marketing 5

Question 1

What is the formula for market growth? (sz)

Answer 1

Market growth= Change in market size/Original market size. x100

Question 2

what is market research?

Answer 2

=The process of gathering analysing and processing data relevant to marketing decisions.

Question 3

What are public relations?

Answer 3

where a business manages its relationships with different parts of the public, e.g. customers, the media, local communities, suppliers, employees and investors.

Question 4

What is the formula for market share?

Answer 4

Market share= sales of the product/total market sales x100

Question 5

What is market size?

Answer 5

= the number of potential customers that you could sell your product or service too.

Question 6

What is sales volume?

Answer 6

=the number of units your company sells during a specific reporting period.

Question 7

What are risks of developing new products?

Answer 7

=Product could flop
=Profit may not be made
=Research and developments costs have to be met
BUT able to stay ahead of competitors