14 - What Is Marketing

Question 0

What is a market?

Answer 0

• This is the place or mechanism where buyers and sellers meet to engage in exchange
• Market also refers to the group of consumers that are interested in the product, who are able to buy it

-This can be on the internet or in a geographical location

Question 1

What is marketing?

Answer 1

This is the process of identifying, anticipating and meeting consumer needs profitably

Question 2

What are consumer markets?

Answer 2

These are markets for goods and services bought by the final user of them

Question 3

What are industrial markets?

Answer 3

These are markets for goods and services bought by businesses to be used in the production process of a product

Question 4

What are marketing objectives?

Answer 4

These are the goals set for the marketing department of a business to help the business to achieve its overall objectives

Question 5

What is a marketing strategy

Answer 5

This is the Longterm plan established for achieving marketing objectives

Question 6

What is market orientation?

Answer 6

This is an outward look that bases product decisions on consumer demand, it is established by market research

Question 7

What is product orientation?

Answer 7

This is an inward look on product development. It bases product decisions on what the designers think will be successful, it doesn’t involve market research

Question 8

What is asset led marketing?

Answer 8

This is an approach to marketing that bases the strategy on the firms current strengths and weaknesses, instead of the customer wants

Question 9

What is societal marketing?

Answer 9

This is an approach that bases a firms strategy and decision making on the effects that it has on the consumers and and society as a whole

Question 10

What is demand?

Answer 10

The quantity of individuals who are willing and able to buy a firms product at a given price in a period of time

Question 11

What is supply?

Answer 11

The quantity of a product that a firm is prepared to supply at a given price in a period of time

Question 12

What is the equilibrium price?

Answer 12

This is a point where the market price equates supply and demand for a product

Question 13

What is market size?

Answer 13

This is the total level of sales of an industry

Question 14

What is market growth?

Answer 14

This is the percentage change in the total size of a market over a period of time

Question 15

What is market share?

Answer 15

This is the total sales of a firm in proportion to the total sales of an industry

• Market share = firms sales in period of time / total market sales in period of time x 100
• It’s possible for a firm to increase its sales but get a smaller share, this happens when the market size grows faster than the firm

Question 16

What is product differentiation?

Answer 16

This is making a product distinctive so that it stands out from the competitors product in the consumers perception

Question 17

What a USP or proposition?

Answer 17

This is the special feature of a product that differentiates it from competitors products

Question 18

What is niche marketing?

Answer 18

This is identifying and exploiting a smaller segment of a larger market by developing a product that suits it

• It allows smaller businesses to survive in markets dominated by large firms
• If the market is currently unexploited by competitors. It allows a firm to sell at high prices

Question 19

What is mass marketing?

Answer 19

This is when a firm targets the whole market with the same product and makes no attempt to target groups within it

Question 20

Tha is market segmentation?

Answer 20

This is a subgroup of a whole market in which consumers have similar characteristics

Question 21

What is a consumer profile?

Answer 21

This is a quantified picture of the consumers of a firms products.
It shows proportions of age groups, income levels, locations, gender and social class

• It allows a firm to target it’s market precisely
• It allows a firm to price discriminate and increase revenue
• Extensive market research is needed and it can be expensive
• It can increase promotion costs as they target specific groups