1.3 Marketing process

Question 1

What are 4 stage of business cycle?

Answer 1

Establishment, growth, maturity, post - maturity (renewal, steady state , decline and cessation)

Question 2

What does SWOT analysis stand for?

Answer 2

Strength, weakness, opportunity, threat analysis.

Question 3

What are 3 types of market research?

Answer 3

Observational research, experimental research, surveys

Question 4

What is market research?

Answer 4

Doing research that provide data and information to business and enable smart decision/

Question 5

What are 3 general marketing objectives?

Answer 5

Increase market share, expand into new geographic area, expand product range.

Question 6

What is term SMART when setting up marketing goals?

Answer 6

Specific
Measurable
Achievable
Realistic
Time

Question 7

How do business able to focus on specific markets

Answer 7

By identify target markets (Mass, segment, niche)

Question 8

What is the 4 P

Answer 8

Product, price, place, promotion

Question 9

What are 3 main forms of analysis used by business?

Answer 9

Sales analysis, market share analysis,market profitability analysis