| Market Characteristics | Marketing approaches | Marketing Objectives and Strategies |
|---|---|---|
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Market size
Market Growth Competitors and ease of entry Differentiated products Segmentation
State three characteristics of a market.
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An outward-looking approach that focuses on consumer demand and the impacts on all internal and external stakeholders.
DEFINE MARKET ORIENTATION
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when a business has the highest market share of all the firms that operate in that market
Sales are higher than competing businesses More popular than other brands means advertisement is easy Lower discount rate as sold to the consumers by retailers
Define market leadership and state an advantage
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Market size is the total level of sales of all producers within a market while market growth the percentage change in the total size of a market over a certain period of time.
Differentiate market size and market growth.
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It focuses on other stakeholders as well as the business and its consumers.
What does social marketing focus on?
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Innovation: Nike switches to digital -- most of its budget is used to communicate online
State an example of how innovation have changed company strategies.
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- A marketing manager can assess whether a market is worth entering or not.
- Businesses can calculate their own market share. - growth or decline of the market can be identified.
Why is the size of the market important?
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They both are concerned with consumer demands, but social marketing is for the sake of society, whereas commercial marketing is for the sake of financial return.
Whats the difference between commercial marketing and social marketing?
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Increase market share -- become market leader
Increase total sales (value or/and volume) Customer satisfaction Brand Identity Increase customer loyalty
Identify marketing objectives of for-profit organizations
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It enables companies to target different different groups of consumers who perceive the value of certain products and services differently from each other.
How does segmentation help with target marketing?
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- Company profits
- Consumer wants - Society's interests
What are the three concerns of social marketing?
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Markets are ever evolving, as well as consumer tastes. Therefore the advertisements for certain products may change to fit the new tastes.
Explain how marketing strategies evolve in response to changes in consumer preferences
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The entrepreneur has to sell confidence and trust in themselves, and their ability to perform the services as described.
Why building trust important when delivering a service?
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If a business attempts to respond to every passing consumer trend or market fashion then it may overstretch its resources.
On the other hand, researching and developing an innovative product can be successful, even if there has been no formal market research.
Evaluate product and market orientation.
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Pg 351
Evaluate the arguments of sweets as being good and bad for children and how they might effect marketing strategies.
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