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Business Management > Marketing > Flashcards

Flashcards in Marketing Deck (12):
1

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.

2

What is a market?

A meeting place for buyers and sellers to exchange goods/services for money.

3

What is the role of marketing?

Marketing identifies what customers wants, anticipates the customer's requirements and then attempts to satisfy these requirements.

4

What are the types of market segmentation?

Age, Gender, Income, Geographical location, Religion and Occupation.

5

What is market research?

It's the process of gathering, recording and analysing information about a market.

6

What are the types of market research?

Field and Desk.

7

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.

8

Give an advantage and a disadvantage of a Telephone survey.

Advantage:
- Relatively inexpensive
Disadvantage:
- People may not want to partake in the survey

9

Give an advantage and a disadvantage of a Postal survey.

Advantage:
-Fairly cheap
Disadvantage:
-They might not do it.

10

Give an advantage and a disadvantage of an online survey.

Advantage;
-Do not need to spend money on printing surveys.
Disadvantage:
-No personal contact.

11

Give an advantage and a disadvantage of a personal interview.

Advantage:
-The interviewer can ask the person being interviewed to clarify a point if they are unsure of something.
Disadvantage:
-It is time consuming and expensive to carry out.

12

What are the main channels of distribution?

The wholesaler: to buy goods from the manufacturer and then sell them to the retailer.