3.3.1

Question 1

what is marketing

Answer 1

Marketing is the function within a business concerned with communicating with customers.

Question 2

the process of marketing allows a business to

Answer 2

understand the market it is operating in
understand what customers want
understand the relative strengths and weaknesses in comparison to competitors
build a strong brand
build relationships with customers
understand the nature of pricing for its products.

Question 3

what is the market

Answer 3

A market is where buyers meet sellers. A market exists wherever there are potential customers who want to buy a product, and where there is a business able to produce and sell that product.

Question 4

marketing objectives

Answer 4

market share
brand loyalty
brand image
market and sales growth

Question 5

what is market share

Answer 5

the amount a business sells as a percentage of the whole market. Increasing market share gives a business more influence and power in the market and means it has increased its number of customers.

Question 6

what is brand loyalty

Answer 6

businesses need regular custom in order to succeed. Brand loyalty involves building a relationship with customers in order to encourage repeat purchasing.

Question 7

what is brand image

Answer 7

building brand characteristics. If a business develops a good reputation (for example, high quality) it can attract and reassure customers and allow them to charge a premium price.

Question 8

what is market and sales growth

Answer 8

measured in volume (units) or value (pounds). Marketing can increase the awareness, desire and ability of customers to buy the product - leads to increased revenue.

Question 9

internal and external influences on marketing objectives and decisions

Answer 9

All business functions are interlinked and influence each other. For example marketing will negotiate its advertising budget with finance and work closely with operations to develop a product that meets customer needs.