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Bus Ess - Marketing

Business Essentials - Marketing

QuestionAnswer
Represents the portion of the total market that a firm or product has. Market Share
People or organizations with needs or wants and with the ability as well as the willingness to buy. Market
= Units Sold / Total Units Sold in the Market Percentage of Unit Sales
= Total Revenue for Brand or Firm/ Total Revenue for Product Category or Industry Percentage of Revenue
Identifying specific market groups so that business owners can focus on the needs of the customers Market Segmentation
Involves dividing the market by customer characteristics such as age, gender, education, occupation, income, and ethnic origin Demographic Segmentation
Involves dividing the market based on where customers live. Divisions can include country, region, state, city, zip code, neighborhood or street. Geographic Segmentation
Involves dividing the market based on the lifestyle values, attitudes, and beliefs of customers. Psychographic Segmentation
Place Products Prices Promotion 4 P’s of the Marketing Mix
Convenient Location Place
Quality and variety Products
Competitive Prices
Advertising products Promotion
Refers to consistently using a particular product or shopping at a specific store Customer Loyalty
Refers to retaining customers and keeping them coming back Customer Retention
- It is less expensive to retain an existing customer than acquire a new one - Loyal customers often refer their friends and relatives - Such programs increase purchasing frequency and lead to more sales and profits - These programs have been shown to Benefits to customer Loyalty Programs
- Expenses are increased for the business (Expense of product used as reward and expense of administering the program) - Customer Loyalty programs increase paperwork for the business - Businesses must be extremely creative in designing such programs Drawbacks to Customer Loyalty Programs
Created by: mryan396
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