marketing

Question 1

what is marketing

Answer 1

marketing is the process of planning and executing the promotion and distribution of goods,

Question 2

what is marketing mix and each purpose

Answer 2

Product - design, name, warranty, packaging, branding

Price - cost to consumer, methods: cost plus margin, market price, competitors price (equal,lower/ higher than similar)

Place - process of disturbing product, methods: producer to customer, producer to retailer to customer, producer to wholesaler to retailer to customer.

Promotion - attract customers, encourage loyalty, retaining customers

Question 3

importance of target market

Answer 3

few business can afford to market to everyone, 3 main approaches to target market

• mass market approach
• Market segmentation approach - -
• Niche market approach

Question 4

what’s a neiche market,

Answer 4

neiche : is a narrowly selected target market segment

Question 5

what is market segmentation and 4 dimensions

Answer 5

total market subdivided into groups with a common interest

demographic, geographic, psychographic, behavioral

Question 6

primary v secondary target market

Answer 6

primary is the target where most of the marketing resources are directed to,
secondary is the smaller and less important audience e