pg 44

Question 1

A three part definition of marketing is

Answer 1

i. to satisfy the needs and wants of the client,
ii. being better than the competition,
iii. while making a profit, after the costs of marketing

Question 2

WHO is the prospective client/customer?

In order to answer this question, a thorough analysis must be performed for:

Answer 2

Market Segmentation

Buyer/Client Behaviour

Question 3

Any business, especially one that is just starting up, cannot attract all potential customers. This
is simply because:
There are too many of them
They are widely scattered
They aren’t looking for the same thing
Some competitors will be in a better position to serve certain segments
It may be too costly to become widely known in your marketplace

Answer 3

Market Segmentation Analysis

Question 4

A Market Segment is a __________ group of ________ customers who need/want and
will pay the price for the service being offered.

Answer 4

HOMOGENOUS

POTENTIAL

Question 5

Behaviour Analysis will answer the questions ______________ for EACH OF
THE SEGMENTS IDENTIFIED IN THE MARKET SEGMENTATION ANALYSIS

Answer 5

what, where, when, how and why

Question 6

In order to answer the question “what”, a business must convert tangible “___________
features” into intangible “_____________”…people buy benefits not features

Answer 6

product-oriented

marketing oriented benefits

Question 7

There are two types of competition -

Answer 7

direct and indirect
direct competition are those that provide the same
service.
indirect competition are those that do not provide the
same service, but that are competing for the same part of the consumer’s spending

Question 8

A ___________ is a 2-dimensional graph, with an intersecting x (horizontal) and y (vertical)
axis. Each axis represents a benefit perception, or a feature, that relates to your product/service.

Answer 8

positioning map