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Descripción
Fichas por danny-hudson97, actualizado hace más de 1 año
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Creado por danny-hudson97
hace alrededor de 10 años
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| Pregunta | Respuesta |
| What Is Marketing? | Marketing is the management process for identifying and satisfying consumer requirements profitability. |
| Market Identifies Customers Needs And Wants | Marketing finds out what customers need and want. Marketing tries to anticipate what they'll want in the future so that the business can get one step ahead of the market. It tries to ensure the business supplies goods and services that customers want in order to make a profit. Marketing covers research, analysis, planning and the "Marketing Mix". Most large businesses have special marketing departments |
| Marketing Is Important In A Competitive Environment | 1) Companies selling products in a competitive environment rely on marketing to help them obtain a share of the market. 2) Once they have a customer base, marketing helps them come up with new products and make sure that their customers don't shop elsewhere. 3) Companies invent Unique Selling Points (USP) for their products to persuade customers to buy their products rather then other competitors. 4) Marketing helps make sure customers stay loyal to a particular brand. |
| High Disposable Income Increases The Need For Marketing | (Disposable Income - The amount of money that customers have left to spend after they've paid their taxes and pension contributions) 1) When customers have lots of disposable income, they start to buy things they wouldn't usually. 2) Manufacturers of these products all want to attract a share of this new group of customers, so they increase the amount that they spend on marketing. 3) The extra spend on marketing causes sales to rise, which leads to an increase in revenue. 4) However, an increase in disposable income, can lead to a decrease in the cheaper, lower quality products. Manufacturers may spend more on these to win back market share. |
| Gloabalisation And Brand Awareness Can Affect Marketing Strategies | Globalisation is good for large companies because it allows them to sell their products all over the world. (Coca-Cola and McDonald's are examples of very successful global brands). 1) Global markets has led to customers being very brand aware. Companies often market major brands differently from that the way they market lesser-known brand products. 2) Successful brands often choose to advertise the brand name rather than a specific product as this will increase the sales of all of their products not just the one. 3) Some consumers dislike buying from large, global companies because they feel that they're more impersonal or too powerful. |
| Advantages Of A Niche Market | 1) Niche Markets only targets people who are likely to be interested in the products in question. So although it only reaches a small groups of consumers, there is a good chance they will want to buy the products. 2) It only targets a very limited group of customers Niche Markets are cheaper than mass markets. |
| Disadvantages Of Niche Markets | 1) Some companies selling to a Niche Market are forced to set high prices for their product. This is because their low levels of production prevent them benefiting from 'economies of sale'. 2) Another disadvantage of Niche Marketing is that identifying a Niche can be expensive, aswell as time-consuming. |
| Advantages Of Mass Marketing | 1) Mass Marketing allows companies to reach a huge audience. 2) Producers of Mass Market products save money because of the 'economies of scale'. These savings can be passed onto customers, allowing firms to compete on price. |
| Disadvantages Of Mass Marketing | 1) A Mass Marketing Strategy is unlikely to make customers feel that a product meets their exact needs. Market Share can decrease as Niche products break the market into smaller segments. 2) Mass Marketing is expensive, as it relies on widespread forms of promotion, such as TV advertisement. |
| Companies Use Marketing To Target Customers Or Other Businesses | The growth of the internet has created many new types of business. Two of the most important are Business-To-Business (B2B) companies and Business-To-Customers (B2C) companies. |
| Business-To-Business (B2B) companies | Business-To-Business sell to other businesses. They usually sell their services, such as help with recruitment, or telecommunications and computer products. Business-To-Business tries to build a long term relationship with the consumer and emphasises after-sales service. |
| Business-To-Customers (B2C) companies | Business-To-Customers businesses such as Amazon sell goods directly to the public via the internet and they often use discounts, advertisements and other promotions to persuade people to spend money. |
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