marketing

Question 1

Marketing

Answer 1

is the management process responsible for identifying, anticipating and satisfying consumer needs profitably

Question 2

4 departments in marketing department

Answer 2

-sales
-promotion
-distribution
-market research

Question 3

sales department

Answer 3

responsible for the sales of the product

Question 4

promotion department

Answer 4

deals with advertising for products

Question 5

distribution department

Answer 5

transport the product to the market

Question 6

market research department

Answer 6

responsible for finding out costumer’s needs

Question 7

role of marketing

Answer 7

-gain information
-satisfying costumer needs
-maintain costumer loyalty
-identify costumer needs

Question 8

marketing goals

Answer 8

-increase sales revenue and profit
-raise awareness of their product
-enter new markets at home or abroad

Question 9

why costumer spending pattern may change

Answer 9

-changes in technology
-change in income
-ageing population

Question 10

change in technology

Answer 10

new technology will be available and the old will be outdated

Question 11

change in income

Answer 11

the higher the income,the more expensive goods consumer will buy

Question 12

ageing population

Answer 12

in some countries, the proprtion of older people is increasing and so they demnd for products for seniors

Question 13

globalization

Answer 13

products are being sold in markets all over the world, so there are lots of competitors

Question 14

improvement in transportation infrastructure

Answer 14

better transportation means it is easier to sell and distribute products

Question 15

internet/E-commerce

Answer 15

costumer can buy products over the internet from anywhere

Question 16

how can business respond to changing spending pattern and increased competetion?

Answer 16

-keep improving existing products

-keep cost low

-introduce new products

Question 17

keep improving existing product

Answer 17

so that sales is maintained

Question 18

keep cost low

Answer 18

the firm can afford to charge low prices

Question 19

introduce new products

Answer 19

to make costumers come back and drive them away from the competitors

Question 20

market

Answer 20

a place where buyers and sellers exchange goods and service

Question 21

market can be measured by?

Answer 21

total number of sales

Question 22

markets can either be?

Answer 22

niche or mass

Question 23

mass market

Answer 23

is where there is very large number of sales

Question 24

advantage of mass market

Answer 24

sales are very large

average cost will be low compared to niche

more chance for the business to grow

Question 25

disadvantage of mass

Answer 25

high levels of competition high cost of advertising cant charge higher price than competition since they are selling same products

Question 26

niche market

Answer 26

identifying and exploiting a small segment of a larger market

Question 27

advantage niche

Answer 27

sell products at high price focus on one costumer group can thrive in niche market

Question 28

disadvantage of niche

Answer 28

lack of economies scale likely to attract competetion over dependance on a single product

Question 29

market segment

Answer 29

a sub group of a larger market which have similar charcterisic and preferences

Question 30

market segmentation

Answer 30

dividing a group of potential costumer based on their characteristic

Question 31

ways in which business segment market

Answer 31

-age -gender -location -lifestyle

Question 32

benefits of segmenting the market

Answer 32

-sales increase -better targeted at each segment -possible to charge higher price