Marketing 1
The process of dividing a large market into smaller groups, based on one characteristic.
Initial testing, research into the industry and feedback from various stakeholders. Legal structure for the business is identified. A business plan needs to be written.
Seed stage
A tool used to analyse internal and external factors that affect a business.
SWOT analysis
motivation and perception
Psychological factors
Olympic swimming pool (in meters)
50 meters
A large group of undifferentiated customers who might buy a good or service.
Mass marketing
Business should be at the top of its industry. This stage is generally the longest. It may still be growing but not as quickly.
Maturity stage
The total amount of sales a business has in a specific market.
Market Share
interest rates, inflation, unemployment
Economic factors
Artist of the Mona Lisa
Leonardo da Vinci
When a business attempts to attract the same customers as other businesses
Competition
Business idea has been developed into products or ser vices that the business is ready to market and sell.
Start-up stage
Customers, suppliers, competitors, interest groups
External operating environment
Social class, family, ethnicity, culture
Socio-cultural factors (consumers influences)
Name of Homer's eldest daughter in The Simpsons
Lisa
A portion of a market segment that is very narrow and specific.
Niche Marketing
The business may be in a steady state, in decline or renewal.
Post maturity stage
Management, employees, organisational structure and organisation culture.
Internal environment
Group of actual, potential customers whose needs and wants a business wishes to satisfy. Customers will share similar characteristics, and a company will use this to focus promotional strategies.
Target Market
Group of crows
Murder
A statement that summarises the special features or benefits of a product or business.
Unique Selling Point (USP)
Movement of a business in an establish or expansion state, either growing into new markets or establishing presence in the industry.
Growth stage
STEEPLE analysis is used to analyse which business environment.
A product or business is offering better value, features, or service than the competition.
Competitive advantage
Birth date of all horses in the Southern Hemisphere
1st August