Target Market
What do members of a target market have in common?
They all have similar wants and needs.
What does SWOT stand for?
What is the market?
All potential customers who share needs and wants and have the ability to buy goods/services.
What are the 7 functions of marketing?
Marketing information management, pricing, selling, promotion, product/service management, distribution, and financing
What are the 4p's of marketing?
Product, place, price, and promotion
Why do companies have target markets?
To develop products people will want to buy.
What must a company do to create a SWOT analysis?
They must look critically at itself and it's surrounding.
What are the two different types of markets?
Which function is charging customers to make profit
What is the youngest generation?
Generation Z
What can target markets help smaller companies do?
They can help smaller companies compete with larger companies.
What does PEST stand for?
Political influences, economic influences, socio-cultural influences, and technological influences.
What is market share?
The percent of sales volume of all companies in a given market?
What function is informing, persuading, or reminding customers about the company
Promotion
What are the economic utilities?
Form utility, place utility, time utility, possession utility, and information utility.
How do companies identify their target market? (Market segementation)
Psychographics, demographics, and geographics.
What are the external opportunities and threats?
Customer: Buys the product
Consumer: Uses the product
What function is getting money needed to run a business?
Financing
What is the 80/20 rule
What generation is is mainly resposnvie to emails and websites?
Generation Y (Millenials)
What are internal strenghts and weaknesses?
The company, customers, and competitive position.
What is the market share formula?
A firm's total sales / total sales in the market
What function is obtaining, developing, and improving a product / product mix
Product/service management
What is the disposable income?
The money you spend on necessities.