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Description
Flashcards by Emma Creighton , updated more than 1 year ago
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Created by Emma Creighton
almost 4 years ago
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| Question | Answer |
| Target Market | 1. Mass market = mass produce, mass distribute and mass promotes one product to all buyers business develops a single market mix and directs it at the entire market |
| Target Market | 2. Market segmentation = when total market is subdivided into groups of people who share one or more characteristics based on 1. Demographic 2. Geographic 3. Psychographic 4. Behavioural aim to increase sales and profit by a better understanding and responding to the desires of the target customers |
| Continued ... | primary = market segmentation at which most of the marketing resources are directed secondary = usually a smaller and less important market segmentation |
| Target Market | 3. Niche = a narrowly selected target market segment (micro market) |
| Marketing mix 1 - marketing strategies are actions undertaken to achieve a businesses market goals through a marketing mix | 1. Product package = development of container and graphic design of a product a brand is a name, term, symbol or design that identifies a specific product |
| Marketing mix 2 | 2. Price Business owners normally choose one of the three methods in calculating price 1. Cost base = calculating the total cost of producing a product then adding a markup 2. Market-based = setting prices according to interaction between levels of supply & demand - whatever the market will pay 3. Competition base = choosing a price that is either below, equal to or above its competition |
| Marketing mix 3 | 3. Promotion - to inform/persaude/remind customers about it's products 1 - personal selling and relationship marketing 2- sales promotion 3 - publicity and public relations 4 - advertising |
| Marketing mix 4 | 4. Place (distribution) are activities that make the product available to customers - producer to customer - producer to retailer to customer - producer to wholesaler to retailer to customer |
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