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