109 marketing

Question 1

what is marketing

Answer 1

marketing is the management process involved in identifying, anticipating and satisfying customer requirements profitably

Question 2

purpose of marketing (the role)

Answer 2

-marketing involves researching the whole market to find out what the customer thinks/ wantss
-setting objectives so it’s clear what the marketing department is trying to achieve
-includes: developing products, designing packaging , establishing right marketing mix ext

Question 3

what is market orientation

Answer 3

the business identities the needs and desires of the customers and then creates products to satisfy them. ‘give people what they want’. market research is conducted to find out what the customers want

Question 4

what is product orientation

Answer 4

the business develops products based on what it is good at making or doing, rather than what the customer wants. ‘give the people what we have’

Question 5

what is asset-led marketing

Answer 5

uses business strengths such as name, brand image to market both new and existing products eg.apple. it’s suitable for larger successful business that have established themselves in a specific market. ‘give the people what we want , because we can’