The marketing mix

Question 1

What is Marketing ?

Answer 1

Marketing is an investment which leads to brand awareness and trust.

Question 2

What are some examples of activity that Firms do for Marketing?

Answer 2

Research
Analyse
Setting Marketing goals
Develop Market Strat

Question 3

What is Market orientated ?

Answer 3

when the business bases its marketing mix on its perception of what the market wants

Question 4

What are the key features of a Market orientation ?

Answer 4

Fast response to changes in Market

Able to anticipate market challenges

Confidence of a new product success

Question 5

What are the advantages of Market orientation ?

Answer 5

Flexible to change market
Decisions based on market research
Loyal Customers

Question 6

Disadvantges of being Market-led?

Answer 6

High cost of Market research to understand the market

Unpredictable of the future

Constant Internal changes

Question 7

What is product orientation?

Answer 7

base its products or services on what it perceives as its internal strengths.(Don’t take account of customer needs and wants)

Question 8

Advantages and cons of Product Orientation?

Answer 8

EOS
Quality improvement
Focus on Product development

Changes in Market cannot be responded to
Fashion and taste not included for the product mix

Question 9

What is Asset-led Marketing?

Answer 9

Tries to relate a customers taste to the business’ own strengths

Question 10

Benefits of Asset-led marketing?

Answer 10

Aware of Weaknesses(reduce)
Cost of market research lower
Success greater

Question 11

What is the marketing Mix?

Answer 11

Set of tactics and strategies (4P)
to effectively market products to target customers