Marketing

Question 1

What is marketing?

Answer 1

The management process that identifies and anticipates and satisfies customer requirements profitability.

Question 2

What is product orientation?

Answer 2

A business will base its products or services on what it perceives as is internal organisational strengths. A company will try and sell whatever it can make without trying to find out if its what the customers actually want.

Question 3

What is market orientation?

Answer 3

The business’s activities will e dictated by the market. It will attempt to meet the needs of the market with little references to internal strengths of the business.

Question 4

What is an asset-led market?

Answer 4

Try and relate customer taste to the business’s own strengths. A business should find out what the market wants and ask “how can we use our skills, knowledge and assets, brands to meet these customer needs?” A business should identify what you are good at and relate this to customer needs.

Question 5

What is market research?

Answer 5

the process of collecting information and data about a firms customers, the market place the firm operates in and the activities of other competitors.

Question 6

What are some of the things market research involves?

Answer 6

looking at the size of the market
how competitors behave
the make up of the consumers e.g. age, sex

Question 7

What are some of the benefits of doing market research?

Answer 7

identify potential/new customers
identify business opportunities
set realistic targets/goals

Question 8

what are the 2 types of market research?

Answer 8

desk

field

Question 9

what is desk research also known as?

Answer 9

secondary reseach

Question 10

what is field research also known as?

Answer 10

primary research

Question 11

What is field research?

Answer 11

Gathering information first hand

Question 12

What is some advantages of collecting field research?

Answer 12

The data gathered is new and so is relevant

It is exactly what the business wants and so they have the exactly information they need

Question 13

what are 3 methods of collecting field research?

Answer 13

questionnaires
focus groups
test marketing

Question 14

what is desk research?

Answer 14

using previously collecting information to suffice your own needs

Question 15

what is an advantage of using desk research?

Answer 15

the information is readily available at a lower cost and is quicker to collect

Question 16

what 2 methods can be used to collect desk research?

Answer 16

internal information e.g. sales and customer data figures

the internet

Question 17

what is quantitative research?

Answer 17

A form of information that can be transferred or is already in numerical figures so the data can be tested. The information is based on facts.

Question 18

What is qualitative research?

Answer 18

A form of information that is used to seek opinions and views and is in more depth than quantitative.

Question 19

What are 2 advantages that quantitative research?

Answer 19

comparative

easy to analyse

Question 20

what are 2 disadvantages of quantitative research?

Answer 20

Limited outcomes-doesn’t reveal reasons for data

Reductionist-conveys complicated data in a simple way

Question 21

what are 2 advantages of qualitative research?

Answer 21

it gives a more realistic feel of the world of the customer- gives their true feelings
Gives the researcher the ability to interact with the research subjects and discussions can be had