Marketing

Question 1

What factors make a successful marketing campaign?

Answer 1

• Understanding customer wants and needs
• Developing new products - marketing can provide a business with customer ideas to help them expand their range.
• Improving profitability by reducing costs
• Increasing market share - businesses strive to become market leaders
• Diversification - where a business markets new products which differ from its usual offering to new customers.
• Increased brand awareness and loyalty - this might relate to a business’ overall brand

Question 2

What should you look out for when conducting market research?

Answer 2

• Validity - checking the original source, how accurate is the methods used
• Reliability
• Appropiateness - i.e is the data collected in an ethical way?
• Currency/current - is the information up to date
• Types of data - using both quantitative and qualitative methods of research

Question 3

What is qualitative data?

Answer 3

• Qualitative information is the gathering of non-statistical information that gives a company in depth insight into the reasons for human behaviour e.g interviews, focus groups.

Question 4

What is quantitative research?

Answer 4

• Quantitative research is the gathering of statistical data to inform the company about people’s behaviour but does not identify the reasons

Question 5

What are the 7p’s of the marketing mix?

Answer 5

• People
• Process
• Price
• Place
• Promotion
• Product
• Physical Evidence

Question 6

What are the 4p’s of the marketing mix?

Answer 6

• Price
• Place
• Promotion
• Product

Question 7

What is primary research?

Answer 7

• Primary research is data and information that the business has gathered first hand and has not been gathered before e.g interviews and questionnaires.

Question 8

What is secondary research?

Answer 8

• Secondary research uses data and information that has been collected before, either from within the organisation or by another organisation e.g internet, books and newspapers

Question 9

What is validity?

Answer 9

• The process of ensuring data are valid by using original sources or tracing sources back to their original point.
• Always check whether the source is cited and then read the data and information contained in that source

Question 10

What is reliability?

Answer 10

• Reliability is making sure the method of data gathering leads to consistent results when the input is consistent