Marketing

Question 1

What is marketing

Answer 1

it is the management responsible for identifying, anticipating and satisfying customer requirements profitably

Question 2

What is Market orientation

Answer 2

it is a management approach where businesses focus on the wants and needs of customers rather than the quality of the product

Question 3

what does market orientation rely heavily on and why

Answer 3

Market research to predict the wants and needs of customers and their desires

Question 4

What approach is market orientation

Answer 4

Outward looking - because they look outside of the organization and into the market

Question 5

what are advantages of market orientation

Answer 5

1. Flexible: quick responses to wants and needs
2. Flexible: they can easily change what they are selling
3. low risk of their product failing

Question 6

what are disadvantages of market orientation

Answer 6

1. expensive and time consuming = the larger the market the more expensive research must take place.
2. customer desires are not fixed and can change quickly

Question 7

what is an example of market orientation?

Answer 7

Coca Cola, when they first launched their beveage it had peaked in sales however overtime it decreased this is because customers did not want to consume lots of sugars, which led to the development of diet cola, after sometime, clients who had restricted and strict diets would not have been able to consume diet cola which led to the prediction of Cola Zero.

Question 8

What is product orientation?

Answer 8

it is the management approach that focuses on the quality of products rather than the wants and needs of customers

Question 9

what does product orientation rely on

Answer 9

Innovation - because they aim to produce a product that is good quality, creative with great features

Question 10

what question would a product orientated business ask themselves

Answer 10

what to produce

Question 11

what approach is a product orientated business

Answer 11

it is a inward looking approach as they focus more on the organization and the product

Question 12

what are advantages of product orientated

Answer 12

1. if it is successful, it would have minimal competition
2. it does not require market reach
3. the business can create a product they are good at producing

Question 13

what are disadvantages of product orientation

Answer 13

1. Expensive and time consuming = it relies heavily on innovation, and (R+D) —research and development.
2. Commercial failure may occur which will lead to a waste of time and resources.
3. Neglects customers wants and needs.

Question 14

what is marketing planning

Answer 14

it is the process of setting objectives and strategies for the businesses achievement

it is a systematic cyclical cycle of settings and resetting objectives and strategies for the achievement of the business

Question 15

What is a marketing plan?

Answer 15

it is a document that records all the objectives and strategies. (eg: marketing biz, SMART objectives, segmentation and targeting methods

Question 16

What is marketing cycle

Answer 16

it is a series of reflective actions that organizations go through to maintain their reflective nature of marketing

Question 17

what are advantages of marketing planning

Answer 17

1. it reduces risk
2. it is Forster independent
3. it provides clear objectives
4. it allows managers to have better control

Question 18

what are disadvantages of marketing planning?

Answer 18

1. does not garuntee sucess
2. it is expensive and time consuming
3. plans may be outdated and inflexible

Question 19

What is market size

Answer 19

it is the total sales in the industry and can be measured by volume or value of products.
it refers to the entire industry

Question 20

What is market share

Answer 20

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