Marketing

Question 1

What is marketing?

Answer 1

the action or business of promoting and selling products or services, including market research and advertising.

Question 2

What is market research?

Answer 2

The action or activity of gathering information about consumers needs and preferences.

Question 3

Niche Market

Answer 3

Where businesses target a small, specific segment of the market and tailer their product to meet consumer demands

Question 4

Mass Market

Answer 4

Where a business target their product at the entire market and appeal to all customers.

Question 5

Why is marketing important

Answer 5

The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is a process by which a product or service is introduced and promoted to potential customers.

Question 6

Advantages of niche marketing

Answer 6

1) Get more money per product
2) Sell at higher price
3) USP- unique selling point

Question 7

Disadvantages of niche marketing

Answer 7

1) Risk of not selling products
2) Low demand
3) Harder competition

Question 8

Advantages of mass market

Answer 8

1) High demand

2) Wider target audience