Term
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Definition
Choice
Standard of living
Employment |
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Term
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Definition
Resource
Industrial
Intermediate
Consumer
Mass
Niche |
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Term
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Definition
| Where the production and sales of raw materials occur |
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Term
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Definition
| Where goods that are used in the production process are traded |
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Term
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Definition
| Where the retail business purchase products that have been produced by other organisations known as wholesalers |
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Term
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Definition
| The market aimed at everyone |
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Term
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Definition
| The market that is aimed at a very select focus group |
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Term
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Definition
| The process of developing a product that meets the needs of the consumer also known as the four P's(Product, price, place, promotion) |
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Term
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Definition
| involves a business placing emphasis and strategies aimed at convincing consumers of the need to buy a product |
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Term
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Definition
1920-1930
A view that consumers would choose goods based on quality |
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Term
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Definition
| A product is promoted and priced appropriately to ensure consumers will buy |
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Term
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Definition
The belief that the customer is the main focus of all the business function
eg the customer is always right |
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Term
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Definition
| A belief that every aspect of a business functions must be aimed at delivering improving and maintaining the highest standards of customer satisfaction. |
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Term
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Definition
| A group of customers which the product has been developed for. |
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Term
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Definition
| the process of developing and maintaining long-term relationships with customers (customer loyalty) |
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Term
| Marketing planning process |
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Definition
| The process of developing,implementing and then controlling a series of processes that involve the development of marketing goals and strategies aimed at a select group of customers. |
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Term
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Definition
| the situational analysis is the framework used to allow the business toe examine its current position in the market for example it checks the business lecvel of market share.the changing trends in the market, check and strategies used by competitors. it also looks a consumers perceptions of the business in the marketplace. |
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Term
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Definition
| A SWOT analysis is used to examine the strengths and weakness of a business and the opportunities and threats that lay within its external environment |
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Term
| Establishing Market objectives |
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Definition
| The objectives of a business provide the framework for the business to develop a serries of activities and operations that aim to achieve these objectives. in essence , the objectives,or goals, guide the activities of business. |
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Term
| Establishing Market objectives |
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Definition
| The objectives of a business provide the framework for the business to develop a serries of activities and operations that aim to achieve these objectives. in essence , the objectives,or goals, guide the activities of business. |
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Term
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Definition
| the business has to begin impement the featuress of the plan. |
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Term
| monitoring nd controlling |
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Definition
| the business should also devolope ideas to monitor the sucesss of the market plan. |
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