Role of Marketing: Flashcards
(19 cards)
What are the principles and purposes of marketing?
- anticipating demand
- recognising demand
- stimulating demand
- satisfying demand
what is it meant by anticipating demand?
When it is predicted what will be in demand and when.
what is it meant by recognising demand?
When a demand has happened or is happening.
what is it meant by stimulating demand?
Finding ways to promote the brand
(such as offering one get one free/ groups)
what is it meant by satisfying demand?
Ensuring stocks are available to meet any demand generated.
what are the 6 marketing aims and objectives?
- understanding customer wants and needs.
- developing new products.
- improving profitability.
- increasing market share.
- diversification.
- increased band awareness and loyalty.
What is marketing?
Activities a company undertakes to promote the buying or selling of a product or service.
What is the definition of a brand?
A marketing or business concept that helps people identify a company, product or individual.
What is a campaign?
To promote products through different types of media ( TV, radio,online platforms )
-can be through other interactive techniques ( video conferencing )
What is market share?
The percentage of a given market that a buiusness holds
-only be measured against a business similar to your business.
What is it meant by diversification in a business?
When a company offers new products/services which are different than usual.
This helps expand on usual range or explore a product/ service all together.
What are aims and objectives?
An objective is usually a simple, short term goal.
An aim is a more complicated, long term goal.
What is a mass market?
A large group of consumers with a wide range of different characteristics.
What is a niche market?
Smaller segments of the market.
Give 5 ways a market can be segmented?
- Age
- Gender
- Income
- Ethnic,cultural and religious background’s
- Buying habits
Give 5 ways a market can be segmented?
- Age
- Gender
- Income
- Ethnic,cultural and religious background’s
- Buying habits
what’s branding personality?
human characteristics to which a customer can relate to
- if a company has a sophisticated/ professional/ classy personality.
what’s brand image?
What customers think of you.
What does USP mean?
unique selling point
something that makes you unique to other company’s/ stand out
