Marketing

Question 1

What is marketing and why is it important?

Answer 1

Marketing is about collecting information for your customers and finding strategies to do it, also about promoting and selling products or services. Its important because it advertises your product and you can find ways to advertise

Question 2

What is the definition for the types of strategy?

Answer 2

Niche- a small specific segment is targeted and they tailor their product to fit customer needs.

Mass-they target their product at the entire market and appeal to all customers

Question 3

What are the advantages and disadvantages of niche and mass?

Answer 3

Advantages:

• for niche an advantage is that the product is more personal and better suited for that target group, customer more loyal
• for mass an advantage is that its there is a wide variety of people meaning more money coming in from different areas

Disadvantages:

• for niche a disadvantage is that there is only a small target group so maybe not as much versatility in the segment
• for mass a disadvantage is that there is a lot to produce for different types of people and sometimes its the average, not everyone is in the average

Question 4

What is market research?

Answer 4

Collecting information about your customers wants and needs then put it into the thinking process of your product or service

Question 5

What are the 2 types of market research, methods for them and an analysis?

Answer 5

Primary: field research
- When a business collects original first had information E.G. focus groups, surveys,interviews, and questionnaires.
Secondary:desk research
-when a business collects second hand information from other sources E.G. Online and sampling

Question 6

What is the difference between qualitative information and quantitative information ?

Answer 6

Qualitative:
-Research that aims to understand consumer behaviour, attitudes and perceptions
Quantitative:
- Research that aims to understand about data and measurable facts

Question 7

Marketing can help the business to?

Answer 7

Increase sales

Make informed decisions

Stay competitive

Reduce risks

Question 8

Reasons for conducting market research?

Answer 8

Identify potential new customers

Understand existing customers

Set realistic targets for the business

Identify new business opportunities

Solve the businesses biggest challenges