BUSINESS STUDIES - MARKETING Flashcards
What is the role of marketing?
Marketing is undertaken by businesses to generate sales by satisfying customers’ needs and wants. Without marketing, customers may not be aware of a product’s existence.
What percentage of new products fail in the first year due to poor marketing?
More than 70% of new products launched on the market fail in the first year due to poor marketing.
What is marketing?
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
What are the key activities involved in marketing?
Interacting activities designed to plan, price, promote, and distribute products to present and potential customers.
What is the important question businesses must ask regarding marketing?
Businesses must constantly ask, ‘What do customers want to buy now - and in the future?’
Is marketing only about selling or advertising?
No, marketing is more than just selling or advertising. Selling is part of the marketing process, and advertising is just one part of the promotion strategy.
What is the strategic role of marketing in a business?
The strategic role of marketing is to make the financial goal of profit maximization a reality.
What is a marketing plan?
A marketing plan outlines strategies used to bring the buyer and seller together and is core to satisfying existing customer wants.
What is the role of market research in marketing?
Market research allows operations to create product/service descriptions and helps in developing a marketing plan.
How does marketing interrelate with operations?
Operations allow goods/services for marketing, and marketing provides job descriptions and lists of skills needed for marketing.
What is the production approach in marketing?
The production approach focuses on production with the mindset ‘if we make it, they will buy it,’ without market research.
What characterizes the selling approach in marketing?
The selling approach emphasizes selling due to increased competition and involves increased spending on advertising and new technology.
What is the marketing approach?
The marketing approach focuses on what customers want through market research and satisfying that need.
What are the types of markets?
Types of markets include resource, industrial, intermediate, consumer, mass, and niche.
What defines a market?
A market is defined as a group of individuals or organizations that need or want a product, have purchasing power, are willing to spend money, and are authorized to purchase the product.
What is the resource market?
The resource market consists of individuals or groups engaged in primary production such as mining, agriculture, forestry, and fishing.
What is the industrial market?
The industrial market includes industries and businesses that purchase products to use in the production of other products.
What is the intermediate market?
The intermediate market consists of wholesalers and retailers who purchase finished products and resell them for profit.
What is the consumer market?
The consumer market consists of individuals or households who plan to use or consume the products they buy.
What is the mass market?
The mass market involves sellers mass producing, distributing, and promoting one product to all buyers without targeting specifically.
What is a niche market?
A niche market, also known as a concentrated or micro market, targets a narrowly selected segment of buyers with specific needs.
