Marketing

Question 1

What is the marketing mix?

Answer 1

The 4 P’s; place, product, price and promotion.

Question 2

What is market research?

Answer 2

Market research is research into finding out how to satisfy customer’s needs. Market research also looks into competition and marketing trends.

Question 3

What is primary research sometimes called?

Answer 3

Field research.

Question 4

What is secondary research sometimes called?

Answer 4

Desk research.

Question 5

What is primary research?

Answer 5

Primary research involves gathering new data that has not been collected before. For example; doing surveys to the general public.

Question 6

What is secondary research?

Answer 6

Secondary research involves gathering existing data that has already been produced. For example; the information in newspapers is secondary research.

Question 7

What is quantitative data?

Answer 7

Factual information is called quantitative data.

Question 8

What is qualitative data?

Answer 8

Information collected about opinions and views is called qualitative data.

Question 9

What is marketing?

Answer 9

Marketing is best described as the process of getting the right product to the right people at the right time profitably.

Question 10

What is “route to market”?

Answer 10

“Route to market” are different ways to get the product to the customers.

Question 11

What are the main aims for businesses?

Answer 11

• grow sales
• increase profits
• build customer awareness

Question 12

List 6 ways you can segment people?

Answer 12

• by age
• by gender
• by income
• by socio-economic group
• by residential area
• by geographical area

Question 13

What are niche markets?

Answer 13

Niche marketing focuses on a specific segment of consumers. This is usually a relatively low number of customers.

Question 14

What are mass markets?

Answer 14

The term mass market refers to a large, segmented market of consumers with widely varied backgrounds.

Question 15

What are the benefits of segmentation?

Answer 15

• the sales can be increased by producing versions of goods and services targeted at various segments of the market.
• segmentation helps to target advertising and promotion more effectively at the relevant market segments.
• it ensures that products on sale in the right place to attract the target market segments
• provides what the customers wants.
• happy customers = repeat sales - increase revenue - improved profit
• companies can increase their sales if they develop a product to fill a gap in the market.

Question 16

What does CAM stand for?

Answer 16

Computer aided design.

Question 17

What is CAM?

Answer 17

CAM is where things are designed on a computer and are more accurate because they use exact measurements.

Question 18

What sorts of things is CAM used for?

Answer 18

CAM software is used in a vast numbers of businesses including;

• car manufacturing
• food manufacturing
• electronic manufacturing
• clothing production

Question 19

What are the advantages of CAM?

Answer 19

• it saves time - machinery is quicker
• more capital - less staff wages to pay
• accuracy - it will be precise and more accurate than doing it by hand
• prototyping - can test it to see if it looks right

Question 20

What are the disadvantages of CAM?

Answer 20

• it is very expensive to buy

- if the software was to break, a specialist expert would be needed to fix it - this can be expensive too

Question 21

What is tertiary production?

Answer 21

Tertiary production refers to the commercial services that supports the production and distribution process.

Question 22

What is horizontal interrogation?

Answer 22

Horizontal interrogation is buying up another firm at the same time at the same stage of production.

Question 23

What is a market segment?

Answer 23

Segmenting a market is dividing the market up into different parts