Marketing

Question 1

marketing?

Answer 1

identifying/anticipating customer needs and tailoring to that

Question 2

strategic analysis?

Answer 2

identify and anticipate customer needs

market research

Question 3

strategic choice?

Answer 3

decide which customers to supply

market segmentation (select a target market)

Question 4

implementation?

Answer 4

supply customer’s needs efficiently and profitably

marketing mix (develop a marketing strategy)

Question 5

marketing research?

Answer 5

systematic gathering, recording and analysing of data about problems relating to the marketing of goods/services

product research, pricing research, promotional research, place research

via desk/field research

Question 6

desk/field research?

Answer 6

desk = secondary data (e.g., existing records)

field = primary data (e.g., interview, survey)

Question 7

market segmentation?

Answer 7

division of the market into homogeneous groups of potential customers who may be treated similarly for marketing purposes

Question 8

what does market segmentation relate to?

Answer 8

how should we position ourselves in the market?

strategic choice

Question 9

segmentation options to choose from?

Answer 9

industrial segmentation (B2B sales)

consumer segmentation (B2C sales)

Question 10

industrial segmentation considerations (B2B)?

Answer 10

• geographic - markets are split into regions
• size - small, large, multinational?
• type - industry?
• purchasing characteristics - average order size? frequency?

Question 11

consumer segmentation considerations (B2C)?

Answer 11

• geographic
• demographic - age, sex, class, country etc?
• purchasing motivation - customers sharing same motivation
• purchasing characteristics - volume/frequency of purchasing?

Question 12

market positioning?

Answer 12

deciding how high/low to price products/services

deciding how good/poor to make product quality

Question 13

marketing mix?

Answer 13

relates to implementation

set of controllable marketing variables that a firm blends to product the response it wants in the target market

Question 14

marketing overview?

Answer 14

strategic analysis - strategic choice - implementation

strategic analysis = identify customer needs = market research

strategic choice = decide which customers to supply to = market segmentation

implementation = supply customer needs = marketing mix