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Description
Flashcards by Ashleigh-Jade Jones, updated more than 1 year ago
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Created by Ashleigh-Jade Jones
about 7 years ago
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| Question | Answer |
| Marketing: | The business process that anticipates, identifies and satisfies the customers needs and wants profitably |
| Marketing Model: | a method to decide how to turn a marketing objective into a strategy |
| How Technological Developments Affect Marketing Decisions: | Digital Marketing: -strong success pushes people that way to use it themselves Social Media: -tight targeting -interactive relationship Relationship Pricing: -specify ads and junk mail to you and your interests Dynamic Pricing: -prices continually change based upon supply & demand |
| Ethical Marketing: | the process through which companies generate customer interest in its products and services by incorporating social and environmental considerations *Important for legal issues and to make customers more aware but conflicts might come from people believing it is dishonest or that you aren't actually ethical |
| Competitiveness: | A measure of a firms ability to offer a better combination of price and quality than its rivals |
| Measure of Market Competitiveness: | Lack of competition Monopoly e.g. electric & gas | Oligopoly | Competitive market e.g. chocolate bars Fierce competition |
| Market Positioning: | seeing where exactly a brand fits or would fit in the market *Helps outline what consumers like and what a brand can do to increase their market position |
| How Marketing Can Boost Competitiveness: | Design: -USP to stand out from rivals Brand Image: -crucial for customers to tell brands apart |
| Marketing Objectives: | the targets that a company's marketing department sets itself |
| Typical Marketing Objectives: (Quantitative) | -Sales volume in units: the number of items a business wishes to sell in a given time period) -Sales value (£): increase revenue and sales figures -Sales growth: in volume (units) or value (£) -Market share: the % of the total market that one company or 1 brand has -Market size: the total volume (units) or total value (£) of the whole market -Market growth: % increase/decrease over time |
| Typical Marketing Objectives: (Qualitative) | -Brand loyalty: repeating purchases/returning customers -Market positioning: trying to appeal to a specific market e.g. Superdry age group 14-25, top in casual clothing market -Launch new product: completely new or to amend an existing product e.g. mobile phones -Differentiation: unique selling point (USP) -Advertising methods -Product range |
| Influences on Marketing Objectives: | Internal: -company's mission + overall objectives -leadership style -finance -human resources (staff) External: -trends/fashion -how much influence they have in the market/their share -demographic of the market (age, gender, lifestyle) -competitors -ethics |
| Market Share: | the % of the total market that one company or 1 brand has total revenue for business in time period / total revenue of market for time period) x100 = market share (%) |
| Market Growth: | (change in market share between two years / share of one year) x 100 = market growth (%) (Y1 - Y2 / Y1) x100 = Market growth (%) |
| Sales Growth: | (change in sales between two years/sales of year 1) x 100 = Sales growth (%) (Y1 - Y2 / Y1) x100 = sales growth (%) |
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