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17- The nature of marketing, Market share + market growth, Evaluating…

- - - - market research data will play a key role in new product development.
      - use sales forecasts to plan the capacity needs, the purchase of the machines used, and the raw material inventories required for the higher output level.
    - - sales forecasts will be used by human resources to help prepare a workforce plan.
      - must ensure the recruitment + selection of qualified and experienced workers.
    - - have to ensure that the necessary capital is available to pay for the agreed marketing budget for promotional expenditure.
      - use the sales forecasts of the marketing department to help construct cash flow forecasts + operational budgets.
- - - - total sales
      - frequency of shopping by local customers
      - number of new customers
      - share of market
      - average number of items purchased per customer visit
      - brand identity
      - % of customers who return
      - customer satisfaction
- - - - level of supply of a product can vary due to a change in any of the following factors:
        
        government taxes imposed on the suppliers - :arrow_up: their costs
        
        government subsidies to supplies - :arrow_down: their costs
        
        cost of production
        
        weather conditions + other natural factors
        
        advances in technology - :arrow_down: the cost of production
- - - - sell in local areas to local customers
        
        e.g. laundries, florist shops, hairdressers, and car repair garages.
    - - expanding into foreign markets
        
        many aspects of marketing will have to change in order to respond to the wide range of tastes, cultures and laws in different countries.
    - - selling their products to customers throughout the whole country
        
        e.g. banks, supermarket chains, and large clothing retailers
- - - - competitors might reduce prices to increase sales in a slow-growing market
      - lower prices - lower profit per unit
      - sales increase more slowly
    - - sales increase
      - possibility to increase prices/profit
      - increased sales - could lead to higher profit
      - more businesses may be attracted to market - increased competition