Marketing

Question 1

Marketing

Answer 1

Process of getting its right product to the right costumers

Question 2

4Ps vs 7Ps

Answer 2

4Ps:

• Product
• Place
• Price
• Promotions

7Ps:

• People
• Process
• Physical evidence

Question 3

Product Oriented

Answer 3

Focuses on making the product first before attempting to sell it

Question 4

Market Oriented

Answer 4

Approach by establishing costumer wants through market research before producing and selling a product

Question 5

Types of Marketing

Answer 5

Social
Commercial
Social Media Marketing

Question 6

Social Marketing

Answer 6

Aims to positively influence individual behavior and improve society

Question 7

Commercial Marketing

Answer 7

Activities that determine consumer needs and wants before using the appropiate strategies to market the product

Question 8

Social Media Marketing

Answer 8

The use of social networking to market a firm’s product or service

Question 9

Market Size

Answer 9

By Volume

By Value

Question 10

By Volume.

Answer 10

of goods bought by customers, quantitative measure of the units sold by all the business

Question 11

By value

Answer 11

Amount spent by customers on the total # of goods sold by all businesses

Question 12

Market Growth

Answer 12

Year 2-year 1
—————— x 100
Year 1

Question 13

Market Share

Answer 13

Business sales
——————————— x 100
Total sales in the market

Question 14

Market Leader

Answer 14

Highest Share in a given market

• Increased trust with clients
• Sets prices
• Sets trends

Question 15

Marketing Objectives

Answer 15

Goals or targets a business aims to achieve through their marketing department

Question 16

Marketing Objectives “For-Profit”

Answer 16

• Identify, Design and develop market strategies to make a profit
• Effectively apply marketing mix
• Market-led approach

Question 17

Marketing Objectives “Non-profits”

Answer 17

-Use social marketing in order to attract “customers” (supporters/donors)

Question 18

Marketing Mix

Answer 18

Putting the right product or a combination of the right place, time and price

Question 19

Marketing Strategies Growth:

Answer 19

• Evolution/Innovation
• Ethical Considerations
• Cultural Differences

Question 20

Marketing Planning

Answer 20

Process of formulating marketing, objectives and devising appropiate marketing strategies

Question 21

Marketing Plan

Answer 21

Detailed document about the marketing strategies that are devloped in order to acgieve an oganizations marketing objective

Question 22

Market Segment

Answer 22

Sub-group of consumers with similar characteristics

Question 23

Market segments advantages

Answer 23

• Focused mrkt strategies
• Confirm data = Appropiate product
• Less expensive, time consuming

Question 24

Mrkt Disadvantages

Answer 24

• Isolates potential customers
• Higher costs = expensive and time consuming
• Overspecialization = less sales, consumers and revenues

Question 25

Types of Mrkt Segments

Answer 25

• Demographic
• Psycographic
• Behavioural
• Geographical

Question 26

Mass Market

Answer 26

Large or broad market that ignores specific market segments

Question 27

Niche Market

Answer 27

Market segment that a particular product is aimed at.