Role of marketing (AS Business)

Demand

• The cost of B2B marketing

• The price where demand is at the same level of supply

• Consumer willingness and ability to buy products

• The ability and willingness of suppliers to produce and provide goods to a market

Supply

• Is the quantity of goods and services produced in a particular market over a period of time

• Consumer willingness and ability to buy products

• The price where demand is at the same level of supply

• The ability and willingness of suppliers to produce and provide goods to a market

Market size (value)

• Total sales revenue generated in the market

• Identifying and exploiting a small segment of a larger market by developing products to suit it

• Total units sold by a business in a market

• Developing products and promotions to please large groups of people

Mass marketing

• Identifying and exploiting a small segment of a larger market by developing products to suit it

• Selling specialised products to very specific consmer groups

• An approach to business which places the emphasis upon the production process and the product itself

• Developing products and promotions to please large groups of people

Business to Business (B2B)

• Advertising products towards large, mass market groups

• Exchange of products and services between businesses.

• Where businesses sell directly to consumers.

• The ability and willingness of suppliers to produce and provide goods to a market

Product orientation

• Creating a product based on the findings of market research

• The decisions taken are based around information about customers' needs and wants

• A business reacts to what customers want

• Business develops products based on what it is good at making or doing, rather than what a customer wants.

A specific segment of a larger market that is focused on a particular product or service.

• B2C market

• Niche market

• B2B market

• Mass market

Where a business sells into the largest part of the market, where there are many similar products on offer

• Mass market

• B2C market

• Niche market

• B2B market

• Less competition – the firm is a "big fish in a small pond"

• B2C market

• Mass market

• B2B market

• Niche market

Often characterised by a high degree of customer loyalty and a strong focus on meeting the specific needs of the target market.

• Niche market

• Market equilibrium

• Mass market

• Market share