Theme 1 Marketing and people 1.3

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What is marketing?
Identifying and satisfying customer needs profitably.
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What is a market?
Where buyers and sellers meet.
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Niche market
Meeting the needs of a small number of potential customers.
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Mass marketing
Creating a product that appeals to the masses.
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Market share
The proportion of the total market accounted for by one product or one firm.
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Market growth
Measures the change in value of the market.
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Dynamic markets
Where the market is constantly changing.
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Bringing a new idea to life.
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Market research.
Gathering and analysing information about customers needs and the nature of the market.
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Secondary research.
Research collected and published by someone else.
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Quantatative data
Numerical data
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Qualitative data
Attitudes, feelings and opinions.
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Market segmentation.
Where the market is broken down into smaller sections with similar characteristics.
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The 4P's
Product, price, promotion and place.
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Card 2


What is a market?


Where buyers and sellers meet.

Card 3


Niche market


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Card 4


Mass marketing


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Card 5


Market share


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