Market and marketing Segmantation Flashcards
what is a market
a figurative place were and consumer and sellers exchange of goods and services for money.
what is marketing
The activity of promoting and selling products or services to the market.
How does Marketing improve Business Function
1.Increases Brand Awareness: Marketing assists businesses to raise awareness for their brand (and their products!) in the minds of consumers so that they are more likely to purchase them
2.Increases Market Share: Marketing helps businesses to win more of the market away from competing brands
3.Increases Sales & Revenue: Increasing marketing efforts often results in an increase in sales, which produces increased revenue for the business.
what is revenue
total sales
what is expenses
total cost
difference between market share and market size
what is market segmantation
the division of a market of potential customers into different segments, and chooses a particular ‘segment’ to target with their product.
what can markets be segmented by
demographic,phsychographic,geographic characteristics
give me examples of demographic segmentation
age race gender icome education,
examples of geographic segmentation
location
culture
language
tradition
.Psychographic Segmentation
values
desires
goals
interects
what is a market plan
a document that shows how a business is planning to use advertising and promotional resources to target their specific target market and increase sales.
what are the main elements of a marketing plan
Market Position
Competitor Analysis
Target Market Analysis
Marketing Goals
Marketing Strategy
Marketing Mix
market position
the place a brand occupies in the minds of customers and how distinguished from the products of the competitors
competitor analysis
an assessment of the strengths and weaknesses of current and potential competitors.
