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marketing 1
| Term | Definition |
|---|---|
| marketing | identifying customers wants and satisfying them profitably |
| customer | a person, business or other organisation which buys goods or services from a business. |
| customer loyalty | when existing customers continually buy products from the same business |
| customer relationships | communicating with customers to encourage them to become loyal to business and it’s products |
| the role of marketing | >identify customer needs >satisfy customer needs >maintain customer loyalty >build customer relationships to gain info about customers >anticipate changes in customer needs |
| consumer | buys goods or services for personal use (not to re-sell) |
| why customer/consumer spending patterns change | >consumer tastes and fashion change >changes in technology >changes in incomes >ageing populations |
| how can business respond to spending patterns and increased comp? | >maintain good customer relationships >keep improving it’s existing product >bring out new products to keep customers interest >keep costs low to maintain competitiveness |
| mass market | where there is a very large number of sales of a product |
| advantages of mass market | >total sales in these markets are very high >business can benefit from economies of scale >risks can be spread, one variety fail, other sell well >opportunities for growth of business (large potential sales) |
| disadvantages to mass market | > high levels of comp between business selling similar products >high costs of a advertising/ promotion >standardised products/services, may not meet specific needs of potential customers (lost sales) |
| niche market | a small usually specialised segment of a much larger market |
| market segment | an identifiable sub group of a whole market in which consumers have similar characteristics or preferences |
| how does segmentation help business? | >make marketing expenditure cost effective >enjoy hugher sales + profits for business (cost effective) >identify a market segment which is not having its needs fully met, giving it an opportunity to increase sales |
| ways of segmenting a market | -by socio economic group -by age -by region/location -by gender -by use of product -by lifestyle |
Created by:
elisseu
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