Marketing (Chapter 6)

Question 1

What is a market?

Answer 1

Is a where buyers and sellers come together for the solo purpose of exchanging goods and services

Question 2

What is Marketing ?

Answer 2

Is the process of identifying, creating, communicating and delivering values to consumers so that their needs and wants can be stasified at a point

Question 3

What is social media marketing?

Answer 3

Is when a business creates content on social media platforms in order to market their product to existing and new customers

Question 4

What are the Four P in the Marketing Mix?

Answer 4

Product
Price
Promotion
Place

Question 5

What is the Promotional Mix?

Answer 5

Advertising
Sale Promotion
Direct Marketing
Public Relations
Personal Selling

Question 6

What are the Marketing Activities?

Answer 6

Pricing
Packaging
Branding
Sales Promotion
Advertising
Distribution

Question 7

What is Market research?

Answer 7

Is the collection, analysis and interpretation of information relevant to a market

Question 8

What is Pricing?

Answer 8

Is setting the product prices that contributes to the business goals such as
~Increasing sales
~Expanding market share
~Earning a profit

Question 9

What is Packaging?

Answer 9

Is the outer wrapper for an item

Question 10

What is Branding ?

Answer 10

Is identifying the symbol, colour, name and image that distinguishes a product from its competitors

Question 11

What is Sales Promotion?

Answer 11

Is when the product is promoted using short term attractive to refresh its demand and increase its sales

Question 12

What is Distribution?

Answer 12

Is an activity where both selling and delivering products and services from manufacturer to customers

Question 13

What is a Wholesaler?

Answer 13

Buys product in bluk from manufacturers, stores and then break up the bulk into smaller quantities for retailer to buy

Question 14

What are the Function of a Wholesaler?

Answer 14

~ promote the product to retailer
~ is passed the cost of warehouse
~ produce feedback to the manufacturers of needs of the market
~ is passed cost of storing large and quantities of goods

Question 15

What is a retailer?

Answer 15

Is an organization that specialises in selling a variety of products from different manufacturers to consumer

Question 16

What are the function of a Retailer

Answer 16

~ stock variety of goods
~ located close to consumer
~ provide advice to consumer on their purchases
~ might sell goods on credit to consumer

Question 17

What is term of Sale?

Answer 17

When a product price and quantity is agreed between the seller and the customer and how payment will be made

Question 18

What are the different terms of Sale?

Answer 18

Cash
Credit
Hire purchase
Layaway
Consignment

Question 19

Credit in Terms of Sale is

Answer 19

When the price of the product is broken up into several payment

Question 20

Hire purchase in terms of Sale is

Answer 20

For large and expensive items it’s when the buyer make sa down payment and the outstanding balance is paid for the over a longer period

Question 21

What is Advertising in Market Activities ?

Answer 21

Is a way of marketing the business in order to increase sales

Question 22

What Distribution chain/channel?

Answer 22

Is to ensure that the customer can purchase the product when an where he wants it

Question 23

Channel 1# in Distribution chain is called

Answer 23

Zero level Channel

Question 24

Zero level Channel is from

Answer 24

Manufactures to Consumer

Question 25

Channel 2# is from

Answer 25

Manufacturers to retailer to consumer

Question 26

Channel 3# is from

Answer 26

Manufacturers to wholesaler to customer

Question 27

Channel 4# is from

Answer 27

Manufacturers to wholesaler to retailer to customer

Question 28

What is Channel 2# is called

Answer 28

One level channel

Question 29

Channel 3# is called

Answer 29

One level channel

Question 30

Channel 4# is called a

Answer 30

Two level channel