Chapter 36: Markets and the Role of Marketing

Flashcards by , created over 3 years ago

GCSE Business Studies Flashcards on Chapter 36: Markets and the Role of Marketing, created by 19leesia on 02/23/2016.

Created by 19leesia over 3 years ago
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Question Answer
market arrangement where goods and services are sold where buyers and sellers exchange goods for money
What are the two types of markets? Housing market and commodity market
what is the difference between housing markets and commodity markets? housing markets are where people buy and sell properties, while commodity markets are where raw materials are traded.
market share share of the total market a business/product enjoys
what is the formula for finding the market share? total product /business sales ________________________________ x100 total sales in the whole market
marketing identifying needs and wants of customers designing products that meets the needs charging the right price convenient locations
market research it's done to identify customers needs
Product oriented businesses? ↑quality ↑design ↑manufacturing for products rather than needs of customers ex:)) Pfizer & Bayer
Market oriented business? focuses on needs/wants ↑market research
What is the marketing mix? key elements in marketing strategy 4Ps
Why does a business need a marketing objective? to help sell products
what is an example of a marketing objective? increase market share by 10% increase number of outlets by 50
what are marketing strategies? sets of plans to achieve marketing objectives
what are some examples of marketing strategies? improve packaging raise/drop price