Marketing, customer base and business objectives
Goods
What is: Tangible items that businesses sell
Product
A good or service offered to consumers to satisfy a need or want, catergorised as tangible or intangible
Growth
Rapid sales growth and increased attention from competitors
Marketing
The process of implementing strategies to price, promote, and distribute products to current and potential customers
Technological Developments
Services
What is: provided by hotels, car rentals, hairdressers, airlines, doctors etc.
Price
The amount a customer pays for a good or service
People
Employees trained to interact with customers and provide information about the product
Events
AFL games, concerts and festivals
Social Media
changed the way businesses promote and sell goods and services, allowing a wider audience reach and increased brand awareness
Experiences
What is: museums, art galleries, etc
Positioning
Decline
Business Objectives
the goals a business intends to achieve
Artificial Intelligence (A.I)
software mimicking human behaviour, using to enhance customer experience, collect and analyse data for customer insights, predict behaviour, and make automated advertising decisions
Personalities
influencers/creators who have their own team to create their brand/image
Place
Elements related to how a business distributes its product to customers, including distribution channels and intermediaries like wholesales and retailers
Physical Evidence
refers to accurate information and evidence about a products features and success
Market Profile
Recognising the types of customers likely to purchase the product
Email Marketing
Sending personalised electronic messages to existing customers to promote a business's goods and services
80% of businesses sales come from 20% of their most loyal customers
Promotion
Marketing communications used to inform, promote and remind the target market about a product, like advertising or sales promotion
Maturity
When the product reaches peak sales before plateauing due to market saturation, facing high competition, and focusing on customer retention.
Effective marketing objectives
increasing sales, market share, customer satisfaction levels, and profit
Search Engine optimisation (SEO)
process to ensure a website ranks higher in search results related to the business, using natural search results and research on keywords, visitor behaviour, and site structure