17 - Marketing

Question 1

Define marketing objectives

Answer 1

the goal set for the marketing department to help the business achieve its overall objectives

Question 2

Define Marketing

Answer 2

the management task of identifying and meeting the needs of the customer profitability by getting the right product at the right price to the right place at the right time

Question 3

Define corporate objectives

Answer 3

well-defined and realistic goals that are set for the whole company

Question 4

Define marketing strategy

Answer 4

a plan of action giving detail of how a business intends to achieve its marketing objectives by creating competitive advantage

Question 5

Define equlibrium price

Answer 5

the price level at which demand is equal to supply

Question 6

Define Demand

Answer 6

the quantity of a product that consumers are willing and able to buy at a given price in a specific time period

Question 7

Define supply

Answer 7

the quantity of a product that firms are prepared to supply at a given price in a specific time period

Question 8

Define market segment

Answer 8

a subgroup of a whole market in which consumers have similar characteristics

Question 9

Define customer orientation

Answer 9

an outward-looking approach that bases product decisions on consumer demand, as established by market research

Question 10

Define product orientation

Answer 10

an inward-looking approach that focuses on making products that can be made or have been made for a long time and then trying to sell them

Question 11

Define market share

Answer 11

the total value of sales of all producers within a market in a given time period

Question 12

Define market growth

Answer 12

the percentage change in the total size of a market over a period of time

Question 13

Define brand leader

Answer 13

the brand with the highest share of the market

Question 14

Define industrial products

Answer 14

good or services sold to businesses

Question 15

Define consumer products

Answer 15

goods or services sold to end user

Question 16

Define mass marketing

Answer 16

selling standardised products or ranges of products in the same way to the whole market

Question 17

Define niche marketing

Answer 17

identifying and exploiting a small segment of a larger market by developing differentiated products to suit that segment

Question 18

Define market segmentation

Answer 18

the identification of different groups of customers with common needs within a market and the marketing of different products or services to those customer groups

Question 19

consumer profile

Answer 19

a quantified picture of a business’s consumers, showing data about their age group, income levels, location, gender and social class

Question 20

Define customer relationship marketing (CRM)

Answer 20

using marketing activities to build and establish good customer relationships so that the loyalty of existing customers can be maintained

Question 21

Define Market segment

Answer 21

a sub-group of a whole market in which consumers have similar characteristics