Marketing Business terms

• What are the sections of the marketing mix?

  Product, price, promotion and place
• What does product entail?

  Firm must identify customers needs and want. Come up with a product that will fulfil these needs/wants.
• What does price entail?

  Customer must think it is good value for money
• What does promotion entail?

  Product must be promoted so that potential customers are aware that it exists.
• What does place entail?

  Products sold in a place that customers find convenien.
• Market size


  Number of individuals (including companies) within the market which are potential buyers or sellers of products. Total value of products in the market
• Market share


  Proportion of total sales within the market that is controlled by the business
• What is segmentation?


  Dividing a market into distinct groups based on similar characteristics or needs. So can identify target markets
• What are some ways a market could be segmented

  Age, income, location, gender
• Why is market research so useful?

  Increase sales, stay competitive, create targeted marketing