Marketing

Question 1

marketing process

Answer 1

marketing involves all activities that are aimed at developing and maintaining a competitive advantage.

1. market research and development: marketing starts w doing market research in order to understand the behavior patterns of the consumer and the way in which expects the service or product to be delivered
2. promotion is about informing the market about the brand that is being offered by the business

aims of marketing

1. creating and maintaining a competitive advantage
2. developing new products
3. identifying new markets for the business
4. distribution involves movement of product to ensure it reaches desired market on time
5. sales refer to the process of transferring ownership from the business to consumer

Question 2

marketing mix :

PPPP

Answer 2

includes all elements that are combined to ensure that the business’s product/service is marketed effectively

elements :

1. product - characteristics of the product(packaging, logo and trademark)
2. price - looks at the money target market is willing to pay
3. place - refers to the different channels that could be used to ensure that the product/service reaches the desired market segment
4. promotion - involves informing the target market about the product through different social media platforms or other advertising media

Question 3

what makes a product successful :

Answer 3

1. satisfy needs and wants - the business must make sure the product satisfies the needs and wants of the consumer
2. design - the brand image of the overall business. the target market must look at the product design which cultivates a desire for the customer to own the product
3. competitive advantage - it is important that the product is different from what the competitors are offering
4. cost - consumers will expect to pay more for certain products and less for others. opportunity cost must influence the decision to buy what is being offered

Question 4

developing a product

Answer 4

1. generate ideas = in order to generate ideas, the input must be obtained from a variety of sources
2. research = research the resources needed to make the product
3. feasibility and viability = a decision which is made on whether it is a workable idea which can be practically implemented (feasibility)
   will the business be able to generate sustainable profits from this idea (viable)
4. prototype = the business tests the product in order to deal w any problems identified
5. market testing = the business tests the market by introducing the product to them then getting feedback.
6. product launch = once the business has achieved all steps above and there’s an approval of the final service. the product/service will be introduced to the market