Ggg

Question 1

Marketing

Answer 1

Marketing is the activity and processes for creating communicating delivering and exchanging offerings that have value customer and society at large

Question 2

Four ps

Answer 2

Product- details around product/services dold functionality,brand,packaging,services
price-list price,discounts,bundling credit terms
Place-channel,inventory,logistics,distribution
promotion-ow you will sell more of product and get the word out advertising, sales for each publicity,sales promotion

Question 3

Market orientated

Answer 3

Businesses identify the needs and wants of customers and then make a product to meet those needs

Question 4

Primary research

Answer 4

First hand data directly collected from customers or consumers by the researcher. can involve interviews surveys observations or any type of research that you go out and collect yourself

Question 5

Secondary research

Answer 5

It’s cost effective And using things like dates available on the Internet public libraries educational institutions commercial information sources gathering information thaubbering information that already exists

Question 6

Product oriented

Answer 6

Businesses focus on their area of expertise to produce innovative items

Question 7

Crowdsourcing

Answer 7

When the consumer votes or offers feedback in the creation and development of a product or service

Question 8

Sales orientated

Answer 8

Internally focused looks to sell products that the company’s successful at making

Question 9

marketing oriented

Answer 9

Externally focused on customers wants and needs looks to create customer value

Question 10

Customer

Answer 10

Person who buys product

Question 11

Consumer

Answer 11

Person who uses or consumes products

Question 12

Product/good

Answer 12

Tangible-physical item you can touch

Question 13

Service

Answer 13

Something that someone can do for you,not tangible, something that gives you benefit in return

Question 14

Niche market

Answer 14

When a product is Designed To attract only a small segment of a larger market audience

Question 15

Mass market

Answer 15

Is a market for goods produced on a large scale for a group or significant number of end consumers

Question 16

Market orientated advantages and disadvantages

Answer 16

Advantage easier to attract customers as more aware of specific wants and needs
disadvantage Have to get timing right expensive and difficult might not be what everyone wants

Question 17

Is product oriented advantages on disadvantages

Answer 17

Advantage is easier to attract customers
Disadvantage- might not be what customer wants, expensive and difficult
Might only attract a few people
Can’t get product to meet everyone’s needs

Question 18

Unique selling point

Answer 18

This is the key aspect of the product that makes it different or special it sets the product apart from its competitors

Question 19

Core product

Answer 19

The core product is the basic item offered such as a TV

Question 20

Augmented product

Answer 20

A product that comes with extras
Ex : phone with vr headset, TV with guarantee

Question 21

Why differentiate

Answer 21

To avoid risk of failure
To attract customers
Stand out from competitors

Question 22

Differentiate

Answer 22

Usually refers to the principle if setting your company apart from the competition through a specific element

Question 23

Product differentiation

Answer 23

The characteristics that make your product or service stand out to your target audience or stand out from competitors

Question 24

Profitability

Answer 24

The degree to which a buisness or activity yields profit or financial gain

Question 25

Advertising model

Answer 25

Obtaining revenue from adverts of sponsors

Question 26

Benchmarking

Answer 26

Comparing how the business is performing against other businesses