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Business Management
Unit 2 -AOS 2
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Marketing
The
process
of
implementing strategies
to
price
,
promote
, and
distribute
products to
current
and
potential
customers
Customer base
A group of
consumers
who
continuously
purchase goods
and
services
from a business
Business objectives
The
goals
a
business intends
to
achieve
Marketing
A
process
to
develop
,
promote
,
distribute
and
price
a
product
appropriately
Marketing strategies
1.
Developing
a product
2.
Promoting
a product
3.
Distributing
a product
4.
Pricing
a product
Developing a product
1.
Market
research practices
2.
Identification
of
target market attributes
Promoting a product
1.
Advertising
2.
Sales promotion
3.
Public relations
4.
Product placement
5.
Building brand awareness
Distributing a product
1. Managing
distribution
channels
2. Managing
intermediaries
Pricing a product
Determining
pricing strategies
It is
essential
to
identify
the
customer base
Identifying
the customer base involves
market research
and
developing
a clear idea of
potential customers
Customer profile
A basic
description
of who the
ideal
customer might be
Demographic characteristics
Age
Gender
Profession
Education
Income level
Marital status
Psychographic characteristics
Lifestyle
Personality
Attitudes
Hobbies
Interests
Geographic characteristics
Where the customer
lives
Where the customer
shops
Once a business has identified its customer base, it should
1. Ensure
product suits
customer needs
2.
Focus marketing
on
targeting individuals
3. Develop
strategies
for
repeat purchases
80
% of sales come from
20
% of the customer base
This
20
% of the customer base contributes to the majority of a business’s sales and is made up of its most loyal
customers
Business objectives
Increasing
sales
Increasing
market share
Improving levels of customer
satisfaction
Increasing
profit
Internal environment
Factors
within a business that a business has
control
over
Corporate culture
The shared
values
and
beliefs
of a business and its
employees
Owners
and
managers
are
responsible
for
improving
business performance
Owners
and
managers
require
skills
to
implement
and
lead
new
marketing
strategies
To establish a business’s
marketing strategy
, owners and managers should
1.
Create customer profiles
2.
Target marketing practices
3.
Develop brand identity
4.
Adapt marketing strategies
Good customer service
can enhance a business’s brand identity and expand its customer base
Poor customer service
can negatively affect how customers perceive the business
Corporate
culture aim
To develop workforce culture that
values
customers and promotes
positive
experiences
All businesses should aim to be
Customer Focused
Businesses with
customer focused values
are likely to have a
strong customer base
and
enhance brand identity
Businesses without a customer focused culture may result in
disengaged
staff and
poor
customer service
Operating environment
Refers to specific
outside stakeholders
with whom a business
interacts
Operating
factors
The immediate
external
factors impacting a
business
which a business has some
control
over
Customers are a
key component
of the marketing process
What is the role of employees in relation to customer service and brand identity?
Employees
have
direct face-to-face time
with
customers
and are
responsible
for
customer service
,
influencing brand identity.
How can employee customer service influence a customer base?
Employee customer service can
attract
or
repel
customers,
influencing
the
customer base.
What is corporate culture?
Corporate culture
is the
shared values
and
beliefs
of a
business
and its
employees.
How does corporate culture influence customer base and brand identity?
Corporate culture influences customer base
and
brand identity
by being
customer-focused.
What are operating factors in a business context?
Operating factors
are
primary external factors impacting
a
business
which it has some
control over.
How can a business develop a loyal
customer base
and create a
positive brand identity
?
By ensuring that
customer needs
and
preferences
are met and providing a
high customer experience.
What is the relationship between customer experience and brand perception?
A
positive customer experience
leads to
better brand perception
among
customers.
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