Marketing

Question 1

marketing definition

Answer 1

‘the management process which identifies, anticipates and supplies customer requirements efficiently and profitably’ - chartered institute of marketing

Question 2

marketing orientation

Answer 2

make what the market wants

Question 3

sales orientation

Answer 3

the hard sell

Question 4

product orientation

Answer 4

we make what we believe will sell

Question 5

production orientation

Answer 5

more focus on production process than the customer (eg foodstuffs)

Question 6

Segmentation

Answer 6

• type of customer
• different needs and tastes
• location
• spending potential
• customer circumstances

Question 7

In order to be effective the chosen segment must be

Answer 7

MASS D

Measurable
Acceptable
Stable
Substantial
Defensible

Question 8

The marketing process

Answer 8

1.Research
2.Identify target market
3. develop marketing mix ie 4ps
- Product
- Price
- Promotion
- Place
4. if services 3 additional Ps
- processes
- Physical evidence
- People
5. Ethics
how is the product being sold? who is the consumer? who is the customer? where is it being sold? will it pass the Daily Mail test?

Question 9

Product

Answer 9

Brand

Basic / actual / augmented

Question 10

Price

Answer 10

• 3 Cs (cost, customer, competitor)
• consider price elasticity of demand
• price skimming v market penetration
• price discrimination

Question 11

Promotion

Answer 11

Advertising
sales promotions
public relations
personal selling
relationship marketing

Question 12

Place

Answer 12

distribution strategy
distribution channel
overseas aspects (agent, distributor, joint venture)

Question 13

Processes

Answer 13

Efficiency

heterogeneity

Question 14

physical evidence

Answer 14

logo, uniform, store layout

Question 15

People

Answer 15

staff appearance

skills and manner

Question 16

Developing a product

Answer 16

• Positioning (eg Bowmans clock or price v perceived quality)
• Brand (name, design, association and personality)

Question 17

Brand equity definition

Answer 17

An intangible asset that adds value to the business through positive associations made by the consumer between the brand and the benefit to themselves

Question 18

Price elasticity of demand

Answer 18

Basic rule - if the price of a good falls demand will increase
price elasticity of demand measures how bi this change will be

Inelastic demand (eg tampons. you need them either way)

PED = % change in demand / % change in price