Section 1.1- Meeting Customer Needs

Marketing
The action of a business promoting and selling products or services, including market research and advertising.
1 of 27
What resources are needed for marketing?
A marketing budget, marketing department, knowledge of the market in which the business operates and a set of objectives to achieve.
2 of 27
What is a SWOT analysis?
An analysis of a businesses internal strengths and weakness, and its external opportunities and threats.
3 of 27
What does SWOT stand for?
Strengths- what the business is good at and why its successful. Weakness- the aspects that could be holding back its performance. Opportunities- what is happening in the market that they could take advantage of. Threats- constraints in the market.
4 of 27
What are marketing Objectives?
Marketing objectives are simply short-term goals concerning the marketing of the business. They are targets the marketing objective must achieve.
5 of 27
Marketing Strategy
This is the medium to long-term plan for how to achieve the marketing objectives.
6 of 27
Characteristics of Effective Marketing
Identifying your target market, Focus your market research, Focus your advertising spending and segment your markets.
7 of 27
What is Mass Marketing?
Selling into a mass market containing many products that are similar.
8 of 27
What is Niche Marketing?
Niche markets target clear and identifiable segments of the market. Breaking a large market into smaller groups, offering more unique and one of products.
9 of 27
Whats the difference between a Customer and Consumer?
A customer is the person buying the product, whereas consumers are those who use the product.
10 of 27
Market Share
Market Share is the proportion of the total market sales accounted for
11 of 27
How do you calculate market share?
Sales value/volume of one product or brand DIVIDE BY total sales value/volume in the whole market X100
12 of 27
How do you calculate market growth?
Total number of units sold (Year 2-Year 1) DIVIDE BY total number of units sold (Year 1) X100
13 of 27
Features of Dynamic markets.
Competitive and ever changing markets.
14 of 27
Whats the difference between a risk and a uncertainty?
Risks can be quantified, whereas uncertainty are events which are unseen or can't be predicted.
15 of 27
Market Research
Market research is the collection, analysis and presentation of data relating to the marketing and consumption of goods and services.
16 of 27
Primary Data
This is data which does not already exist, its 'first-hand' data which is gather for a specific purpose.
17 of 27
Secondary Data
This type of data already exits, its 'second-hand' and it is gathering information that has already been collected for another purpose.
18 of 27
Benefits of market research
Allows businesses to keep on top of competitors, helps to identify problems that can help to save costs.
19 of 27
Market (customer) Orientation
This is where a business ensures that it targets each of it products to the appropriate market sector. Its main aim is to satisfy the needs of the customers first.
20 of 27
What is meant by Product Orientation?
This is where the business is concerned with the product and its specification. A product is made and then its features are shown to the customers in an attempt to make them buy it.
21 of 27
Market Segmentation
This is breaking down a large market into subgroups or sections that are likely to respond to products in different ways.
22 of 27
What can the market be segmented by...
Geographical, Lifestyle, Age, Gender and Social Class.
23 of 27
Why is market segmentation essential?
Segmentation is vital as it allows businesses to focus their products and their marketing efforts towards a specific group of customers.
24 of 27
What is 'adding value'?
The difference between what it costs to produce or buy a product to what it is actually sold for.
25 of 27
Product Differentaitin
How consumers perceive a product/brand to be different from its competitors.
26 of 27
What is meant by Market Mapping?
The study of various market conditins that are plotted on a map to identify trends and corresponding variables between consumers and products.
27 of 27

Other cards in this set

Card 2

Front

A marketing budget, marketing department, knowledge of the market in which the business operates and a set of objectives to achieve.

Back

What resources are needed for marketing?

Card 3

Front

An analysis of a businesses internal strengths and weakness, and its external opportunities and threats.

Back

Preview of the back of card 3

Card 4

Front

Strengths- what the business is good at and why its successful. Weakness- the aspects that could be holding back its performance. Opportunities- what is happening in the market that they could take advantage of. Threats- constraints in the market.

Back

Preview of the back of card 4

Card 5

Front

Marketing objectives are simply short-term goals concerning the marketing of the business. They are targets the marketing objective must achieve.

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing mix resources »