Mareting

Question 1

What is marketing?

Answer 1

Marketing is about everything involved in getting a product or service from the manufacturer to the consumer at a profit

Question 2

What are the six elements of marketing?

Answer 2

1. Choosing an appealing packaging
2. Advertising the service or product
3. Getting consumers to go out and purchase the product or service
4. Finding out what product consumers want
5. Choosing an efficient method of getting the goods to the consumer
6. Choosing right product to satisfy consumers need

Question 3

What is a target market?

Answer 3

A group of people who are likely to want to buy a particular product or service

Question 4

What is a niche market?

Answer 4

Is one that targets a very specific and often small group of people. The needs of this market will be different in some ways to the needs of the main market

Question 5

Why does a company carry out market research?

Answer 5

What they already use
What they don’t like
How much they would pay
What they like or don’t lie about existing products

Question 6

What is desk based research?

Answer 6

Involves researching info that is already available from other sources such as libraries

Question 7

What is field research?

Answer 7

Involves going into a market and collecting new info. It allows a business to gather info more up to date

Question 8

What is test marketing?

Answer 8

Involves asking a small number of people to try the product before the firm decides to Invest

Question 9

What is direct observation?

Answer 9

Is when a firm finds out ore info they need by watching people as they go about their day

Question 10

What is random sampling?

Answer 10

Everyone in the population has an equal chance of being chosen

Question 11

What is cluster sampling?

Answer 11

Everyone in a particular place is asked to take part in the research

Question 12

What is quota sampling?

Answer 12

A particular group of people who share a particular characteristic are chosen

Question 13

What are closed questions?

Answer 13

Questions which look for a specific piece of info

Question 14

What are open questions?

Answer 14

Questions that enable someone to give their own opinion

Question 15

What is the four p’s of marketing (marketing mix)

Answer 15

Product: what is it and what features will it have
Place: where will it bee sold
Price: how much will it cost
Promotion: how much will it be sold