Marketing (3.1 - 3.4 (as of now without 3.2 - 3.4)

Question 1

Marketing (summarised in bullet points)

Answer 1

• Sales
• includes activities such as public relations, sales promotion, advertising, social media, pricing, distribution etc.
• Estimated companies spend around 15,000,000,000 annually on kids
• Function of marketing is to communicate, deliver and create value to consumers
• Marketing is made up of four components: product (physical product or service), place (where the product is purchased), promotion (tools used to spread message), price ( the amount a consumer pays)

Question 2

Mass market definition

Answer 2

selling the same product to the whole market with no attempt to target groups within it. (typically makes more revenue)

Question 3

Niche marketing definition

Answer 3

identifying and exploiting a small segment of a larger market by developing products to suit consumer tastes and preferences.

Question 4

Market segmentation (categorised into bullet points)

Answer 4

Geographic:

Zip code/post code
City
Country
Population difference
Distance from a certain location
Climate
Time zone
Dominate language

Demographic:

Age
Gender
Income
Occupation
Marital status
Race
Religion

Psychographic:

Value
Pain points
Personality traits
Political party
Hobbies
Needs

Behavioural:

Purchasing habits
Brand interactions
Spending habits
Customer loyalty