Lesson 1 : Introduction to Marketing 4/9/24

Question 1

What is the definition of Marketing?

Answer 1

Marketing is the process of targeting the right product at the right target market using the right combination of price, promotion and place.

Question 2

What is the first step in the Marketing Process?

Answer 2

1. Establish a marketing objective - which sets out what the marketing department is trying to achieve. Eg. Achieve sales of £1mil by the end of the year

Question 3

What is the second step in the Marketing Process?

Answer 3

2. Gather research and analyse the market. Eg. check for competitors, how busy the market is etc

Question 4

What is the third step in the Marketing Process?

Answer 4

3. Devise and implement a marketing strategy, eg. set goals like - Make 1mil in profit by the end of the year.

Question 5

What is the fourth step in the Marketing Process?

Answer 5

4. Review, was the objective achieved? If not, go over step 1, make sure your goals were within reach. If yes, repeat cycle.