3.1 - Introduction to Marketing

Question 1

What is marketing?

Answer 1

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

Question 2

When does a market exist?

Answer 2

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

Question 3

What are the key elements of marketing?

Answer 3

Identify - Customer needs
Anticipate
Satisfy
Profitable

Question 4

What is the Role of Marketing?

Answer 4

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

Question 5

What are the different types of markets?

Answer 5

Virtual (online)
Physical
Local business
National business
B2B
B2C

Question 6

What does the market size depend on?

Answer 6

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

Question 7

How do you calculate Market Size in Value?

Answer 7

Volume sold x average price

Question 8

How do you calculate Market Growth Rate as a %

Answer 8

Change in size or difference/original size x100

Question 9

How do you calculate Market Share?

Answer 9

Business Sales/Total market sales x 100