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Chapter 10: Marketing, competition and the customer

KEY Vocabulary
Learning Objectives 1. Marketing
2. Customer loyalty
LO1: Understand the role of
3. Customer
marketing relationships
4. Market share
L02: Understand why markets
5. Mass market
change and how to identify 6. Niche market
7. Market segment
customer needs
L03: Understand niche and mass
marketing
LO4: Understand and explain
market segmentation

LO1: Understand the role of marketing

Examples of the different parts of the Marketing Department are:

…………………………………………………………. …………………………………………………………
………………………………………………………… …………………………………………………………

Sales Department – They are responsible for the ……………………… of the ………………………………. They are
usually …………………… and ……………………… departments.

Market research department - Finds out the customers ……………….. and …………………. , market change, and
the impact of ……………………………….. actions. This information is used to make ……………………….. on making
new ………………………., ……………………, sales strategies, and ……………………………… strategies

Promotion department – Deals with ………………………………….. They must find the most ……………………… way
to use the ……………………….. …………………. to let customers know about their products.

Distribution department – This department ……………………………….. the ……………………….. to the market.

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L02: Understand why markets change and how to identify customer needs
Roles of marketing What they do

 What do they…………………………?
Identifying customer
 How much would they …………………..?
needs

 How do they want to buy the …………………..?

 What …………………….. do they want?

 Create the right ……………………………

 In the right …………………………….
 For the right ………………………………

 The marketing department must build customer ……………………………….

 They need to find out if the products are meeting the customers
…………………
 If the customer changes their expectations, the marketing department
must meet these new …………………….
 Keeping existing customers is just as important as finding ……………
ones and its cheaper

Gain information about  This done to first meet their ………………… and second create a
customer relationship.
 This is probably the most ………………………… role of the marketing
department.

 The marketing department has to constantly be looking for new

…………………….. from customers.
 The must find all of the newest ……………………… as soon as they
become popular.
 The must also look for ………………. In the market so they can create a
new product to ………………… customer needs.
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Market share is the ……………………………………. of the ………………….. market sales that is held by ………….
…………………… or ……………………..

Marketing & Objectives – If the marketing department is ………………………………., it will help the company
meet some ……………………… such as:

 Increase …………………………

 Increase ……………………… …………………………..

 Get a new ………………….. ……………………..

 Enter …………………….. ……………………..

 Develop new ……………………… or ……………………….. existing ones.

Market change – to understand market change you first must think about the ………………………………..

 ………………… is always changing and when it does, the ………………………….. will want a ……………………….

style.

 ………………………… changes everyday and most consumers want the ……………….. most ………………………

technology available.

 ……………………………… also changes. The more money people have the more money they will have to

spend.

 The …………………… of your customer will change as well. If most of the people in a country are

…………… , the company must come up with a new marketing ……………………………

Market Competition – Why is their more competition now than 10 years ago??

………………………………. – Products being sold in more markets and more countries around the world

……………………………….. – With the newest technology, companies can transport their products easier and

faster than ever before

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………………………………. – People don’t have to leave their house to buy things from anywhere in the world

anymore.

What can business do to Maintain a good …………………………………………. with their customers. Keep

keep their market share? ………………………….. its existing …………………………… Develop new product to

meet ………………….. ………………………. Keep costs low to maintain

……………………………

L03: Understand niche and mass marketing

What is a market?

A ……………………………. Is the ………………. number of ……………….. customers, …………………. Customers, and

sellers for a ……………………….. or …………………………

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The mass market is where there are a very …………………. number of sales.

These products are designed for people of all …………… , ……………..,

……………… , ……………… , ………………….. , etc.

Advantages

 A large amount of ………………….

Mass Market
 ………………….. ……. …………………..

 ………………… can be spread out between ……………………….. variations

of the …………………..

 Opportunities for ………………………

Disadvantages

 High levels of …………………………..

 High cost of …………………………….

 The products are ………………………… , they are not created towards a

certain customer ……………………. and …………………

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A niche market is a ………………….. , …………………….. segment of a much larger

market. The products are usually …………… by very ……………. companies. The

products usually do not have a ……………….. amount of ………………… , but they

are created to meet …………………… needs. Because of this, they are

…………………….. and the profit margins are high.

Advantages

 Less ………………….. from big companies.

 Can meet a customers ………………… needs.

Niche Market
 The products are …………………….. and because of this, they are

…………………..

 The …………………… …………………… can be very high for these products.

Disadvantages

 Niche markets are …………………. And the number of sales will be

…………………

 The companies must be small to operate in these ……………………..

 Most businesses in these markets specialise in …………. Product. If

that product is no longer…………………………the business will ……………

LO4: Understand and explain market segmentation

Market segments – is an ………………………… sub-group of a …………………….. market in which customers have

………………… characteristics or preferences.

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Six common market segments

1………………………………………. – Put people into groups by how much …………………….. they make (income).

2………………………………………… - Group people by how old they are.

3…………………………………….. – Group people by where they ………………… in a country. It can also mean to

group people by ……………………………. countries.

4……………………………………. - Group people by their ………………… Male or ……………………

5…………………………………………………. – Group users by ………………. They …………….. the product. This can be

either ……………………… use (at home) or …………………… use (at work).

6……………………………………… - Group people by their …………….. ……………………. A ……………… person looks

after themselves and a …………………… person probably has children. These ……………. kinds of people would

by different things.

Assignment – Choose three different products that you are familiar with. Do some research and figure out

which market segments are targeted for each product, if the product is in the mass or niche market, and

what is the product’s main competitor. Either write your answers on this paper or make a document on

your computer.