Marketing

Question 1

what is marketing

Answer 1

Marketing is the management process involved in identifying, anticipating, and satisfying consumer requirements.

Question 2

what is product orientation

Answer 2

A marketing approach where a business focuses on its internal strengths rather than customer needs.

Question 3

what is market orientation

Answer 3

A marketing strategy that bases decisions on customer needs and market trends.

Question 4

What is asset-led marketing?

Answer 4

A strategy that leverages a business’s strengths (both tangible and intangible) to meet market needs. e.g. Coca Cola used its global reach and enormous brand recognition as well as a well-established distribution network to launch new varieties of soft drinks in addition to the classic Coke such as Diet Coke, Coke Zero, Cherry Coke, etc.

Question 5

what are the benefits of market-orientated

Answer 5

• customers get greater satisfaction
  ☑ customer focus means the business will continue to improve and upgrade products/respond to changes
  ☑ satisfaction leads to repeat purchases and brand loyalty
• less susceptible to competition

Question 6

negatives of market-orientated

Answer 6

• high-cost market research to understand the market
  ☒ Constant internal change as the needs of the market are met
  ☒ unpredictability of the future, especially from the point of view of staff
  ☒ abandonment of earlier product investment.

Question 7

positives of product orientated marketing

Answer 7

• increase economies of scale
  ☑ focus on product development
  ☑ focus on quality.

Question 8

negatives of product orientated marketing

Answer 8

Missed Market Opportunities
High Production Costs
Reduced Adaptability
Increased Risk of Obsolescence