17114197
Description
Flashcards by vfsf dsgrgr, updated more than 1 year ago
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Created by vfsf dsgrgr
about 5 years 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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