Marketing

Question 1

What is marketing?

Answer 1

Process of promoting and selling a product

Question 2

Why is marketing important?

Answer 2

• increase brand awareness

- increase sales

Question 3

Niche marketing

Answer 3

Targeting Minority of the market

Question 4

Mass marketing

Answer 4

Targeting majority of the market

Question 5

Asset led marketing

Answer 5

Focusing on attributes of product

Question 6

Product orientated marketing

Answer 6

Ignoring customer needs/wants and founding on making a quality product

Question 7

Market orientated marketing

Answer 7

Focusing on customer needs/wants

Question 8

Advantages of niche marketing?

Answer 8

• higher profit margin

- specialised business

Question 9

Disadvantages of niche marketing

Answer 9

• Less sales

- cannot batch produce

Question 10

Advantages of mass marketing?

Answer 10

• higher sales

- can batch produce

Question 11

Disadvantages of mass marketing?

Answer 11

• lower profit margin

- less specialised business

Question 12

Advantages of asset led marketing?

Answer 12

• highlights usp

- increases awareness, eye catching

Question 13

Disadvantage a of asset led marketing?

Answer 13

• may not appeal to mass market

Question 14

Advantages of product orientated marketing?

Answer 14

• produces quality product

- charge high price

Question 15

Disadvantages of product orientated marketing?

Answer 15

• may not appeal to customers

- lower sales

Question 16

Advantages of market orientated marketing?

Answer 16

• appeals to customers

- higher sales

Question 17

Disadvantages of market orientated marketing?

Answer 17

• might not be high quality product

- charge lower prices