Marketing

Question 1

Marketing

Answer 1

is the management process involved in identifying , anticipating and satisfying customer needs , profitably

Question 2

The marketing mix

Answer 2

often referred to as the 4Ps ,
includes Product , Price,
Place and promotion. These elements are used to meet the needs of the target
market and achieve organizational goals.

Question 3

Market size :

Answer 3

total sales value or volume of a specific product or service within a market.

Question 4

Market potential

Answer 4

the growth rate of a market > It is an indicator to
continuous growth and competitors

Question 5

Market share (in volume/value) :

Answer 5

the proportion of the whole market covered by a
company’s products/services .

Question 6

A marketing objective

Answer 6

is a goal set by the marketing team to be reached
within a specific time frame + which is measurable

Question 7

A marketing strategy

Answer 7

is the way used to reach the objective -> the 4P

Question 8

What has to be done to qualitative objectives

Answer 8

All qualitative objectives must be made measurable to ensure that the
marketing department can verify if the objective is met

Question 9

SWOT def

Answer 9

SWOT analysis is a form of strategic analysis that identifies and analyses the main internal strengths and weaknesses and external opportunities and threats that will influence the future direction and success of a business

Question 10

Swot purpose

Answer 10

SWOT’s purpose is provide information that can be helpful inmatching the firm’s resources and strengths to the competetive environment it operates in

Question 11

How are the results of the Swot analysis how used by the management?

Answer 11

• assess the company’s position within a market -
  focus on opportunities or decrease threats
• assess the company itself + focus on increasing strengths
  or decreasing weaknesses
  -main aim : create a strategy to develop the business towards its
  main goals e.g : increase , profit, improve its Image for

Question 12

Market research

Answer 12

is organized effort to collect data about consumers/markets

Question 13

Primary research

Answer 13

first-hand data , collected for a specific purpose ↳ used to fill in the missing data

Question 14

Secondary research

Answer 14

Secondary research : second-hand , already existing data e.g. statistics ↳ used to get some background information

Question 15

primary research PROS

Answer 15

-its specific to your needs &topic
-more insights than secondary data

Question 16

Primary research CONS

Answer 16

expensive
takes time
needs trained ( skilled) people

Question 17

Secondary research PROS

Answer 17

less time
cheaper

Question 18

Secondary research CONS

Answer 18

• may not be relevant
• biased
• not timely

Question 19

Secondary research examples

Answer 19

different markets
different year

Question 20

Primary research examples

Answer 20

think about questions
analyze data

Question 21

Sample size

Answer 21

informs about the total number of people who were interviewed

Question 22

Return rate

Answer 22

the percentage of invited participants to the survey

Question 23

Confidence level

Answer 23

is a measure of the reliability of the findings of primary research ↳) larger samples lead to more accurate and reliable results because it provides a broader representation of the population being studied.

Question 24

Bias

Answer 24

Bias is a factor that causes research findings to be unrepresentative of the whole population , e.g. misleading survey questions. burdened with prejudice - not true

Question 25

Types of Bias

Answer 25

-Selection bias : when the participants are not representative of the target Population. -Response bias : When participants do not respond truthfully. -Measurement bias : When data collection method do not accurately capture the desired data

Question 26

Types of questions and their PROS/CONS

Answer 26

- Open-ended questions provide qualitative insights , as the can be very different from interviewe to interviewee . + insightful , detailed -difficult and time consuming to analyse. Closed-ended questions provide quantitative , easy to analyse data ↑ fast , simple, easy to analyse - limited depth of response

Question 27

P=product

Answer 27

A product can be an item or a service , physical or virtual and comprises all actual and psychological features and qualities offered to a target group at a certain price

Question 28

brand

Answer 28

is a type of product manufactured by a particular company under a particular name

Question 29

Product portfolio

Answer 29

includes all the (types off products a company offers to their customers

Question 30

Product portfolio management :

Answer 30

controlling the innovation +1 launch of a new product within a portfolio to ensure positive cash flow at all times

Question 31

unique selling point (USP)

Answer 31

is the specific benefit the consumer perceives

Question 32

Market Segmentation

Answer 32

is the process of slicing the market , for a particular product or service , into a numbers of different segment > customers with similar needs = based on geographics ,demographics and behavioral factors

Question 33

Product Differentiation

Answer 33

is the extent to which consumers perceive your brand as being different from others.

Question 34

Product policy

Answer 34

policy is concerned with defining the type , volume and timing of products a company offers for sale. The product policies are general rules set by the management itself in making product decisions.

Question 35

Product innovation and variation

Answer 35

Product innovation - A new product is invented: something that has not existed before, e.g from keypad=) touchpad, from cornflakes to smacks - horizontal diversification Product variation - an existing product is developed = equipped with small alterations/changes, such as the taste/size/colour =) the product name often remains unchanged and the core product is the same, e.g pop tarts come in strawberry/lemon/cholcolate flavor now = vertical diversification

Question 36

Packaging practical aspects

Answer 36

-The form of packaging helps to store the product more easily e.g round container in square box +protect it/ -a surface for the information about the product ( its use +contents/ ingredients etc.) -protects the consumer/environment from aharmful effects ( gas etc.)

Question 37

Packaging marketing aspects aspects

Answer 37

- to advertise the brand - to point out the product features -to highlight its benefits, print slogans+ imagets etc -helps to differentiate the product from competitors.