The Market

Name 3 functions of marketing department?

1. Market Research ➔ carry out market research to find out what customers want

2. Product ➔ identify and source potentially successful products for the marketplace

3. Price ➔ setting the right price that the product will be sold at that customers are willing to pay

What is the definition of competitive environment?

Where there are a number of businesses attempting to persuade consumers to buy their products. Such competition will be based on such factors as price, design and quality.

What is the definition of Market Growth?

Measures the percentage of increase in the sales volume or value.

What is the definition of the marketing mix?

The combination of factors which help a business to sell its products. It is usually considered to involve the 4Ps of product, price, promotion and place.

What is the definition of Mass Markets?

A large market of customers which is undifferentiated and that sells products and services to suit a large number of people.

What is the definition of a Niche Markets?

A smaller part of a large market, with products tailored to specific customer needs.

What is the definition of Market Segmentation?

Involves dividing the market ( target / niche markets) into parts which have specific characteristics.

Name 6 ways in how the market can be segmented?

1. Age

2. Gender

3. Lifestyle

4. Location

5. Ethnic and cultural

6. Income/cost