Marketing

Question 1

What is a market?

Answer 1

A situation involving buyers and sellers who communicate
whether directly or indirectly in the exchange of goods and/or
services.

Question 2

What is marketing?

Answer 2

Marketing refers to the set of human activities and efforts which is interrelated and focused on
bringing the goods and services to the consumer.

Question 3

What are some marketing activities?

Answer 3

Market research, Branding, advertising, sales promotion, distributing, pricing and packaging

Question 4

What are some new marketing trends?

Answer 4

Integrated marketing and Social media

Question 5

What is market research?

Answer 5

Market research refers to a systematic approach to collecting information,
recording and analyzing it and using it create an ideal marketing plan of the
business.

Question 6

What are the two types of market research?

Answer 6

Quantitative and Qualititative

Question 7

What are some examples of Quantitative research questions and Qualitative research questions?

Answer 7

Quantitative research : How much, How often?

Qualitative research: Why do you like…?

Question 8

What does market research help?

Answer 8

In making decisions about:
● where to sell a good or service.
● how to sell it.
● consumer tastes - that is which customers need the product and exactly what they want and
what they dislike
● how to price the product.
● how to promote the product.
● competition - who are the competitors in the market place and what they are doing.
● what the size of the market is.
● consumer behaviour - how consumers will react to certain conditions or when faced with
certain factors.

Question 9

What is a marketing mix?

Answer 9

This refers to everything a firm can do to influence the demand for the product.

Question 10

What are the variables of the marketing mix?

Answer 10

Product, Price, Promotion, Place

Question 11

What is the life cycle of a product?

Answer 11

Introduction phase, Growth phase, Maturity phase, Decline phase

Question 12

What are some pricing methods?

Answer 12

Skimming, Cost plus, Promotional, Competitive, Penetration

Question 13

What is consumer behaviour?

Answer 13

Consumer behaviour refers to the factors that influence consumers to purchase one
product instead of another, and how this behaviour might change over time.

Question 14

What is packaging?

Answer 14

The package is the outer wrapper or container for goods.

Question 15

What is branding?

Answer 15

The term branding refers to giving a product a distinctive name, term, symbol, sign, design or
combination of these to enable it to be recognised easily.

Question 16

What is advertising?

Answer 16

Advertising may be regarded as the art of putting the good and sometimes the bad points about
a good or service across to large numbers of potential or existing customers.

Question 17

What is sales promotion?

Answer 17

This consist of techniques designed to increase sales of a product

Question 18

What is public relations?

Answer 18

Businesses care about what the public thinks of them, therefore, they will use a variety of ways
to try to influence the public to have a high regard for them and their employees.