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4.1 THE ROLE OF MARKETING (Market Characteristics (market size (by volume,…
4.1 THE ROLE OF MARKETING
Market Characteristics
market size
by volume
by value
market growth
factors
economic growth
changes in customers' income
development of new market
compeitiors and ease pf entry
differentiate or homogeneous product
segmentation
target marketing
Marketing Approach
market orientation
meaning
outward-looking
based on consumer's demand
benefits
chances of new products fail is reduced
consumer demand is met
constant feedback
product orientation
meaning
inward-looking
focuses on making products
benefits
if it is innovative enough people will buy it
high quality
societal
not only consumer's demand but all the society
Market share and leadership
market share
=(firm's sales in time period/total market sales in time period) x100
m. leadership is when a business has the highest market share
Marketing objectives
for-profit (increase in..)
market share and leadership
total sales
no of goods sale
frequency of loyal customers
customer loyalty
no of new customers
customers satisfaction
brand identity
non-profit
max revenues from trading business
increase recognition
promote work to audience
Marketing strategies
innovation
ethical consideration
cultural differences