Marketing

Question 1

what is marketing?

Answer 1

a customer driven strategic business activity designed to:
- attract customers by satisfying their needs and wants
- influence their purchasing behaviours
- increase sales
- survive in a competitive industry

Question 2

what is the marketing cycle?

Answer 2

a cyclical process driven by the results of market research and strategic planning
- a recurrent series of activities designed to meet the needs and wants of customers and driven by customer feedback

Question 3

what is the first step in the marketing cycle?

Answer 3

identifying the target market

Question 4

define what a target market is

Answer 4

the segment of the population that needs or wants what you are selling and have the ability, willingness and authority to make a purchase

Question 5

what is market sementation?

Answer 5

divides customers into groups based on their unique characteristics. this helps managers narrow down their target market

Question 6

what are the 4 subgroups of market segmentation & explain them

Answer 6

1. demographic segmentation
   - based on variables such as age, income, education, ect.
2. geographic segmentation
   - based on location (province, city, neighbourhood, school)
3. psychographic segmentation
   - based on variables such as lifestyle, values, or personality traits.
4. product preference
   - based on the behaviour and preferences of existing customers

Question 7

what are the 4 ps of marketing and explain them.

Answer 7

Product - the unique combo of goods and services that is offered to customers. What is produced and sold (food), but also other attributes like quality, service and atmosphere.

Price - the amount of money charged for the product. strategic pricing can promote sales and allow the foodservice operation to be more competitive.

Place - how products are sold, including distribution. Food must be available at a time and place that is convenient for customers

promotion - all communication with customers. Increases awareness of available products and services with the aim of increasing sales and/or customers.

Question 8

managers need to view marketing as an essential function that requires:

Answer 8

• planning
• implementation
• evaluation

Question 9

what is the marketing planning process?

Answer 9

determine goals and objectives
goals need to align with the broader strategic plans of the the organization
objectives need to be measurable so they can be evaluated later
- tools like SWOT analysis or customer survey can help create awareness of current conditions and plan future directions.

Question 10

what might the marketing implementation process include?

Answer 10

developing promos
training staff on the marketing plan and empowering them to implement it
communicating marketing messages to customers and potential customers
providing supports so the plan succeeds
implementing procedures that will help with evaluating the plan

Question 11

what is the evaluation part of marketing?

Answer 11

its the process of determining the success of the plan as it was implemented
- the degree to which the established objectives were met
- you want to see measurable return on investment

Question 12

what are the 5 most common marketing mistakes?

Answer 12

1. lack of planning
2. improper budgeting
3. poorly-defined goals and objectives
4. lack of product development
5. inadequate evaluation

Question 13

explain the share of market promotions vs the share of mind promotions

Answer 13

share of market promotions: financial promotions designed to increase customers, sales, or both

Share of mind promotions: promotions that aim to influence customers preferences or feelings about a product or service

Question 14

what are the 4 main goals of promotions

Answer 14

1. present info to customers, make them curious
2. attract new customers
3. reinforce desired purchasing behaviour to get repeat customers
4. enhance the image of the organization

Question 15

what are the steps to designing a successful promotion?

Answer 15

• plan in advance (atleast 1-3 months ahead)
• establish clear goals and measureable objectives
• identify the target market
• choose a promotion that is consistent with the needs and wants of the target market and that aligns with the organizations mission
• seek input from internal and external sources
• set a budget and weigh the costs against the expected benefits
• have a written plan
• execute and evaluate the plan. record what was learned for future promotions