Market Objectives - ANSWER is what a business wants to achieve from its marketing ac-
tivities
SMART objectives - ANSWER Specific, Measurable, Achievable, Realistic, Time-bound
Corporate objectives - ANSWER state the aims the business wants to achieve
examples or corporate objectives - ANSWER increase market shares , selling overseas in-
creasing profit and improve customer relations
mass market - ANSWER broad group of customers
niche market - ANSWER A narrowly selected target market segment.
Marketing Mix (4 P's) - ANSWER Product, Price, Place, Promotion
Development/introduction - ANSWER Growth
maturity - ANSWER Growth
Extension strategy - ANSWER Marketing activities used to prevent sales from declining
elasticity of demand - ANSWER a measure of how consumers react to a change in price
1
, Example of Promotion - ANSWER Samples
Billboards
Social media
What do you do when a business newly gets launched - ANSWER Increase sales
More competition
Two extension strategies used to boost sales - ANSWER Expand there business
Move to a different location
Pricing Strategy - ANSWER The pricing policies or methods used by a business when de-
ciding what to charge for its products
Four pricing strategies - ANSWER Competitive
Mark up
Penetration
Premium
inelastic product - ANSWER Demand stays the same
elastic product - ANSWER Demand changes
What does ped mean? - ANSWER The prices should be lowered due to the fact the per-
centage is low
Three direct distributions that you could use to sell to customers - ANSWER Traditional
Modern
2
tivities
SMART objectives - ANSWER Specific, Measurable, Achievable, Realistic, Time-bound
Corporate objectives - ANSWER state the aims the business wants to achieve
examples or corporate objectives - ANSWER increase market shares , selling overseas in-
creasing profit and improve customer relations
mass market - ANSWER broad group of customers
niche market - ANSWER A narrowly selected target market segment.
Marketing Mix (4 P's) - ANSWER Product, Price, Place, Promotion
Development/introduction - ANSWER Growth
maturity - ANSWER Growth
Extension strategy - ANSWER Marketing activities used to prevent sales from declining
elasticity of demand - ANSWER a measure of how consumers react to a change in price
1
, Example of Promotion - ANSWER Samples
Billboards
Social media
What do you do when a business newly gets launched - ANSWER Increase sales
More competition
Two extension strategies used to boost sales - ANSWER Expand there business
Move to a different location
Pricing Strategy - ANSWER The pricing policies or methods used by a business when de-
ciding what to charge for its products
Four pricing strategies - ANSWER Competitive
Mark up
Penetration
Premium
inelastic product - ANSWER Demand stays the same
elastic product - ANSWER Demand changes
What does ped mean? - ANSWER The prices should be lowered due to the fact the per-
centage is low
Three direct distributions that you could use to sell to customers - ANSWER Traditional
Modern
2
