Topic 3 of 6 · Form 5
Marketing
Market orientation and product orientation; market size, growth and share; mass and niche markets; segmentation, targeting and positioning; consumer and industrial markets.
Notes for this topic 1 file, in order
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Marketing concepts
Market orientation and product orientation; market size, growth and share; mass and niche markets; segmentation, targeting and positioning; consumer and industrial markets.
Market research
Primary and secondary research; sampling methods; quantitative and qualitative data; analysis (mean, mode, median, correlation).
The marketing mix
Product (life cycle, Boston Matrix, branding), price (penetration, skimming, cost-plus, price discrimination, dynamic pricing; price and income elasticity), promotion (above and below the line, digital marketing, social media), place (channels, e-commerce); the extended mix for services (people, process, physical evidence).
Worked example: Price falls from US$20 to US$18 and sales rise from 1 000 to 1 250 units. Calculate PED and the change in revenue.
%ΔQ = +25%; %ΔP = −10% → PED = −2.5; revenue rises from 20 000 to 22 500
Marketing strategy
Marketing plans, Ansoff's matrix, international marketing, forecasting (moving averages, extrapolation).
Check yourself
- What is a niche market?
- Name the four quadrants of the Boston Matrix.
- Why is penetration pricing used?
Show answers
- A small, specialised segment of a larger market.
- Stars, cash cows, question marks (problem children) and dogs.
- To gain market share quickly by setting a low introductory price.
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