Marketing

Question 1

demand in a market

Answer 1

• the desire of consumers to buy a product or service backed up with the ability to pay

Question 2

factors that determine the demand for a product or service

Answer 2

• price - if the price goes down your demand will rise and if the price goes up then demand may fall.
• income - if the income goes up demand goes up but if the income goes down demand may fall.

Question 3

measuring the size of markets

Answer 3

1. market size and trends - it can be measured in ways: by volume by value
   example: the uk market for sun care prodcuts

2013 market by value £198.2m

2013 market by volume £36.1m lites

Question 4

2. measuring the size of markets

Answer 4

2. market share - revenue is presented by value

example:

Question 5

what are the adavantages of having the top selling brand

Answer 5

the brand l discounts terms to retailers. meaning higher revenues and profit margins per unit sold.

Question 6

2. what are the advantages of selling the top selling brand

Answer 6

the strength of a brand - leading name makes it much easier to obtain distribution and trails for new poducts.

Question 7

types of market

Answer 7

• local area
• national market
• physical market
• digital market

Question 8

key fators of digital market

Answer 8

they are ficerly price competitve

they do not rely on physical locations

example: Amazon