Market Growth
- Created by: Hayley Barker
- Created on: 05-05-13 15:24
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- Marketing
- The significance of marketing
- Identify Customer demand
- Satisfying customer demand
- Making a profit
- MSDL= limited market research not done this very well
- Customer Orientation
- bases decisions on customer needs
- continually monitors environment to see what customers want, competitiors are offering and changes in the market
- companies becoming increasingly more customer orientated
- Product Orientation
- Producing a product with no market reasearch in the hope it will be Successful
- telling the customer what they want rather than asking them what they want (MSDL)
- Market Share
- (Sales volume/valueofone product/total sales volume in whole market)x 100
- Market Growth
- (difference between 2 years, original market size) x 100
- sales in total market from 2 different years
- (difference between 2 years, original market size) x 100
- Setting objectives
- Provides; a greater sense of direction for the business,a possile motivationa;l force for all employees and an aid to controlling existing and future operations in the business
- TACTICAL= short term objectives needed to ensure objectives are achieved
- STRATEGIC= long term- how a business plans to achieve its goals
- Constraints on Objectives
- INTERNAL= · Lack of finance to meet chosen objectives · Poor communication within business · Conflict of interest between departments · Industrial dispute within the workforce
- EXTERNAL= · The state of the economy · Behaviour of competitors · Opinions and behaviours of external stakeholders · Changes in the law that affect business operations
- The significance of marketing
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