business marketting

Question 1

what is marketing?

Answer 1

the management process for identifying anticipating and satisfying customers requirement profitably.

Question 2

what is the role of marketing (3)?

Answer 2

1 identifying and understand customers needs
2 Informing customers
3 increasing sales

Question 3

what must a business understand when selling their products and services?

Answer 3

1 age
2 gender
3 income
4l location

Question 4

why must a business understand who they sell their product’s and services to?

Answer 4

• influence how the business is marketed
• understand its customers
• need to understand customers need without making costly mistakes

Question 5

how could customers be informed with new products or services?

Answer 5

through advertising:websites,leaflets,tv,social media

Question 6

what ways could a business increase their market sales?

Answer 6

• more advertising
• introducing new models to appeal more customers
• increase the range of products
• reducing prices
• sell in different places
• using different methods

Question 7

what is market research?

Answer 7

it is how the business collects information on whether their products or services will be bought

Question 8

why is it important for a business to carry out market research?

Answer 8

so that they don’t waste money , effort and time on products people wont want to buy

Question 9

what is primary research?

Answer 9

the process of collecting original information that has been collected first hand
-also known as field work

Question 10

examples of primary research

Answer 10

• interviews
• questionnaire
• surveys

Question 11

what are the advantages of primary research?

Answer 11

• can tailor questions to your business

- up to date information

Question 12

what are the disadvantages of primary research?

Answer 12

• expensive
• time consuming
• possibility bias

Question 13

what is qualitative data?

Answer 13

is collected when the opinion of the customers is needed

• often collected through primary research
• opinions may be more difficulty collate

Question 14

what is quantitative data?

Answer 14

related to facts and figures

-easier to interpret than qualitative data

Question 15

what is secondary research?

Answer 15

collection and use of data which has already been collected and published by someone else for an entirely different piece of research

Question 16

what are the advantages of secondary research?

Answer 16

• free/low cost
• may be used on large samples
• good overview of the market

Question 17

what are the disadvantages of secondary research?

Answer 17

• may not be up to date

- not tailored to your needs

Question 18

examples of secondary research:

Answer 18

• competitor accounts
• magazines
• sales reports

Question 19

advantages of questionnaires?

Answer 19

• cheaper than interviews to collect data

- easy target

Question 20

disadvantages of questionnaires?

Answer 20

-difficult to predict how many completed questionnaires will be available -might not understand the question asked

Question 21

advantages of interviews:

Answer 21

• can explain question if they don’t understand

- customers are targeted easily

Question 22

disadvantages of interviews:

Answer 22

• expensive

- customers may feel uncomfortable

Question 23

what is a trial?

Answer 23

products or services sold for a short amount of time as a test to see if customers like it

Question 24

advantages of trial:

Answer 24

• conducted in small areas

- business may save money if the customers don’t like it

Question 25

disadvantages of trials:

Answer 25

-costly to set up

Question 26

what are focus groups?

Answer 26

small groups of people carefully selected to represent the target market for a product or service

Question 27

advantages of focus groups?

Answer 27

• usually accurate

- can be relied upon when making decisions

Question 28

disadvantages of focus groups:

Answer 28

• small groups make it more expensive per person

- time consuming

Question 29

what is marker segmentation?

Answer 29

how the market for a products or services is divided up into segments(groups)at which a product may be aimed