Chapter 27 - Marketing☀️

Question 1

What is the Target Market?

Answer 1

All the people who might buy a particular product or service.

Question 2

What is Sales Promotion?

Answer 2

All ideas, other then advertising, used by a firm to try to increase sales or a particular product or service.

Question 3

What is Sponsorship?

Answer 3

Where a firm pays money to have their name or products associated with a major event e.g. Irish Rugby Team sponsored by 3

Question 4

What is Product?

Answer 4

• Producing the right product/service - something that consumers want and will buy.
• Choosing packaging that will appeal to and attract consumers

Question 5

What is Price?

Answer 5

• Choosing the most suitable price to sell the product, based on prices of competitors, costs of making and selling the product and the profit the firm wants to make.

Question 6

What is Place?

Answer 6

• Choosing an efficient method of getting the goods and services to the consumer, through wholesales, retailers or direct to the public.

Question 7

What is Promotion?

Answer 7

• Making sure the customers know about, and want to buy, the product/service through advertisement, direct selling, public relations and sales promotion.

Question 8

What are the 4 Ps of Marketing? (The Marketing Mix)

Answer 8

Product
Price
Place
Promotion

Question 9

What are the Aims of Market Research?

Answer 9

1. Find out what products/services the consumer wants
2. Find out the most suitable method of advertising to use
3. To decide a suitable selling price
4. To find out the most suitable method of distribution the product/service.

Question 10

What are the Methods for Market Research?

Answer 10

1. Desk Research - Information collected about a market by looking up pre-existing information e.g. On the Internet
2. Field Research - information collected about a market by going out into the market and gathering the information yourself e.g. Giving out Questionnaires.

Question 11

What are the Reasons for Advertising?

Answer 11

1. To Inform/Informative Advertising e.g. Brown Thomas “Summer Sale Starts Tomorrow”
2. To Persuade/Persuasive Advertising e.g. L’Oreal “Because Your Worth It”
3. To Compete/Competitive Advertising e.g. Tesco vs Lidl
4. To Remind e.g. Coca Cola
5. Generic Advertising: Promote the products of an industry rather then one particular firm e.g. National Dairy Council

Question 12

Name 3 Sales Promotion Techniques.

Answer 12

1. Free Gifts
2. Special Introductory Price
3. Competitions

Question 13

What should you remember when creating an advertisement?

Answer 13

• 5 Facts
• Slogan
• Image

Question 14

What is Marketing?

Answer 14

Everything involved in getting a product or service from the producer to the consumer at a profit.