Marketing

Question 1

Marketing is

Answer 1

Advertising and appealing to customers targeting needs n wants in order to tell product or service

Question 2

Purpose of marketing

Answer 2

Researching market
Analysing market
Setting of marketing goals
Developing marketing strategy

Question 3

Market orientation

Answer 3

When business bases marketing on perception of market wants

Question 4

Product orientation

Answer 4

When business bases marketing mix on wha business sees as internal strengths

Question 5

asset led marketing

Answer 5

When marketing decisions based on needs of consumer n strengths of business

Question 6

Market orientation pros

Answer 6

First mover advantage
Focusing on consumer needs means demand should be high

Question 7

Market orientation cons

Answer 7

Gaps in market likely short lived as competitiors soon adapt own products
Reliant on market research

Question 8

Product orientation pros

Answer 8

Economies of scale
Loyal customers mean little campaign’s

Question 9

Product orientation cons

Answer 9

Danger of overlooking changing consumer tastes
Competitors likely to meet changing demands and take market share

Question 10

Asset LED pros

Answer 10

Product brand image by not looking at short term profits
Takes into account both changing market needs and strengths of business.

Question 11

asset LED cons

Answer 11

Risk of info overload confusing
Management lack of skills to interpret data successfully

Question 12

Marketing mix is

Answer 12

All the activities influencing g whether or not customer buys product.

Question 13

Differentation

Answer 13

Make prod fdiff from competitiors.

Question 14

Brand is

Answer 14

Name given to product to help differentiate it from other similar products .consumers rely on n recognise for quality