business

Created by

Jess

Cards (17)

Marketing 
Businesses use marketing to launch new products, boost flagging sales, keep customer loyalty, promote their brand or penetrate new markets
Main reasons businesses use marketing 
To understand customer needs
To keep ahead of competitors
To communicate effectively with the public
To increase sales and profitability
Corporate objectives 
The aims the business wants to achieve, such as increasing market share, selling overseas, increasing profits and/or improving customer relations
Marketing plan 
Identifies the marketing activities which must be completed to achieve the aims of the business
SMART objectives 
Specific
Measurable
Achievable
Realistic
Time-based
B2B market 
Selling to industrial buyers or retailers, such as raw materials, equipment, consumables or items for resale
B2B marketing activities 
Presentations to industry buyers
Visits by sales representatives to firms
Stands at trade fairs
Networking with contacts
B2C market 
Selling to private individuals and households, in a shop, online, door to door, or in their own home
B2C marketing activities 
Market research about customers
Establishing a memorable brand
Advertising the brand
Promotions to tempt people to buy
Goods market 
Concerned with products from apples to xylophones
Services market 
Concerned with services from car valeting to window cleaning
Niche market 
A small market that aims to meet specific user needs, such as a group of customers for a specialist product
Mass market 
The largest market possible for a product
Capital goods 
Machines and tools used by industry during production, such as forklift trucks or bottling equipment
Consumer goods 
Items bought in shops or online by customers for themselves or someone else
Consumers 
People who consume or use an item, the end user
Customers 
Whether private individuals or businesses, make the purchase, they may use the item, sell it or give it away