Chapter 9- Marketing Activities

Question 1

What is the definition of marketing?

Answer 1

Marketing is used to deliver values to customers and satisfying their needs

It also aims to get the right product to the right customers and the right place and time

Question 2

Describe the role of the marketing function

Answer 2

Supports the objectives of the business

Marketing team works closely with staff members

They gather information about customer needs and buying behaviour

Develop a marketing plan

Question 3

What are some of the marketing activities?

Answer 3

Standardisation

Process of developing a set of criteria to ensure production of quality goods

Storage

Refers to the storage of goods after being produced

Transport

Products must be transported from factories to wholesalers and retailers

Risk bearing

The business carries the risks involved with owning the goods

Buying and selling

Buying and selling within the exchange process

Financing

Capital is used to meet the financial needs of businesses



Question 4

What are the components of the marketing mix?

Answer 4

• Product policy
• Pricing policy
• Distribution policy
• Communication policy

Question 5

Define trademarks

Answer 5

Trademark is the name or logo used by a business that’s different from other businesses

Question 6

What is the importance of trademarks to businesses?

Answer 6

It establishes an identity

Protects the business against competitors

Makes the brand recognisable

Question 7

What is the importance of trademarks to customers?

Answer 7

Creates a sense of security

Promotes loyalty

Represents standard of quality