Markets & Marketing

Question 1

Market

Answer 1

those people or organizations that may be interested in buying a product or service, have the resources to buy it, and are permitted by law or regulation to do so.

Question 2

Marketing =

Answer 2

satisfying the customer at a profit

Question 3

The business function

Answer 3

• identifies your customers and their wants and needs

- t drives ALL business decisions

Question 4

Objectives of Marketing Plan

Answer 4

1 -Identify the specific target markets the company will serve.
2-Determine customer needs and wants through market research.
3- Analyzes a firm’s competitive advantages (competitive advantage is an attribute that enables a company to outperform its competitors) and builds a marketing strategy around them.
4-Creates a marketing mix that meets customer needs and wants.

Question 5

10 elements of good Marketing Plan includes

Answer 5

Describe Your Business
Conduct a Situation Analysis
Define Your Customer
Strategize Your Market Entry
Forecast  your Sales or Demand Measurement
Define Your Marketing Budget
Integrate Your Marketing Communication 
Identify Sales Channels
Track Marketing Activities
Evaluate Your Progress

Question 6

Marketing Research

Answer 6

Market research is the vehicle for gathering the information that serves as the foundation for the marketing plan.
Market research does not have to be time consuming, complex, or expensive to be useful

Question 7

Collecting data Methods

Answer 7

Primary = research conducted directly on a subject or subjects
Personal interviews
Telephone surveys
Written surveys
Focus groups
Observation
Tracking

Secondary = research carried out indirectly through other existing resources
Online searches
Article & book searches
Competitor Web sites

Question 8

How to Conduct Market Research:

Answer 8

1- Define the problem.
2-Collect the data.
Primary 
Secondary 
3-Analyze and interpret the data.
4- Draw conclusions and make action