1.1 - Introduction to Marketing (Glossary)

Question 1

Define marketing (department)

Answer 1

The department tasked with targeting the right product at the right target market using the right combination of price, promotion and place

Question 2

Define marketing objective

Answer 2

A marketing target or goal that an organisation hopes to achieve e.g. boost market share

Question 3

Define marketing strategy

Answer 3

The medium/long term plan for how to achieve your marketing objectives

Question 4

Define marketing mix

Answer 4

The plan for getting the right blend of product, price, promotion and place

Question 5

Define market segmentation

Answer 5

Dividing a market up by customers’ age, gender or income to find areas that are under-served