4.1 Introduction to Marketing

Question 1

Marketing

Answer 1

The process of identifying, anticipating and satisfying customer needs and wants in a profitable way.

Question 2

What does marketing strive to provide?

Answer 2

• Right products that appeal to customers
• Right prices to attract customers
• Effective promotion to entice customers
• Convenient and efficient places of purchase

Question 3

Identify the 2 Strategies of Marketing

Answer 3

Market orientation and Product orientation

Question 4

Product Orientation

Answer 4

• Inward facing
• Prioritises research and development over market research
• Focus on selling products they can make, rather than making products they can sell

Question 5

Market Orientation

Answer 5

• Outward facing
• Needs of customers prioritised first
• Focus on making products they can sell, rather than selling products they can make

Question 6

Market

Answer 6

An arrangement where buyers and sellers exchange goods ad services. Its existence is based around a demand and a willingness to supply

Question 7

Consumer and Industrial Markets

Answer 7

• Consumer Markets: Catering for private individuals like the public
• Industrial Markets: Catering for organisations like businesses and the government

Question 8

Characteristics of a Market

Answer 8

• Market size
• Market growth
• Customer base
• Competition
• Geographical and Demographic characteristics
• Market growth rate
• Seasonal and cyclical characteristics