Flashcards in Marketing Deck (12):
What is marketing?
A strategic activity which covers all the ways in which the business makes sure that its a product, or service, is exactly what people want to buy.
What is a market?
A meeting place for buyers and sellers to exchange goods/services for money.
What is the role of marketing?
Marketing identifies what customers wants, anticipates the customer's requirements and then attempts to satisfy these requirements.
What are the types of market segmentation?
Age, Gender, Income, Geographical location, Religion and Occupation.
What is market research?
It's the process of gathering, recording and analysing information about a market.
What are the types of market research?
Field and Desk.
Give 3 advantages of field research.
-The information gathered will be relevant to your needs.
- It is up-to-date
- You know about its reliability because you have collected it.
Give an advantage and a disadvantage of a Telephone survey.
- Relatively inexpensive
- People may not want to partake in the survey
Give an advantage and a disadvantage of a Postal survey.
-They might not do it.
Give an advantage and a disadvantage of an online survey.
-Do not need to spend money on printing surveys.
-No personal contact.
Give an advantage and a disadvantage of a personal interview.
-The interviewer can ask the person being interviewed to clarify a point if they are unsure of something.
-It is time consuming and expensive to carry out.