marketing

Question 1

what is marketing?

Answer 1

marketing involves trying to meet the needs and wants of customers. businesses do this by finding out what they want and providing this at a price that can make a profit. market is carried out by businesses to anticipate what customers want and to spread awareness.

Question 2

why is marketing important?

Answer 2

marketing can:

attract new customers by letting them know what the business and what the business has to offer

it can allow a business to enter new markets (e.g the internet)

can help the business expand by entering new markets

can increase the amount a business makes

Question 3

marketing mix

Answer 3

promotion
price
product
place

Question 4

marketing mix: promotion

Answer 4

this is how the customer is made aware that the product exists and encouraged through different methods to buy it.

this is important because of how the product must be promoted and advertised so they know it exists. there are different promotion methods (TV ads, newspaper articles, sponsers etc)

Question 5

marketing mix: product

Answer 5

this is the good/service that is being offered by the business and then sold in the market

this is important because of how the product must be what the customer wants or they will not buy it. market research helps a business to identify what the customer wants.

Question 6

marketing mix: price

Answer 6

this is how much money the good/product is. different pricing strategies are used to determine the price of the product.

the price must not be too high compared to your competition while reflecting the quality of the product and allowing the business to make a profit and cover costs

Question 7

marketing mix: place

Answer 7

this is the way the business makes the product available and where the product is sold (the market)

this is important because of how the product must be accessible to the customer.

Question 8

what is primary research?

Answer 8

information that you have gathered through self conducted research.

Question 9

examples of primary research?

Answer 9

surveys
mystery shoppers
focus group

Question 10

what is good about primary research?

Answer 10

information is specific to your needs

gathering information specific to your needs gives you a competitive edge

you may be more able to meet your customers needs and satisfied customers are more likely to return

Question 11

marketing segment

Answer 11

a specific group inside your target market

Question 12

what is bad about primary research?

Answer 12

it can be time consuming to create surveys

it can be difficult to design a survey to find out exactly what you want to know

surveys can be biased

peoples might not always respond to surveys

people may not always be truthful

focus groups and mystery shoppers may be expensive to set up

Question 13

what is secondary research?

Answer 13

secondary research is information gathered from previously conducted studies. Secondary research is usually where most research begins.

Question 14

what is bad about secondary research?

Answer 14

information may not be specific to your business

information may not be reliable or out of date

rivals can also access the same information

Question 15

examples of secondary research

Answer 15

articles in the media
social media
market research companies
analytics
rival website

Question 16

what is good about secondary research?

Answer 16

cheap
easily accessible
a lot of information can usually be gathered

Question 17

target market

Answer 17

A target market refers to a group of potential customers to whom a company wants to sell its products and services.

Question 18

what are the benefits of a target market?

Answer 18

you only advertise where it matters therefore svae money on advertisement
product can be tailored to the target markets wants and needs therefore customers are satisfied meaning that they come back more

Question 19

product development cycle

Answer 19

idea generation –> development –> prototype + testing —> modification –> launch to market

Question 20

product life cycle

Answer 20

launch —> growth –> maturity –> saturation –> decline –> withdraw

Question 21

launch

Answer 21

this is when the product is launched and heavy promotion and advertising is used here to get the product out there.

Question 22

growth

Answer 22

sales will increase and businesses will start to make a profit here

Question 23

maturity

Answer 23

this is where sales and profits are high but it becomes more difficult to increase sales here

Question 24

saturation

Answer 24

sales have peaked and the people who wanted the product have already purchased it

Question 25

decline

Answer 25

sales and profits fall and the product may be removed

Question 26

extension stratagies

Answer 26

an extension strategy is a plan that a business has to prolong the life of a product

Question 27

extension strategy examples

Answer 27

celebrity endorsement
new flavours
different packaging
improve advertising

Question 28

what are the two types of marketing?

Answer 28

primary (field) or secondary (desk)

Question 29

what are the methods of marketing?

Answer 29

interviews
surveys
etc

Question 30

what is a strategic objective?

Answer 30

long term planning for a business

Question 31

what can internet be used for? (marketing)

Answer 31

can be used fir advertising

Question 32

e-commerce use? (marketing)

Answer 32

products can be sold online to a wide market which can boost sales and profits

Question 33

social media use? (marketing)

Answer 33

can interact with customers to build relationships gain feedback to improve products or customer service used to promote sales promotion