MARKETING 2.0

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Flashcards by vfsf dsgrgr, updated more than 1 year ago
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Question Answer
define market share? market share refers to the business share of the total industry sales for a particular product
why is it advantagous for a business to develope an extensive prodcut/service range? to gain more market share
define maximsing customer service? customer service means responding to the needs and problems of the customer
what are the advantages of providing high levels of customer service? high levels of customer service --> improved customer satisfaction--> repeat customers
research has shown that ONE dissatisfies customer will tell ...x... others, who in return will tell another .....y... x= 11 y= 5
how can a business maximize customer service? what are some methods? - asking customer what they want - training employees and rewarding them for excellent customer service - reviewing product mix - establishing and maintaining long-term relationships with customers
what is a target market? a target market is a group of present and potential customers to which a business intends to sell its products
what do the consumers of the same target market have in common? -income -location -spending patterns -lifestyle
define a primary market? key segment at which most most resources are directed
define a secondary market smaller and less important market
what are the benefits of selecting target markets are? - more efficient use of marketing resources = cost & time - promotion material is more relevant to customer needs - effective collection of data - a better understanding of consumer buying behavior
define mass marketing. seeks a large range of customers (eg. model T ford in the 1920s)
define market segmentation distinct segments divided by common characteristics (eg .luxury cars, business vans)
define the term niche market narrowly selected target market segments (eg. hypercars)
what is a marketing strategy? are actions undertaken to achieve the business' marketing objectives through the marketing mix (the 4 Ps or 7 Ps)
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