Unit 1- Nature of Business Activity
An analytical tool that helps managers to choose and devise various product and market growth strategies
What is Ansoff's Matrix
S
T
E
E
P
L
E
What are,
Social-
Political-
Economic-
Enviromental-
Political-
Legal-
Ethical factors
The company that has the highest sales revenue of the whole market.
What is market leadership?
Splitting a population into groups of people with similar needs or characteristics.
What is market segmentation?
Product - Place - Price - Promotion - Physical evidence - Process - People
What is the marketing mix for services?
Refer to an increase in the average costs of production as a firm grows due to factors beyond its control.
What are external dis-economies of scale
Danish unemployment rate in feb. 2024 decreases to 2.9 %
what is: economic factor
Companies that prioritize the research and development of high quality, specialized products rather than prioritizing market research.
What is a product oriented company?
Consumer segment at which a business aims its marketing messages
What is target market?
A visual tool that shows customers perceptions of a product or brand
What is;
product position map (or perception map)
The growing integration and interdependence of the world's economies, causing consumers around the globe to have increasingly similar habits and tastes.
What is globalisation?
IBM announced in 2023, that the plan to cut 8.000 jobs due to AI
What is; technological factor
Activities designed to discover the opinions, beliefs, preferences of potential and existing customers.
What is market research?
Companies that prioritize the market research as the starting point of the new product development.
What is a market oriented company?
Time series - occur when products have higher sales volumes at certain times of the year
What is Seasonal variations?
One company buying a controlling interest (majority stake) in another company.
What is an acquisition?
More people in europe living life as singles rather than as married couples
What is; social factor
•geographic
•demographic
•psychographic
Outline the three methods of segmentation
TOOL
Visual representations of how various competitors might attempt to position their brands in the eyes of the consumer.
What is the product positioning map?
-Marketing objectives
-Marketing budget
-Segmentation and target market
-Market research
-Marketing strategies
-Control tools
What are the 6 elements of a marketing plan?
Communication problems, added complexities, compliance costs, disclosure of information, bureaucracy and loss of control - Disadvantages of being...
What are the disadvantages of being a public limited company?
Term used about the state of the economy, when the GDP of a national economy declines for 2 consecutive quarters
what is : a recession
TOOL - Matrix of four general strategies to help businesses consider how to respond to their external competitive environment.
What is Porter's Generic Strategies?
Type of target market who aims customers with very specialized needs or wants that are different from the larger market.
What is niche market?
Feature that marks a product or brand stand out from its competition.
What is unique selling point / proposition? (USP)