The purpose of marketing is to anticipate and satisfy customers's needs while at the same time meeting the needs of the organisation in terms of, for example making a profit
Niche marketing aims a product at a particular market segments whereas mass marketing aims a product at the whole market
With a niche marketing there may be fewer competitors and it may be easier to target customers and promote products. However, there is less scope for adding value and products may lack appeal to certain segments
Business-to-business marketing usually involves large transactions, with promotions and advertising being informative rather than persuassive
The key elements of marketing mix are the relationship between product, price, promotions and place
Product is a key element of marketing mix and depends heavily upon design and new product development
A unique selling point (USP) adds value as it differentiates a product from others in the market
The Boston matrix shoes the relationship between market growth and market share
Extension strategies aim to extend the life of a product by modifying it, changing its image, introducing new promotions and prices, attracting new segments or targeting new markets
Promotion can be above-the-line advertising by media or below-the-line through other promotions such as competitions
The promotional mix elements include public relations, branding, merchandising, sales promotions, direct selling, personal selling and advertising
Pricing strategies include skimming, penetration, price leaders and price takers
Pricing tactics includes loss leaders and psychological pricing
Price elasticity of demand measures how responsive the demand for a product or service is to change in price. Elastic demand (answers between -1 and -infinity) means that a price change leads to larger percentage change in quality, whereas inelastic demands (answers between 0 and -1) means that a change in price leads to a smaller percentage change in the quantity demanded.
The place of element of the marketing mix involves ensuring that products are available in places where customers can buy them
A firm's competitiveness depends upon employee skills and motivation, effectiveness of the marketing mix and financial planning and control, efficiency of operations and quality procedures, innovation and investment, and enterprise.

	Created by jessica.melrose about 10 years ago

Note on Business Two Revision Summary, created by jessica.melrose on 31/03/2014.

Business Two Revision Summary