Learning Aim A Flashcards
(13 cards)
What is the role of marketing as a management process?
- Identifying customers
- Analysing customer behavior
- Assessing competition
- Evaluating marketing practices
- Developing communication strategies
- Stimulating demand
Why is marketing important?
- Connects with customers
- Integrates business functions
- Supports supply chains
- Facilitates internal communication
- Builds reputation
- Maintains customer relationships
- Ensures relevance
What are the three market types?
- B2C (Business to Consumer)
- B2B (Business to Business)
- For-profit / Not-for-profit
What is a niche market?
A small, specialized market segment catering to unique customer needs (e.g., vegan skincare for sensitive skin).
What is a mass market?
A large, broad market segment targeting a general audience (e.g., toothpaste sold in supermarkets).
What are common aims of for-profit organisations?
- Break even
- Survival
- Customer loyalty
- Maximise profits
- Profit distribution
What is the primary aim of not-for-profit organisations?
Providing for society’s needs (social, environmental, or community objectives).
What are SMART marketing objectives?
Specific, Measurable, Achievable, Relevant, Time-bound targets.
What is the purpose of maintaining/increasing sales or market share?
Higher sales and market share lead to more revenue and a stronger market position.
Why is customer retention important?
Retaining customers is more cost-effective than acquiring new ones, and loyal customers spend more over time.
What is the goal of entering new markets?
To reduce dependence on one market and open new revenue streams.
What does ‘change buying behaviour’ aim to achieve?
Influence how customers make purchases (e.g., frequency, switching to digital).
Why encourage digital engagement?
To build stronger relationships, boost brand visibility, and increase conversions online.
