4.2 market planning

Question 1

define market

Answer 1

any place where buyers and sellers can meet to conclude a transaction

Question 2

what is the aim of marketing?

Answer 2

to help identify, anticipate and satisfy consumers’ needs and wants profitably

Question 3

difference between need and want

Answer 3

needs are essential and wants are non essential

Question 4

what is market research and is it essential?

Answer 4

it is essential in helping businesses to identify products or services they can develop in response to the needs and wants that their customers have

Question 5

define market research

Answer 5

the process of systematically gathering data from consumers which can be used to influence the business’ decisions

Question 6

define product orientation

Answer 6

an approach to marketing that focuses on the characteristics of the product rather than the needs of the customer