Marketing

Question 1

What is marketing?

Answer 1

The process which a firm tries to identify, anticipate and satisfy customer needs and wants

Question 2

What is customer orientation?

Answer 2

A company that bases its decisions on the customers needs

Question 3

What is product orientation?

Answer 3

When a company produces a product with little or no market research in hope that it will sell.

Question 4

What is the formula for market share?

Answer 4

Sales of one product / total sales in whole market X 100=x%

Question 5

What is the formula for market growth?

Answer 5

Difference between two years / original market size X 100 = x%

Question 6

Benefits of setting objectives

Answer 6

Provides a sense of direction and possible motivation for employees.

Question 7

What is a tactical objective?

Answer 7

Short term objective used to ensure the strategic objective is achieved.

Question 8

What is a strategic objective?

Answer 8

Long term objective, how a business plans to reach its overall aim or goal

Question 9

What are some internal constraints on objectives?

Answer 9

Lack of finance
Poor communication
Conflict between departments

Question 10

What are some external constraints on objectives?

Answer 10

Changes in the law
State of the economy
Behaviour of competitors

Question 11

What is market segmentation?

Answer 11

Breaking down a large market into subgroups

Question 12

Give some examples of types of segmentation

Answer 12

Age
Gender
Lifestyle
Behaviour
Social class
Geographical