Marketing Flashcards
Marketing concept
The business focuses on understanding the needs and wants of consumers in the market.
Marketing
Is the business processes that are used to understand, anticipate and satisfy consumer needs
Marketing Strategy
Examines the overall business objectives and develops marketing activities to help the business achieve its goals.
Marketing plan
Used to implement the firms marketing strategy.
Market segmentation
The market is divided into different sections e.g geographic and demographic
Target market
A target market is the specific group of consumers who have a common needs and wants
Niche Market
A small group of consumers in a larger market with different needs from the majority of consumers
Product life Cycle
Describes the stages that a product goes through from introduction to decline.
Stages of Product life Cycle
- Introduction: Sales are low as the product is launched on the market.
- Growth: Sales increase and the business inverts in production to keep up with
consumer demand. - Maturity: Sales and profits reach their peak and the business has a positive cash flow
- Saturation: Sales and cash flow begin to slow down as consumers have bought the
product from the business or competitors. - Decline: Sales and profits decline and the business decide whether they continue with
the product or retire it
Extending the Product life cycle
- Product
- Price
- Place
- Promotion
Evaluation of the market mix
- Product: The product is the good or service sold by the business.
- Price: Business must ensure that the pricing strategy chosen for its product covers
production costs - Place: Place refers to where the consumer can buy the product.
- Promotion: Promotion is used to increase consumer awareness of the brand and the
product it sells
