3.1 - Introduction to Marketing Flashcards

1
Q

What is marketing?

A

The role to maximise sales by understanding and anticipating customer needs and finding a profitable way to meet these needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

When does a market exist?

A

A market exists whenever there is an exchange between suppliers and buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the key elements of marketing?

A

Identify - Customer needs
Anticipate
Satisfy
Profitable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the Role of Marketing?

A

To lead and coordinate decisions with other functions; operations finance etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the different types of markets?

A
Virtual (online)
Physical
Local business
National business
B2B
B2C
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What does the market size depend on?

A

Number of customers
Volume - number of units sold
Value - revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How do you calculate Market Size in Value?

A

Volume sold x average price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How do you calculate Market Growth Rate as a %

A

Change in size or difference/original size x100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How do you calculate Market Share?

A

Business Sales/Total market sales x 100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly