Marketing

Question 0

What does marketing involve?

Answer 0

Market research-consumer/competition
Market analysis- market conditions-gap
Market objectives-goals linked to overall objectives
Market strategy- how objectives achieved
Marketing mix

Question 1

What is marketing?

Answer 1

Action of business promoting and selling products, including market research and advertising.
Understanding customer need and adapting marketing mix to give them what they want

Question 2

Who is marketing aimed at?

Answer 2

Business to business or

Business to consumer

Question 3

Effective marketing?

Answer 3

Branding-

Helps people identify product from competitors

Question 4

Ineffective marketing?

Answer 4

Short term

Question 5

4 possible marketing objectives

Answer 5

Products:
Increased sales
Brand loyalty

Markets:
Survive
Increase market share

Question 6

What should market strategy consider?

Answer 6

Target market
Marketing mix
Strength of business

Question 7

Different marketing approaches

Answer 7

Product orientation
Market orientated
Asset led

Question 8

What is product orientation?

Answer 8

Business base products/services on what it perceives as its internal organisational strengths.
Sell want the my want to make without research into market wants

Question 9

Benefits of product orientations

Answer 9

Focus of internal quality
Economies of scale easily occur
Technology investment applied to wide range of products

Question 10

Disadvantage of product orientation

Answer 10

Fashion and taste not accounted for
Change in market not responded to
Technology applied may be left behind