unit 3 marketing Flashcards
know what marketing is and what it entails (21 cards)
marketing
it is the management process of identifying, anticipating and satisfying customer requirements and profitability
what are the three main purposes of marketing
anticipating customer wants
satisfying customer wants
meeting the needs of the business
5 marketing objectives a business may set
increasing sales volume and value
increasing brand image and awareness
market sales and growth
increase in market share
building brand loyalty
increase market share
build brand loyalty
What is market size
Total volume of sales of the product/the total value of the sales of the product(amount sold/amount made)
what is sales volume?
measure the number of items produced
what is sales value?
measures the financial worth of the items sold
What are some other marketing objectives
trying to increase in size
market positioning
security/survival
successfully launch a new product or end unsuccessful products
increase product awareness
innovation and developing new products
add value to existing products
What does SMART stand for
Specific
measurable
achievable
realistic
timed
how do you calculate percentage change
new - old over old x 100
how do you calculate market growth
new market size-original market size over original market size x 100 (basically just percentage change)
how to calculate sales growth
new sales - original sales over original sales x 100 (basically just percentage change
sales growth is
the percentage change in sales( volume or value) over a period of time
market growth is
new market size - original size over original market size x 100
what is the point of entering growing markets
businesses will want to enter growing markets
that are growing to maximise sales
what are the 5 main factors influencing market growth
economic growth
types of products
social changes
demographic changes
changes in tastes and fashions
what is market share
the percentage of total sales of a product or service achieved by one buisness in comparison to the whole market
calculation for market share
sales of one brand over total sales in a market
x 100
what is a brand
the set of physical attributes of a product or service, combined with the beliefs/expectations surrounding it - a unique combination which the name or logo of the product or service should evoke in the mind on an audience
what is brand loyalty
a measure of the degree of attachment that a consumer has for a particular brand. “loyal” consumers are more likely to make a repeat purchase of the product and are less likely to switch over due to being “loyal”
external influences on marketing and objective decisions
political and legal factors
economic factors
social factors
technological change
ethical and environmental factors
state of the market factors
competitor actions
customer suppliers
internal influences on marketing and objective decisions
business/corporate objectives
finance
human resources
operational issues
type of products
