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3.3.3 Making marketing decisions: segmentation, targeting, positioning
3.3.3 Making marketing decisions: segmentation, targeting, positioning
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15 Terms
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Business Objectives
Specific measurable goals that a business aims to achieve to guide its operations and decision-making.
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Types of Business Ownership
Main types include sole traders, partnerships, limited companies (private and public), and cooperatives.
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Market Segmentation
The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
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Supply and Demand
Prices are determined by the relationship between supply (amount available) and demand (desire for the product).
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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.
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Marketing Mix
The four Ps of marketing: Product, Price, Place, Promotion.
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SWOT Analysis
Strengths, Weaknesses, Opportunities, Threats.
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Financial Statements
Main financial statements include income statement, balance sheet, and cash flow statement.
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Profitability Ratios
A financial metric used to assess a business's ability to generate profit relative to its revenue, assets, or equity.
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Stakeholders
Individuals or groups with an interest in the business, including employees, customers, suppliers, investors, and the community.
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Corporate Social Responsibility (CSR)
A business model in which companies incorporate social and environmental concerns into their operations and interactions with stakeholders.
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Leadership Styles
Common styles include autocratic, democratic, laissez-faire, transformational, and transactional.
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Change Management
A systematic approach to dealing with change, both from the perspective of an organization and the individual.
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Market Structures
Different types include perfect competition, monopolistic competition, oligopoly, and monopoly.
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Business Cycle
The stages include expansion, peak, contraction, and trough.
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