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Segmentation is the grouping of potential buyers that will respond similarly to marketing actions

it is the sorting of potential buyers into groups that have common needs and will respond similarly to marketing actions.

1. potential for increased profit
2. simplicity and cost of segmenting a market
3. Potential for a marketing action to reach a segment
4.

Variables such as customer characteristics - demographic, psychographic and geographic - and buying characteristics - behavioural.

1. potential for increased profit
2. potential for a marketing action to reach a segment
3. simplicity and cost of segmenting a market

1. potential for increased profit
2. similarity of needs amongst potential buyers
3. difference of needs among segments
4. potential of a marketing action to reach a segment.
5. simplicity and cost of assignment potential buyers to segments.

Targeting, in reference with marketing, is when an organisation aims their promotional mix towards a certain target market.

is when an organisation directs its marketing program towards a specific group of potential buyers.

Positioning, in reference to marketing, is the space a product holds in a consumers mind on important attributes in relation to competing products.

it is the space a product occupies in a consumers mind on important features in relation to competing products.

it is the four P's. promotion, product, place and price.

it is a marketing managers controllable factors that can be taken to solve a marketing problem

Intangibility - cannot be touched, held or seen
Inconsistency - services and the people serving them change everyday
Inseparability - the issue that people have separating the deliverer of the service from the service itself.
Inventory - you cannot store a service.

all the same ---- but
inconsistency - changes in services everyday effects the consistency of a service.

1.
2. whether they are profit or non profit
3.

1. whether they are delivered by people or equipment
2. whether they are profit or non profit
3. whether or not they are government sponsored.

Public relations is

it is a form of communication management that seeks to influence the feelings, opinions or beliefs held by people about the company, its products and its services.

marketing is the process of developing, pricing, promoting and distributing goods, services and ideas to satisfy the needs of consumers.

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They are different because marketing seeks to satisfy the needs of consumers but PR seeks to influence the beliefs, opinions and attitudes of consumers.

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Typical pricing objectives are: make profit, market share, investment

profit, market share, unit volume, survival and social responsibility,

Demand orientated approach
Cost orientated approach

demand orientated approach
cost orientated approach
profit orientated approach
competition orientated approach

it is when a product is priced low on entry into the market to attract mass customers and then once interest is sparked the price rises

is when you set a low initial price on a new product to appeal immediately to the mass market.

it is when you set a high initial price on a new good or service

is when you set the highest initial price that customers really desiring the product will pay.

it is when you set a high initial price on a new good or service

is when you set the highest initial price that customers really desiring the product will pay.

it is the responsiveness that consumer demand, and businesses have to the changes in a products price

is the sensitivity consumer demand and firms revenue are to changes in a products price

elastic demand is when a small increase or decrease in price leads to a large decrease or increase in demand.

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whether the consumers are aware of substitutes
whether there is a large comparison between substitutes

whether consumers are aware of substitutes
what proportion of consumer spending is devoted to the product
is it difficult to compare choices.

the pricing of products that are to be used in conjunction with other products - generally when the secondary product is more expensive than the product itself.

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is when retailers price something lower than its normal price level in the hope to get attention and that people will purchase other items whilst in the store.

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it is the same because advances in strategic market planning have been so great and is now so important it is shortened to 'market planning'

It is
planning - situation analysis, market product focus, goal setting and marketing program
implementing and control

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Situation analysis - SWOT
strengths
weaknesses
opportunities
threats

BCG matrix
is a matrix of where a company sits in reference to competitors with the reference to question marks, dogs, cash cows and Stars

Four market product strategies
developing market
developing product
diversification
Market penetration

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market penetration - same market, same product
developmental product
developmental market
diversification

Market development
Product development
Market penetration
diversification

a good, service or idea that satisfies the needs of the customer

a good, service, or idea consisting of tangible and intangible features that satisfies a consumers needs and is received in return for money or unit of value

transactional functions
logistical functions
facilitating functions

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it is a contractual agreement between and organisation and an individual or firm to operate a specific type of business under an already established name with certain rules.

it is a contractual agreement between a parent company and an individual or firm allowing them to operate a certain type of business under an already established name and following particular rules