Marketing

Question 1

What is the difference between Product, goods and services?

Answer 1

Product - Often bought eg. milk
Goods - very rare purchases eg. TVs
Services - Hair cuts

Question 2

Strategic vs Tactical Marketing

Answer 2

Strategic - Works with the companies strategy. eg. opening up in another country
Tactical - Short term eg. End of season promotions

Question 3

What is the role of Marketing?

Answer 3

To Identify, anticipate and supply customers

Question 4

What is the difference between Marketing concept and Marketing orientation?

Answer 4

Concept - Is the belief that success is meeting customers needs
Orientation - Actually centers activities on satisfying the needs of customers

Question 5

What are the five steps of a Market Research Plan?

Answer 5

Define the problem (fall in sales)
Develop the hypotheses (What is the main question)
Collecting data (surveys)
Analyse
Report

Question 6

Quantitative data vs Qualitative data

Answer 6

Quantitative data - survey / questionnaire

Qualitative data - How do customers feel. No structured questions

Question 7

What are the five steps for forecasting demand?

Answer 7

Prepare a:
Macroeconomic forecast (what will happen to the economy if sold)
Industry sales forecast (overall sales in the industry)
Company sales forecast (what will happen to the company’s market share)
demand forecast
income forecast