Marketing

Created by: Ava
Created on: 04-03-24 17:01

What is marketing?

Finding out what your customers needs and wants are and developing a way of delivering them.

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State the five activities involved in marketing

-carrying out market research in order to find out what customers want to buy
-Deciding on the right place to sell the products
-Deciding on the best methods of promotion for products and making customers aware of the products
-Deciding on the right price

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What is a market segment?

A market segment is a group of buyers with similar characteristics

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How is the market segmented?

According to the characteristics of buyers. This looks very stereotypical and businesses need to be aware of society trends.

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Name three market segments with examples

Family size, families may buy larger bags of crisps than single packets
Income, people on lower income may buy own brands instead of branded products
Lifestyle, People who enjoy exercise are more likely to but activewear

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What is market research

The gathering, recording and analysing of information about the possible market for a good or service

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What are three things that need to be found through market research

-if there is a gap in the market
-What customers like or dislike about products
-What the competitors are doing

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What are the two types of market research

Field and desk research

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What is the definition of field research

This involves finding out information firsthand directly from the public/consumer

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Other cards in this set

Card 2

Front

State the five activities involved in marketing

Back

Card 3

Front

What is a market segment?

Back

Card 4

Front

How is the market segmented?

Back

Card 5

Front

Name three market segments with examples

Back

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Marketing