Marketing

Question 1

What is marketing?

Answer 1

A strategic function to achieve business goals, a management process that identifies, anticipates and satisfies customer needs profitably.

Question 2

What does marketing involve?

Answer 2

Market research and Market analysis

Question 3

What are the marketing objectives

Answer 3

• Brand awareness / loyalty
• Sales growth
• Market share
• Product story / lifestyle

Question 4

Why do businesses need to be careful

Answer 4

• They may spend too much money on planning and not doing
• Different goals may cannibalise each other
• Brand image may suffer from attempts at market share
• Businesses in changing markets so planning may be outdated

Question 5

What is a product

Answer 5

Good/service that solves a customer’s problem

Question 6

What is a brand?

Answer 6

Identity of one/multiple products

Question 7

What is a USP

Answer 7

A unique selling point

Question 8

What is the marketing mix?

Answer 8

Four P’s:

Product - Good/service provided
Price - How much a customer pays for the product
Place - How the product is distributed to the customer
Promotion - How customer is found and persuaded to buy the product

Question 9

What are the 3 marketing approaches

Answer 9

Market oriented
Product oriented
Asset-led marketing

Question 10

What is market oriented marketing

Answer 10

When a business’s marketing activities are dictated by the market

Question 11

What are the pros and cons of the market oriented marketing approach

Answer 11

Pros:
- Flexible to changes in taste and fashion
- New products meet customer needs
- Market research based decisions

Cons:
- High costs of research
- Constant internal changes
- Difficult planning
- Potential waste of development investment

Question 12

What is product oriented marketing

Answer 12

Focusing on making the product as great as it can be without going far to find out what it is exactly that the customer wants

Question 13

What are the pros and cons of product oriented marketing

Answer 13

Pros:
- Increased economies of scale
- Focus on product development
- Quality focus
- Easier production methods

Cons:
- No market response
- Ignores fashion/taste
- Riskier in volatile market

Question 14

What is asset led marketing

Answer 14

Using internal strengths of the business and combining them with market needs

Question 15

What are the pros and cons of Asset-led marketing

Answer 15

Pros:
- Quality output
- Saves money and time
- Strengths linked to market needs

Cons:
- May ignore changes to market
- Less flexibility
- Not foreward thinking