Management Of Marketing And Finance Customers N5 U3 P15

Question 1

Marketing decisions

Answer 1

What to produce
What price to charge
How to inform and persuade people to purchase
Where to sell

Question 2

Examples of marketing

Answer 2

Supermarket
Mail order
Outdoor market
High street
Out of town shopping centres
Internet
Telephone sales
Door to door delivery
TV shopping channels
Fruit and veg van
Shopping mall
Dispensing machine
Car boot sale
Auction rooms
Newspaper small ads

Question 3

Market segmentation

Answer 3

Business offer different products to different groups within the market
It is done by altering products to suit different customer needs
May involve a range of similar products at different prices
Whole market is split to different groups who have similar wants and needs
Can meet customer requirements, more sales
Promotion targeted at those most interested in the product, cost reduced
Business can dominate specialist parts of the market, leads to higher sales, increasing probability

Question 4

Methods of market segmentation

Answer 4

Gender
Age
Income
Location
Religion
Education level
Structure of household

Question 5

Market share

Answer 5

A market is made up of all the consumers and producers, busing and selling products

Question 6

Market growth

Answer 6

Takes place when the number of people buying the product increases

Question 7

Undifferentiated marketing

Answer 7

Where one product is sold to the whole market, high volume of sales, lost of competition

Question 8

Niche marketing

Answer 8

Targeting a product at a small segment of the market, customers need and wants are easily identified