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12 Cards in this Set
- Front
- Back
Marketing Objectives Should Always be SMART: |
Specific: target a segment/product Measurable: By a percentage or number Achievable: Resources needed for the target Realistic: it is reasonable as a goal quota Time Bound: Within measurable limit of time |
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Effective Marketing Strategy requires POISE: |
Profitable: has to benefit the business with a positive effect Offensive: have an effective marketing approach Integrated: whole business approach it Strategic: Needs to be tailored to any certain issue, so reflects current business position Effectively Executed: Plan of action needs to run smoothly
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Characteristics of Effective Marketing |
1. Identifying the target market 2. Segment your markets 3. A coherent brand image through a coherent marketing mix |
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Different Types of Market |
Local:Small Geographical area, i.e personal services+fresh produce. National: Chains, selling to wide geographical area. Physical: Retails shops, Physical location where buyers and sellers meet and trade. Electronic: E-commerce, virtual location where buyers and sellers trade. |
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Advantages and Disadvantages of Mass Markets |
+.Cheaper per person +.Easier to manage +.High revenues +.R&D more efficient and beneficial -.Isn't targeting personally -.Changes in demand likely -.Competition -.Less room for added Value |
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Advantages and Disadvantages of Niche Markets |
+.Less competition +.Costs are lower +.Targets customers more personally +.Usually greener as less mass production -.Lower profit=high prices -.Changes in demand vulnerability -.Market envy of larger firms -.Complex set up&hard to gain loyalty. |
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Formulas |
Number of units*price=Market Size Market Share*Sales/Total Sales=Market Share Change in size/Original Size=Market Growth |
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Effective Branding |
:-Images :-Colour :-Logo :-Shape :-Symbols :-Celebrity Endorsement
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Benefits of Brand Loyalty |
>Brand Extension (New product ranges to a recognised brand name) >Brand Value (Name itself adds value=higher costs) >Brand Personality (Associate with human characteristics) |
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Factors that influence how markets change |
*Demographics *Technology *Economy *Social trends *Ethics *Environment *Competition |
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How competition affecting the market |
~More efficient-Drives poor trading out of business ~More intense Rivalry-better market outcomes ~Furthering Technology- domestic production more efficient and more environmentally efficient. |
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Difference between Risk and Uncertainty |
#Risk: Possibility things will go wrong. Can be assessed and managed, through contingency planning. I.e; Making investments, product breaching health and safety regulations #Uncertainty: Unpredictable and uncontrollable events that affect a business. I.e; Unpredictable effects of launching a price war against competition. |