Unit 1.3 Flashcards
(15 cards)
Key purpose of marketing
Anticipating and satisfying customer needs
What does marketing involve
Involves researching, developing, pricing, promoting and distributing products/services
What are targets that are set to guide marketing strategy
increase market share, increase sales volume, improve brand loyalty, launch new products and enter new markets
Market Share (%) (Equation)
Business Sales / Total market sales x 100
Market Growth % (Equation)
Change in market size / Original market size x 100
Market Segmentation
Breaking a market into sub-groups: Demographic, Geographic, Income, Behavioural
What are the 4ps in the marketing mix
Product, Price, Place and Promotion
Penetration Pricing
Low prices to enter a market
Price Skimming
High price to enter a market
Price Skimming
High price for early adopters
Cost plus pricing
Add % profit on top of cost
Competitive pricing
Matching your price to rivals
Psychological pricing
4.99 instead of 5
What are some internal marketing decisions
budget, objectives and capacity
What are some external marketing decisions
Competition, customer tastes, tech economy
