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business - unit 2 marketing

marketing mix

4 Ps - product, place, price, promotion
& added 3 Ps - people, process, physical evidence

rationale

reasoning behind something

marketing

a method of promoting a product, service or business

sales

the action of selling and exchange of a commodity of money

aim

a long term goal/outcome for a business

objective

the steps/journey that get you to the final outcome

SMART objective

S - Specific
M - Measurable

A - Achievable

R - Realistic

T - Time

diversification

a strategy that mixes a wide variety of investments in an attempt to reduce risk

mass market

a product targeted to anyone (e.g. phone, tv, bed)

niche market

- a business targeted to a smaller, specific market
- for small & medium size businesses to grow to sell to mass

market

market segmentation

demographic - age, education, income, gender
geographic - climates, regions

behavioural - purchase, consumption, lifestyle

psychographic - personality, traits, values, opinions

target market

aiming products to/for the right people/consumers

market share

- proportion of the total sales in market made by one business
- an indictation of how successful the business is doing

market leader

a business that has huge profitibility and brand loyalty but also able to minimise their imput costs

primary research

information collected by yourself (accurate) e.g. surveys, focus groups, questionares

secondary research

second hand information (not neccessarily accurate) e.g. wikipedia, news, websites

PESTLE

P - political
E - economical

S - social

T - technilogical

L - logical

E - environmental

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