Learning Aim A

Question 1

Marketing as a management process

Answer 1

Identifying customers and their needs, expectations and preferences.
Analyzing factors that influence customer purchasing, use and engagement decisions.
Assessing competition.
Evaluating marketing practices.
Developing communication strategies and materials.
Anticipating and stimulating demand or allegiance.

Question 2

Importance of marketing

Answer 2

Linking organisation and customer, supporting customers.
Linking marketing and other functions.
Supporting supply chain.
Providing information internally.
Building and maintaining reputation.
Building relationships with customers.
Maintaining relevance.

Question 3

Market type

Answer 3

Business to consumer (B2C).
Business to business (B2B).
For-profit and not-for-profit.

Question 4

Market reach

Answer 4

Niche markets.
Mass markets.

Question 5

Business/organisation aims

Answer 5

For-profit – to break even, to survive, to have loyal customers, to maximise profits and forward those profits to owners and shareholders.
Not-for-profit – to provide for society’s needs.

Question 6

Marketing objectives based on research

Answer 6

Research on – competitors, sales, profit and forecasts.
SMART – specific, measurable, achievable, relevant and time-bound targets:
- Customer satisfaction.
- Maintain/increase sales/market share.
- Maintain/increase revenue.
- Build/increase brand awareness and loyalty.
- Develop/launch new goods and services.
- Customer retention.
- Acquire new customers.