Section 1.1- Meeting Customer Needs

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Marketing
The action of a business promoting and selling products or services, including market research and advertising.
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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.
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What is a SWOT analysis?
An analysis of a businesses internal strengths and weakness, and its external opportunities and threats.
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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.
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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.
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Marketing Strategy
This is the medium to long-term plan for how to achieve the marketing objectives.
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Characteristics of Effective Marketing
Identifying your target market, Focus your market research, Focus your advertising spending and segment your markets.
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What is Mass Marketing?
Selling into a mass market containing many products that are similar.
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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.
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Whats the difference between a Customer and Consumer?
A customer is the person buying the product, whereas consumers are those who use the product.
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Market Share
Market Share is the proportion of the total market sales accounted for
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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
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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
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Features of Dynamic markets.
Competitive and ever changing markets.
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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.
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Market Research
Market research is the collection, analysis and presentation of data relating to the marketing and consumption of goods and services.
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Primary Data
This is data which does not already exist, its 'first-hand' data which is gather for a specific purpose.
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Secondary Data
This type of data already exits, its 'second-hand' and it is gathering information that has already been collected for another purpose.
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Benefits of market research
Allows businesses to keep on top of competitors, helps to identify problems that can help to save costs.
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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.
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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.
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Market Segmentation
This is breaking down a large market into subgroups or sections that are likely to respond to products in different ways.
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What can the market be segmented by...
Geographical, Lifestyle, Age, Gender and Social Class.
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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.
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What is 'adding value'?
The difference between what it costs to produce or buy a product to what it is actually sold for.
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Product Differentaitin
How consumers perceive a product/brand to be different from its competitors.
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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.
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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

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