Marketing

Question 1

the role of marketing

Answer 1

identifying customers needs
satisfying customers needs
gain information about customers needs
anticipate changes in customers needs

Question 2

market share

Answer 2

the percentage of total market sales held by one brand or business

Question 3

why customers spending patterns change

Answer 3

customers tastes and fashions change
change in incomes
ageing populations

Question 4

how can businesses respond to changing spending patterns and increased competition

Answer 4

maintain good customer relationships
keep improving its existing product
bring new products to keep customers interests
keep costs low to maintain competitiveness

Question 5

mass market

Answer 5

is where there is a large number of sales of a product

Question 6

niche market

Answer 6

is a small usually specialized segment of a much larger market

Question 7

advantages ( mass)

Answer 7

1. )the sales of these markets are very large
2. )the firm can benefit from economies of scale
3. )risks can be spread as often the business will sell several different variations of products to the mass market

Question 8

disadvantages (mass)

Answer 8

1. ) high level of competition between firms
2. ) high costs for advertising
3. ) standardized products or services and so many not meet the specific needs of all customers or potential customers and this leads to loss of sales

Question 9

advantages (niche)

Answer 9

1. ) small firms are able to sell niche markets as large firms may not have identified them and concentrated on the mass instead
2. ) the needs of customers can be focused on and therefore targeted by the firm in a niche market

Question 10

disadvantages (niche)

Answer 10

1. ) niche markets are small and have a limited number of sales which means only small businesses can operate in these markets
2. ) businesses in a niche market specialize in one product this means if the product is not in demand the business will fail

Question 11

product orientated

Answer 11

is a business whose main focus of activity is on the product itself

Question 12

market orientated

Answer 12

is a business which carries out market research before a product is released to find out what customers want in the product

Question 13

marketing budget

Answer 13

is a financial budget for the marketing of a product or product range for some specified period of time.

Question 14

market research

Answer 14

is the process of gathering analyzing and interpreting information about a market

Question 15

uses

Answer 15

to find
what feature of a product people like or dislike
would they be willing to buy the product
what price would they be prepared to pay
where would they be most likely to buy the product
what type of customer would buy it
what is competition like
what type of promotion would be effective

Question 16

primary research

Answer 16

is the collection and collation of original data via direct contact with potential or existing customers. also called field research. questionnaire interviews focus groups and observations

Question 17

secondary research

Answer 17

is the information that has already been collected and is available for use by others also called desk research. articles newspaper reports government records

Question 18

questioners

Answer 18

is a set of questions to be answered as a means of collecting data for market research

Question 19

quantitative data

Answer 19

quantitative data which answers questions about the quantity of something

Question 20

qualitative data

Answer 20

which answers questions where an opinion or judgment is needed

Question 21

process of primary research

Answer 21

what is the purpose of the market research>
decide on the most suitable method of research>
decide on the size of sample needed and who is going to be asked>
carry out research>
collate the data and analyze the results>
produce a report of the findings

Question 22

sample

Answer 22

is the group of people who are selected to respond to a market research exercise, such as a questionnaire

Question 23

random sample

Answer 23

is when people are selected at random as a source of information for market research

Question 24

quota sample

Answer 24

is when people are selected on the basis of certain characteristics such as age gender and income as a source of information for market research.

Question 25

secondary ( internal sources)

Answer 25

sales department sales records pricing data customer records sales reports
opinions of distribution and public relation personnel
finance department
customer service department

Question 26

external sources

Answer 26

government statistics
newspapers
market research agencies
the internet
medical records

Question 27

presentation of data from market research

Answer 27

bar chart table or tally chart pie chart line graph