Marketing

Question 1

what does marketing help with? (4)

Answer 1

1. developing products that satisfy customer expectations
2. setting the right price to attract the target market
3. choosing the right distribution channels that will lead to quick product delivery to the target market
4. understanding new and upcoming market trends and customer preferences through market research

Question 2

define marketing

Answer 2

identifying and satisfying customers needs and wants in a profitable way

Question 3

give some ways for a business to increase customer loyalty

Answer 3

1. free gifts
2. conducting charity programs to build a good reputation
3. reward cards where customers are given points according to the amount they spent

Question 4

what are mass markets

Answer 4

it is when a business sells the same products to all consumers in the same way

Question 5

what are niche markets

Answer 5

it is a small segment of the market that focuses on satisfying specific needs and wants of a small consumer circle

Question 6

how is niche marketing beneficial?

Answer 6

• there is less competition
• you can build brand loyalty by catering to consumers specific wants and needs

Question 7

what is meant by market share?

Answer 7

the portion of a market that a business holds

Question 8

what is market analysis?

Answer 8

it is about finding the features and characteristics of a market like the size, the size of competitors and the growth potential of the market