Marketing, Establishing a Customer Base, and Business Objectives (VCE SSCE Business Management): Flashcards
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Marketing definition
Marketing definition
Connects businesses with customers through value exchanges
4 areas marketing operates in
4 areas marketing operates in
Goods, Services, Experiences, Personalities
What a brand represents
What a brand represents
Maker's mark generating awareness, desirability & market power
Marketing concept focus
Marketing concept focus
Satisfying customer needs & wants, not just selling products
Market-oriented approach goals
Market-oriented approach goals
Meeting business objectives & satisfying customers
4 elements of marketing concept
4 elements of marketing concept
Customer satisfaction, integrated effort, objectives, KPIs
Customer base definition
Customer base definition
People/entities regularly purchasing from a business
Pareto Principle (80/20 rule)
Pareto Principle (80/20 rule)
80% of revenue comes from 20% of customers
Good customer service leads to
Good customer service leads to
Customer satisfaction, loyalty & repeat business
Effective marketing's role
Effective marketing's role
Builds customer base, generates revenue, achieves objectives