OUTLINE OUTCOME 2

Question 1

marketing and the internal environment aspects …. listed

Answer 1

owners and managers
employees
corporate culture

Question 2

marketing and the external (operating) environment factors … listed

Answer 2

customers
suppliers
competitors

Question 3

marketing and the external (operating) environment factors … listed

Answer 3

economic factors
technological factors
legal factors
social factors

Question 4

market research practices factors … listed

Answer 4

market research process
data collection techniques
data/analysis interpretation

Question 5

target market attributes factors … listed

Answer 5

market dimensions
market segmentation
selecting a target market
consumer trends

Question 6

the 7ps of marketing… listed

Answer 6

product
price
place
promotion
people
physical evidence
process

Question 7

the product life-cycle factors … listed

Answer 7

introduction
growth
maturity
decline

Question 8

marketing

Answer 8

process of implementing strategies to price, promote and distribute products to current and potential customers

Question 9

customer base

Answer 9

group of consumers who continuously purchase goods and services from business

Question 10

business objectives

Answer 10

goals business intends to achieve

Question 11

the relationship between marketing, establishing customer base and business objectives … FACTORS listed

Answer 11

• increasing sales
• increasing market share
• improving levels of customer satisfaction
• increasing profit

Question 12

internal environment

Answer 12

factors within business that business has control over

Question 13

corporate culture

Answer 13

the shared values, ideals, beliefs and expectations of a business and their employees

Question 14

economic factors

Answer 14

understanding current economic conditions allows business to create marketing strategies that attract/ retain customers

Question 15

technological factors

Answer 15

both positive and negative impact on customer base and brand identity

Question 16

legal factors/regulations

Answer 16

rules/laws made by government, aswell as decisions made in court

Question 17

social factors

Answer 17

social factors including societal beliefs, behaviours and trends, are constantly changing

Question 18

market research practices

Answer 18

determine whether good or service will be successful within market

Question 19

market research process

Answer 19

when completing market research, a series of steps are taken where businesses are able to gather a rang of info

Question 20

market research process aspects … listed

Answer 20

1. define the problem
2. collect the required data
3. analyse and interpret the data

Question 21

data collection techniques

Answer 21

when conducting market research, businesses must consider what kinds of info they’ll need to collect

Question 22

data collection is broken down into … listed

Answer 22

primary data
secondary data
quantitative data
qualitative data

Question 23

primary data

Answer 23

info collected for the first time by business

Question 24

secondary data

Answer 24

info already collected for another purpose

Question 25

quantitative data

Answer 25

info measured by numbers

Question 26

qualitative data

Answer 26

info that is descriptive and non-numerical

Question 27

data analysis/interpretation

Answer 27

once data is collected, business must analyse/interpret their findings to draw meaningful conlcusions

Question 28

target market attributes

Answer 28

most markets are filled with a large number of consumers with differing needs and wants

Question 29

market dimensions

Answer 29

indication of total number of potential customers who could purchase product from business in particular market

Question 30

when considering marketing strategies, businesses should seek to consider whether their strategies are tailored to... listed

Answer 30

a niche market a mass market

Question 31

niche market

Answer 31

small specialised market for particular product

Question 32

mass market

Answer 32

large market for goods and services produced on substantial scale for significant number of consumers

Question 33

market segmentation

Answer 33

process of dividing market into different groups of consumers that share similar characteristics

Question 34

market segmentation will involve business dividing different consumers into segments based on ... listed

Answer 34

-demographic - age, gender,income -geographic - city size, rural or urban, climate of location -psychographic - lifestyle, personality, hobbies -behavioural - regular or first time product users, purchasing frequency, reading behind purchase

Question 35

primary target market

Answer 35

business main target market, which'll exhaust most of its marketing efforts onto

Question 36

secondary target market

Answer 36

smaller segment of market that's the second most likely group of consumers to purchase goods or services

Question 37

consumer behaviour

Answer 37

actions of those who purchase goods/services for consumption

Question 38

consumer behaviours factors ... listed

Answer 38

-cultural: nationality, ethnicity, religion -personal: age, life stage, personality, wealth -psychological: perception, attitudes, motives -social: peer groups, family, friends, social class

Question 39

consumer trends

Answer 39

developed patterns in consumer behaviours, attitudes and values

Question 40

7p: product

Answer 40

good/service that's offered to consumers to satisfy a need or want

Question 41

7p: price

Answer 41

amount that customer pays for good or service

Question 42

7p:place

Answer 42

how business distributes product to consumers

Question 43

distribution channels

Answer 43

chain of intermediary businesses which products travel through to reach consumer

Question 44

7p: promotion

Answer 44

marketing communications used by business to inform, promote and remind its target market about its products

Question 45

promotional strategies ..... listed

Answer 45

advertising sales promotion direct marketing personal selling public relations

Question 46

7p: people

Answer 46

individuals that influence customers perception of business and its products includes: owners and managers employees customers

Question 47

7p: physical evidence

Answer 47

environment in which business and customer interact

Question 48

visible elements that make up physical evince of business ... listed

Answer 48

facilites interior design ambience evidence of service being performed digital world

Question 49

7p: process

Answer 49

procedure set in place through entire customer purchasing experience at business

Question 50

7p: process may involve ... listed

Answer 50

finding out about product choosing product over alternatives purchasing product retrieving product

Question 51

methods that improve customer purchasing experience ... listed

Answer 51

info purchasing options efficient service knowledgeable staff

Question 52

the product life cycle

Answer 52

series of stages that product passes through from the moment its introduced to market until it becomes obsolete/replaced

Question 53

1.introduction

Answer 53

product is introduced

Question 54

2.growth

Answer 54

customers have accepted product resulting in sales growth

Question 55

3.maturity

Answer 55

business reach peak level of product sales before they being to plateau

Question 56

4. decline

Answer 56

business will experience steady decrease in sales as product becomes obsolete/outdated