segments based on common characteristics such as gender age income occupation Psychographic- segments based on belief, attitudes, lifestyle E.g vegan |
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3 Benefits of market Segmentation |
1. Increased sales- product meets needs of target market which can increase sales 2. Market share-allows firm to focus on small section of the market and allow business to grow 3.Lower cost- Does not waste money trying to sell to different target markets.Focuses on smaller market. |
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