3 MARKETING - 3.1 What is Marketing?

Question 1

Define Marketing Objectives

Answer 1

They are based on the corporate objectives of a business

Question 2

What are the factors affecting demand for a product?

Answer 2

1. Income
2. Taste
3. Competitors
4. Promotion
5. Population

Question 3

What are the factors affecting the supply of a product?

Answer 3

1. Technological
   - Cost of sales
2. Government
   - Taxes
   - Subsidiaries
3. Natural + Other

Question 4

What are the types of Markets?

Answer 4

1. Consumer/Producer Markets
2. National Markets
   - sell to the full nation
3. International Markets
   - sell outside the country based out of

Question 5

Define Market Share

Answer 5

the sales of a firm / the total sales in the market for a given amount of time

Question 6

What are the factors of a High Market Share?

Answer 6

1. Higher sales
2. Lower discounts
3. Retailers keen to stock

Question 7

Define Market Segmentation

Answer 7

different segments in a market is identified and different goods and services are targeted to the segments

Question 8

What is the Basis for Segmentation?

Answer 8

1. Geographic
2. Demographic Changes
3. Psychographic

Question 9

Define the Geographic basis of segmentation

Answer 9

it is based on culture and linguistic and geographic changes

Question 10

Define the Demographic Changes basis of segmentation

Answer 10

the income level and social class

Question 11

Define the Psychographic basis of segmentation

Answer 11

Lifestyles, values and attitudes