Marketing

Question 0

What is the role of marketing?

Answer 0

To connect the business with its market.
It determines what customers want and then undertakes activities to translate this market knowledge into sales and profits.

Question 1

Define marketing

Answer 1

A system of activities to plan, price, promote and distribute want-satisfying goods and services to customers.

Question 2

What does marketing give the business?

Answer 2

It provides direction and helps to manage the dynamic business environment by providing information on changes and how to respond to them.

Question 3

How does marketing rely on the other functions?

Answer 3

For resources to plan and implement marketing activities.

Question 4

How does marketing impact operations?

Answer 4

Impacts what types of products that are produced, the required quality levels, the timing and speed of operations.

Question 5

How does marketing impact finance?

Answer 5

Impacts the amounts of money requires for various marketing projects.

Question 6

How does marketing impacted human resources?

Answer 6

Impacts the number of staff required as well as their required skills and training levels.

Question 7

How has marketing evolved over time?

Answer 7

It has moved through three distinct periods: product orientation, selling orientation and market orientation.

Question 8

Characterise the production orientation.

Answer 8

Industrial revolution to 1920
Only applicable when demand is greater than supply
No significant role for marketing other than taking orders and shipping goods
Founded on the belief that a good product will sell itself

Question 9

Characterise the selling orientation.

Answer 9

1920-1960
Increased efficiency led to more businesses producing similar goods i.e increased competition meant the focus moved to selling
Increased importance was placed on advertising and persuading customers that they wanted/needed to buy the business’s products.

Question 10

Characterise the market orientation.

Answer 10

1960-present
Marketing is now seen as a process to be integrated throughout the business. There has been a move towards customer satisfaction and value.
i.e find out what the customer wants and proving this
Focus on customer orientation and relationship marketing.

Question 11

Define markets.

Answer 11

Groups of actual and potential customers for the business’s products.

Question 12

Why do businesses need to identify the type of market in which they operate in?

Answer 12

Different markets have different characteristics and expectations which the business must satisfy if they are to be successful.

Question 13

What are the six types of markets?

Answer 13

Resource, industrial, intermediate, consumer, mass and niche markets.

Question 14

Define the resource market.

Answer 14

Market for primary production e.g. mining, agriculture, forestry

Question 15

Define the industrial market

Answer 15

Market where the entities who buy the business’s products use them as an input in their production process

Question 16

Define the intermediate market

Answer 16

Market where the entities who buy the business’s products intend to resell them.

Question 17

Define the consumer market.

Answer 17

Market where the buyer of the business’s products is he end user.

Question 18

Define a mass market.

Answer 18

Large, undifferentiated market where all consumers are viewed as having the same need are offered a homogenous product.

Question 19

Define a niche market.

Answer 19

Small specialised markets with products tailored to the specific needs of customers in those markets.

Question 20

What are the six marketing processes?

Answer 20

Situational analysis, market research, establish objectives, identify target market, develop marketing strategies, and implement, monitor and control.

Question 21

What is a situational analysis?

Answer 21

It identifies the business’s present position. Steps include the SWOT analysis and product life cycle

Question 22

What are the four elements of SWOT?

Answer 22

Strengths, weaknesses (internal) and opportunities and threats (external)

Question 23

What are the four stages of the product life cycle?

Answer 23

Introduction, growth, maturity and decline

Question 24

What is market research?

Answer 24

The process of gathering information about the market in which the business operates

Question 25

What are the three steps in the market research process?

Answer 25

Determine the informational needs, collect data (primary and secondary methods) and data analysis and interpretation

Question 26

Why is establishing objectives important?

Answer 26

Quantifies the purpose of marketing activities, gives direction and acts as a benchmark for future comparison

Question 27

What are SMART goals?

Answer 27

Specific, measurable, achievable, realistic and timed

Question 28

Why does the target market need to be identified?

Answer 28

To create marketing strategies to reach out and persuade this market to buy their products

Question 29

What are three different approaches to identifying the target market?

Answer 29

Undifferentiated, differentiated and concentrated

Question 30

What are marketing strategies?

Answer 30

Tactics to reach and inform the target market about the business and their products and persuade them to buy from the business

Question 31

What are the 7ps of the marketing mix?

Answer 31

Product, price, promotion, place (distribution), people, physical evidence and processes

Question 32

What are the three steps if implemented, monitor and control?

Answer 32

Develop a financial forecast, compare actual to planned results, revision of marketing strategies (if needed)

Question 33

What are the factors influencing consumer choice?

Answer 33

Psychological, economic, government and sociocultural

Question 34

What is the legislation protecting consumers?

Answer 34

Australian Consumer Law

Question 35

What are areas addressed by consumer laws?

Answer 35

Warranties, implied conditions, price discrimination, deceptive and misleading advertising

Question 36

What are ethical issues?

Answer 36

Truth and accuracy, good taste, products that may damage health, engaging in fair competition and sugging