Importance of market share
Why is Market Share important?
An important piece of research in the 1960's provided the basis for understanding the
importance of market share - and emphasised the implications for marketing and business
The Profit Im
Marketing Planning Process
In a small or undiversified business, where senior management have a strong knowledge and
detailed understanding of the overall business, it may not be necessary to formalise the
marketing planning process.
By contrast, in a hig
Other pricing strategies
Prestige pricing refers to the practice of setting a high price for an product, throughout its entire
life cycle as opposed to the short term opportunistic, high price of price skimming. This is
done in order to e
Market analysis - defining the market
All businesses operate in markets. But what is a market? And how can it be defined?
It is important to be careful about how a market is defined. The following key marketing
processes rely on a relevant market definiti
The UK clothing market, as defined by Deutsche Bank in their recent report, is valued at 26.9
billion. It is one of the most concentrated retail markets in Europe, with the top ten retailers
accounting for some 42% of the market.
What is mark
Setting the right price is an important part of effective marketing . It is the only part of the
marketing mix that generates revenue (product, promotion and place are all about marketing
Price is also the marketing variable t
The mission statement
A strategic marketing plan starts with a clearly defined business mission.
Mintzberg defines a mission as follows:
A mission describes the organisations basic function in society, in terms of the
products and services it prod
The link with strategy
Businesses that succeed do so by creating and keeping customers. They do this by providing
better value for the customer than the competition.
Marketing management constantly have to assess which customers they are tryi
Role of competitor analysis
Why bother to analyse competitors?
Some businesses think it is best to get on with their own plans and ignore the competition.
Others become obsessed with tracking the actions of competitors (often using underhand or
Marketing planning - introduction
A plan is a way of achieving something. Your revision plan is a way of helping to achieve
success in business studies exams. The Christmas present shopping list is a simpler example
of a plan a way of ensurin