Marketing

Question 1

Define marketing

Answer 1

Marketing is the management process responsible for identifying, anticipating and satisfying consumers’ requirements profitably.

Question 2

Where are the three distinct meanings of marketing?

Answer 2

1. place where buyers sellers come together
2. a market location (geographic locations)
3. a type of product

Question 3

Distinguish between product orientation and market orientation

Answer 3

product orientation: inward-looking approach, innovative and good quality products will be purchased

market orientation: The needs of the customers are the priority. market research is the center of all decision-making.

Question 4

What are 3 advantages and disadvantages of product orientation

Answer 4

Question 5

What are 3 advantages and disadvantages of market orientation

Answer 5

Question 6

State three marketing and corporate objectives

Answer 6

1. sales market
2. market share (as % of the market)
3. brand awareness

Question 7

State the formula for market share percentage by sales values

Answer 7

Question 8

state the market share percentage by the sales volume

Answer 8

Question 9

State the market growth formula

Answer 9

• depends on th business’s size and competitors

Question 10

Marketing mix

Answer 10

A document outlining an organization’s marketing objectives and the marketing strategies to be used to achieve these objectives.

Question 11

What are 3 disadvantages and advantages in the marketing mix

Answer 11

Advantages:
* direction and purpose, motivation.
* identity potential problems
* help marketing manager to align their markeing plans and marketing strategies with the rest of the organization
* better financial decision making

Disadvantage:
* Opportunity cost
* might not be realist for smaller firms to use due to their very lmiited marketing budgest
* outdated quickly

Question 12

Distinguish between niche market and mass market

Answer 12

**Niche marketing **occurs when a business focuses on a relatively small segment of
the market.

Mass marketing occurs when a business targets all the customers in the market
rather than specific segments.

Question 13

Market segmentation

Answer 13

identifying different segments within a market and
targeting different products or services to them.

Question 14

What are the 4 most common bases for segmentation

Answer 14

• Geographic
• Demographic
• Socio-economic
• Psychographic

Question 15

Define Geographic Segmentation

Answer 15

Geographic segmentation divides consumers according to their location

Question 16

Define Demographic
Segmentation

Answer 16

Family life cycle = a
predictable pattern. This pattern allows marketers
to make predictions about
consumers’ spending patterns.

Question 17

Define socio economic segmentation

Answer 17

classifies consumers according to their income, profession
or education.

Question 18

Psychographic
segmentation

Answer 18

Psychographic
segmentation divides the
population according to
lifestyle and personal interests.

Question 19

Target market

Answer 19

Target market chosen after market segment have been identified.
* measurable
* accesible
* profitable

Question 20

Product positioning

Answer 20

market has been segmented and target market identified a business has
to ‘position’ its product.

Question 21

Product positioning maps

Answer 21

visual representations of how the various
competitors attempt to position their brands in the eyes of the consumer.
These maps typically display two attributes
along the axes; price, quality, age, etc.

Question 22

Unique selling point

Answer 22

feature of a product that makes the product stand
out from its competition and gives them competitive advantage. Any area of the marketing mix can lead to a unique selling point. The best USPs are those that add value to the consumer

Question 23

First mover advantage

Answer 23

competititive edge that is first to market a new product or service. Unqiue selling point

Question 24

method of differentiation

Answer 24

1. product
2. price
3. place
4. promotion
5. peple
6. processes
7. physical enviorment
8. packing

Question 25

Market reasearch

Answer 25

primary or seocondatry market research for marketing acitives designed to determine the opnions, beliefs and feeling of **existing and potential customers** (wants and need). Information is gathered through an **systematic process **

Question 26

why do business conduct market research

Answer 26

1. gather infomration of cutomers taste and purchasing behaviour, market change 2. Determine the likelihood of customers buyding products for product innovatin 3. improve marketing mix and dudgetary variances 3. price elasticity, gaugin cutomers reaction to prices changes

Question 27

Primary market research

Answer 27

secpmd jamd data tailored to a company ● fieldwork so is often referred to as field research. ● surveys, interviews, focus groups, and observations.

Question 28

Secondary market research

Answer 28

collection of data and information that have already been collected by another source general to all companies * desk research * market analyses, academic journals, government publications, and media articles

Question 29

What are 4 methods of primary research

Answer 29

1. survey 2. intervoew 3. focus grou 4. observation

Question 30

what are three advatages and disadtvantages of survey

Answer 30

Advantages of using surveys ● They can enable researchers to gather a large amount of data relatively quickly. ● With online surveys, it is also relatively cheap to collect and collate data over a short period of time. ● Surveys are less expensive and time consuming than other methods of data collection, such as interviews and observations. ● They can be used to collect data and information for a broad range of research purposes. Disadvantages of using surveys ● Surveys conducted face-to-face can be expensive and time consuming, especially when trying to obtain a large sample that is representative of a target market. ● They can suffer from selection or interviewer bias and/or poorly worded questions, thus generating unrepresentative results. ● Questions in a survey can be poorly worded, so the results are inaccurate or misleading. ● As surveys can be time-consuming to complete, participants may be reluctant to fill out questionnaires or they might do so in a hurry, without giving considered responses to questions (especially if they are open-ended questions). ● Answer choices (options) used in closed questions on a survey may not represent how the survey participants actually feel. ● Even with well-designed surveys and questions, participants may not be entirely truthful due to strategic reasons.

Question 31

what are three advatages and disadtvantages of interview

Answer 31

Adavantages: Interviews are specifically designed to meet the needs of the individual organization. ● They can help the business to gain large amounts of qualitative data. ● Clarification of questions or responses can take place as the researcher can ask follow-up questions. This helps to resolve potential biases in the answers. Dis advantages: As only a small number of respondents are involved, the findings might not be representative of the opinions of the market. ● Potential interviewer bias might occur, thereby distorting the findings or analysis of the responses. ● Interviews can be very time-consuming and are therefore a costly method of market research. Interviews may take a large amount of time to complete, so interviewees may be offered a financial incentive to take part.

Question 32

what are three advatages and disadtvantages of interviews

Question 33

what are three advatages and disadtvantages of interviews

Answer 33

conusmer pael

Question 34

Distinguish between marketing strategy and marketing mix

Answer 34

**Marketing stragety:** long term plan that defines the overall goals and object of business. It shows the market value, value proposition, the positioning and the differentiation of a business. **Marketing mix: ** set of controllable variables that a business can use to influence the demand and satisfaction of its target market.

Question 35

PRODUCT

Answer 35

good or service that serves to satisfy the needs and wants of customers.

Question 36

Tangible attributes

Answer 36

refer to a product’s physical aspects, such as how it looks and feels.

Question 37

Consumer Products

Answer 37

purchased by private individuals for their personal use.

Question 38

Branding

Answer 38

1. giving business name or identity 2. Create orginal idenitity, differentitate, build brand awareness, brand loyalty, coporate image, brand development, brand value

Question 39

Brand development

Answer 39

* market research * target market/market segmentation * brand name, logo, and slogan * unique selling point (USP) * brand in realtion to the overall business strategy * focused marketing mix * takes time and experties

Question 40

Brand loyalty

Answer 40

* do not switch to rival bran andr retain customers for repetitvive purchase,