marketing

Question 1

Chartered Institute of Marketing (CIM) definition

Answer 1

process for identifying, anticipating and satisfying customer requirements profitably

Question 2

categories of marketing (3)

Answer 2

business to business
business to customer
customer to customer

Question 3

what is marketing orientation

Answer 3

organizations concentrating on marketing to the people who would want the product

Question 4

benefits of market orientation (3)

Answer 4

stability in the market place
quick response to changing demands from customers
accepting that flexibility in products sold to customers

Question 5

what is segmentation

Answer 5

where products are classified into groups of customers requiring similar products

Question 6

examples of segmentation

Answer 6

gender
price
interests 
location
income
lifestyle
religion

Question 7

what is targeting and provide 3 examples

Answer 7

matching and prioritizing segments

market size

market growth

market competitive

Question 8

4 categories of the marketing mix

Answer 8

products
price
promotion
place

Question 9

whats the point of promotions

Answer 9

Used to encourage consumers to buy a product or change their attitude or behaviours in some way

Question 10

product lifecycle steps (4)

Answer 10

introduction - market entry
growth - sale rise, profit peak
maturity - sales and profit starts to level off and decline, price reducton
decline - replaced with new product