3.3.3 Making marketing decisions: segmentation, targeting, positioning

Business Objectives

Specific measurable goals that a business aims to achieve to guide its operations and decision-making.

Types of Business Ownership

Main types include sole traders, partnerships, limited companies (private and public), and cooperatives.

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Supply and Demand

Prices are determined by the relationship between supply (amount available) and demand (desire for the product).

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Marketing Mix

The four Ps of marketing: Product, Price, Place, Promotion.

SWOT Analysis

Strengths, Weaknesses, Opportunities, Threats.

Financial Statements

Main financial statements include income statement, balance sheet, and cash flow statement.

Profitability Ratios

A financial metric used to assess a business's ability to generate profit relative to its revenue, assets, or equity.

Stakeholders

Individuals or groups with an interest in the business, including employees, customers, suppliers, investors, and the community.

Corporate Social Responsibility (CSR)

A business model in which companies incorporate social and environmental concerns into their operations and interactions with stakeholders.

Leadership Styles

Common styles include autocratic, democratic, laissez-faire, transformational, and transactional.

Change Management

A systematic approach to dealing with change, both from the perspective of an organization and the individual.

Market Structures

Different types include perfect competition, monopolistic competition, oligopoly, and monopoly.

Business Cycle

The stages include expansion, peak, contraction, and trough.