Flashcards
Chapter 36: Markets and the Role of Marketing
Cards in this deck (14)
- 1marketarrangement where goods and services are sold
where buyers and sellers exchange goods for money - 2What are the two types of markets?Housing market and commodity market
- 3what 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.
- 4market shareshare of the total market a business/product enjoys
- 5what is the formula for finding the market share?total product /business sales
________________________________ x100
total sales in the whole market - 6marketingidentifying needs and wants of customers
designing products that meets the needs
charging the right price
convenient locations - 7market researchit's done to identify customers needs
- 8Product oriented businesses?↑quality
↑design
↑manufacturing for products
rather than needs of customers
ex:)) Pfizer & Bayer - 9Market oriented business?focuses on needs/wants
↑market research - 10What is the marketing mix?key elements in marketing strategy
4Ps - 11Why does a business need a marketing objective?to help sell products
- 12what is an example of a marketing objective?increase market share by 10%
increase number of outlets by 50 - 13what are marketing strategies?sets of plans to achieve marketing objectives
- 14what are some examples of marketing strategies?improve packaging
raise/drop price
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- GCSE Business Studies Flashcards on Chapter 36: Markets and the Role of Marketing, created by 19leesia on 23/02/2016.
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