Marketing

Question 1

Marketing involves…

Answer 1

Carrying out market research in order to find out what customers want to buy.
Developing and designing a product which meets customers’ needs and wants.
Deciding on the right price to charge for the products.
Deciding on the best methods of promotion for products and making customers aware of the products.
Deciding on the right place to sell the products.

Question 2

Describe the term market

Answer 2

Where customers and seller come together (e.g. shop, telephone, website, app).

Question 3

Describe the term market share

Answer 3

The proportion of customers in a market that one organisation sells to (e.g. tesco has a 27% market share)

Question 4

Describe the term market leader

Answer 4

The organisation with the highest market share in a particular market.

Question 5

Describe the term market growth

Answer 5

The overall increase of the number of customers in a particular market (e.g. 137,000 people bought an electric car in the UK in 2017 rising to 212,000 in 2018)