Marketing Flashcards
1
Q
what is marketing
A
Marketing is the management process involved in identifying, anticipating, and satisfying consumer requirements.
2
Q
what is product orientation
A
A marketing approach where a business focuses on its internal strengths rather than customer needs.
3
Q
what is market orientation
A
A marketing strategy that bases decisions on customer needs and market trends.
4
Q
What is asset-led marketing?
A
- It’s a mix of product-oriented and market-oriented approaches.
- Asset-led marketing is a strategy that uses a business’s existing strengths (assets)—such as brand reputation, skilled workforce, or product quality—while also considering customer needs.
5
Q
what are the benefits of market-orientated
A
- 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
6
Q
negatives of market-orientated
A
- 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.
7
Q
positives of product orientated marketing
A
- increase economies of scale
☑ focus on product development
☑ focus on quality.
8
Q
negatives of product orientated marketing
A
Missed Market Opportunities
High Production Costs
Reduced Adaptability
Increased Risk of Obsolescence