Marketing

Question 1

what is marketing?

Answer 1

• the managemnet process involved in identifying, anticipating and satisfying consumer requirements
• getting the right product to the right place at the right price at the right time

Question 2

what 4 things does marketing involve?

Answer 2

• researching the market
• analysing the market
• setting of marketing goals
• developing a marketing strategy

Question 3

what is market orientation?

Answer 3

• when a business bases its marketing mix on its perception of what the market wants

Question 4

what are 2 pros and 2 cons of market-orientation?

Answer 4

+ customer satisfaction
+ customer loyalty
- costly
- constant internal change

Question 5

what is product orientation?

Answer 5

• when a business bases its marketing mix on what the business sees as its internal strengths

Question 6

what are 2 pros and 2 cons of product orientation?

Answer 6

+ quality
+ focus on product development
- changes in market structure wont be responded to
- fashion and tastes arent accounted for

Question 7

what is asset-led marketing?

Answer 7

• when a business bases its marketing mix on the business’s strengths and the customers needs

Question 8

what are 2 pros of asset led marketing?

Answer 8

+ higher likelihood of success
+ strengths linked market needs