Making marketing decisions: using the marketing mix

Flashcards for Business Studies & Economics review.

What is a market?

Anywhere where buyers and sellers meet.

Market size

Measured by either total value or total volume of goods sold.

Market share

The percentage of sales in a market by one particular firm. Formula: (Total sales of business / Total sales in whole market) X 100

Marketing

The process of identifying, anticipating, and meeting customer needs profitably.

Aims

Understanding customer wants and needs, developing new products, improving profitability, increasing market share, diversification, increased brand awareness and loyalty.

Objectives

Refer to how the aims will be met; should be SMART (Specific, Measurable, Achievable, Relevant, Time-bound). Examples:Increase the number of social media followers by 5,000 within the next 12 months.

Marketing Objectives

Sales volume and sales value growth, growing market size, market share growth, brand loyalty.