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Flashcards in Marketing Deck (14):
1

What does marketing meet?

The needs and wants of customers

2

What does marketing require?

Continuous info gathering, analysis and evaluation to make decisions

3

Give 4 purposes of marketing?

Identifying- market research current products and markets

Anticipating- analysing the data collected, judging what might happen

Satisfying- make customers happy with what they’re buying

Profitability- adding value to the product

4

Why is keeping ahead of the competition essential? (2)

Higher market share, brand loyalty

5

How can a firm communicate effectively with customers?

Social media

6

Give 2 ways a business can monitor the success of their marketing?

Monitor sales

Receipts

7

Give the 3 approaches to marketing?

Market orientation

Product orientation

Asset led marketing

8

What is Market orientation?

When a business bases it’s marketing mix on its perception of what the market wants

9

Give 2 weaknesses of marketing orientation?

Unpredictable future

High cost of market research

10

Give 2 strengths of market orientation?

Flexible to changes in trends

Decisions are based on effective market research

11

What is product orientation?

When a business bases it’s marketing mix on what the business sees as it’s internal strength

12

What is asset led marketing?

When marketing decisions are based on the needs of the consumer and strengths of the business

13

Give 2 strengths of product orientation?

Focus on quality

Increase economies of scale

14

Give a weaknesses of product orientation?

Changes in market not responded to