marketing Flashcards
(22 cards)
what is marketing management
decision makers in a business who identify, anticipate and satisfy customer needs and profitability
what is marketing objectives
long-term targets for a business
what is the market size volume formula
quantity of goods / services produced in a particular market over a period of time
what is market size value
the total sales revenue generated from selling all the goods and services produced in a particular market over a period of time
what is sales volume
quantity of goods and services produced by a particular business over a period of time
what is sales value
total sales revenue of a particular business over a period of time usually one year
what is a brand
a product that is publicly distinguishable from other products
what is the value of setting marketing objectives
to make sure functional activates are in line with corporate objectives
what is a marketing objective
are actionable targets designed to provide not just overall direction, but clear and specific actions.
what is the role of marketing
the process of identifying, anticipating, (predicting) and satisfying customer needs profitability
what are examples of marketing objectives
meeting customer demands
entering a new market
increasing market share
gain advantage over competitor
what are the external influences on marketing objectives
economic environment competitor actions market dynamics technological change social and political change
what are the internal influences on marketing objectives
corporate objectives finance human resources operational issues business culture
why do businesses use market analysis
they can understand there customer needs and wants and how the market responds to the products
how do you calculate sales volume
number of units sold x profit per unit
how to calculate market growth % in year ‘X’
change of the size of the market between year (X-1) and year X / size of the market in year (X-1) x100
how to calculate sales growth % in year ‘X’
change in sales of product or business between year (X-1) and year X / sales of product or business in year (X-1) x100
how to calculate market share %
sales of one product / total sales in the market x100
define primary market research
is a process, where organizations or businesses get in touch with the end consumers or employ a third party to carry out relevant studies to collect data.
define secondary market research
a type of research that has already been compiled, gathered, organized and published by others.
what are examples of primary research
surveys etc
what are examples of secondary market research
information released by the government about the population
