dead

• marketing


  about identifying the customers needs and producing goods and services that satisfy these needs
• benefits of marketing


  brand awareness, brand creation, audience generation, consistent customer experience
• why is marketing important?


  understand customer needs, boost sales, launch new products, keep ahead of competitors, engages customer loyalty
• what is market share?


  the percentage of total sales in an industry generated by a particular company
• marketing objectives (SMART)


  Specific, Measurable, Achievable, Realistic, Time-specific
• types of market

  B2B and B2C
• Business-to-business (B2B)


  consists of all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
• Business-to-consumer (B2C)


  companies sell directly to consumers
• customer


  an individual who makes a purchase from a business to use themselves, gives to others or sells it
• consumer


  a private individual who uses goods and services. they are the end user
• goods market


  convenience goods, durable goods and luxury goods
• service market


  hotels, nail bars, financial services, business services
• capital goods


  used to make other goods
• consumer goods


  items bought from a shop by the end user
• mass market


  items that appeal to everyone
• niche market


  much smaller market for a specialised product
• production orientation


  business develops products based on what it is good at doing
• marketing orientation


  Business responds to customer needs and wants - designs products accordingly
• business models


  sales model, advertising model, marketing model
• aim of branding


  the aim of branding is to make a particular item or service instantly recognisable and memorable
• dimensions of a brand - CLICS


  Celebrity endorsements, Logo, Images, Colours, Symbols
• benefits of branding


  product identification, repeat sales, new product sales
• secondary research


  the research of secondary data by studying reports or journals and checking facts and figures online
• primary research


  first hand data directly collected from customers or consumers by the researcher for a specific purpose such as observation, surveys and experiments
• qualitative data


  data about opinions, judgements and attitudes
• quantitative data


  data that can be expressed as numbers and can be statistically analysed
• situational analysis


  when a business looks at its own position in the market and assesses how it could be affected by trends and developments
• SWOT analysis


  strengths, weaknesses, opportunities, threats
• PESTLE analysis


  Political, Economic, Social, Technological, Legal, Environmental
• target market


  customers that businesses target to sell products to