3.1 Flashcards

1
Q

What is marketing ?

A

Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitability.
It is about more than just advertising
Marketing involves a range of activities including:
Market research
Setting prices
Designing and using promotion methods, including advertising
Designing the product and packaging
Deciding where to sell the goods/services
Managing distribution channels
Customer service and communicating with customers
The method of selling the good/service

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2
Q

Purpose of marketing

A

Anticipating consumers’ wants
Satisfying customers’ wants
Meeting the needs of the business

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3
Q

Define marketing objectives

A

Marketing objectives: The specific goals/targets of the marketing department. They must be in line with the firm’s overall corporate objectives.

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4
Q

Why must businesses set marketing objectives

A

Businesses must set marketing objectives to determine what they must do in their marketing strategy to help achieve their overall company objectives.

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5
Q

What is market size?

A

Market size: The total volume of sales of a product or the value of the sales of a product

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6
Q

Define Sales volume

A

Sales volume measures the number of items sold or produced

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7
Q

Define sales value

A

Sales value measures the financial worth of the items sold.
for example, the average car price in 2013 was £27,219
if sold are 4 you do 4 ×27,219

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8
Q

what will a large market size do?

A

A large market size will attract many competitors so many firms will prefer to operate in smaller niche markets.

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9
Q

Different marketing obkjectives

A

Increase size – For example, sales revenue, market share, sales volume
Market positioning - Appealing to particular or new market segment
Security/survival – A common objective for new start-up firms, those in difficult financial positions and during a recession
Successfully launch a new product or end unsuccessful products
Increase product awareness
Innovation and developing new products
Differentiation – Creating a unique selling point and making the brand stand out from rivals
Add value to existing products – Methods to ensure consumers are willing to pay a high price for the product/service, such as high quality, strong brand image, excellent customer service, etc.

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10
Q

sales growth and calculation same with market growth

A

Sales growth: The percentage change in sales (volume or value) over a period of time for a specific brand.
Sales growth = new sales – original sales x 100
original sales

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11
Q

how can market growth be difficult?

A

Market growth can be difficult to achieve for one firm so they may set targets to move into new growing markets by targeting new consumers, developing new products or by completely diversifying (new products in new markets)

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12
Q

Factors influencing market growth

A

economic growth
types of products
social change

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