1.9 - Marketing

Question 1

What is Marketing?

Answer 1

The process of identifying, predicting and satisfying customers needs and wants profitably

Question 2

Why would you use Marketing?

Answer 2

-Analyse new products for current and new markets.
-Satisfy customer needs, creating loyal customers
-Increases customer awareness of products influencing sales
-Produces a sales forecast that is needed to plan production schedules and requirements

Question 3

What are the Approaches to Marketing?

Answer 3

-Asset LED
-Market Orientated
-Product Orientated

Question 4

What is Asset LED?

Answer 4

Where the business’ approach to marketing is guided by its relative strengths + weaknesses.

Question 5

What is Market Orientated?

Answer 5

Where the business’ approach to marketing is defined by the target markets’ needs and wants

Question 6

What is Product Orientated?

Answer 6

Where the business’ approach to marketing is defined by its aim to produce the highest quality good/service

Question 7

What are the 4Ps?
(marketing mix)

Answer 7

-Product
-Price
-Place
-Promotion