Marketing, competition and customers Chap 10

Question 1

What is marketing?

Answer 1

It is identifying the wants and satisfying them profitability

Question 2

What is a customer?

Answer 2

It is a person or a business or organization which buys goods or services from a business

Question 3

What is customer loyalty?

Answer 3

When existing customers continually buy products from the same business.

Question 4

What are customer relationships?

Answer 4

It means communicating with customers to encourage them to become loyal to the business and its products

Question 5

What is market share?

Answer 5

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

Question 6

What is the consumer?

Answer 6

They are the people who buy goods or services for personal use - not to resell

Question 7

What is the mass market?

Answer 7

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

Question 8

What is a niche market?

Answer 8

It is a small, usually specialized, segment of a much larger market.

Question 9

What is a market segment?

Answer 9

It is an identifiable subgroup of a whole market in which consumers have similar characteristics or preferences.

Question 10

What is the sales team responsible for?

Answer 10

It is responsible for the sales of the product. It will usually separate sections for regions to which the product is distributed.

Question 11

What is the market research section responsible for?

Answer 11

For finding out the customer needs or changes in the market

Question 12

What is the promotion section responsible for?

Answer 12

For dealing with organizing the advertising?

Question 13

What is the role of marketing?

Answer 13

> identifying customer needs
> satisfy customer needs
> maintaining customer loyalty
> building customer relationships 
> anticipate changes in the market

Question 14

if they are successful in identifying customer requirements, what shall the business be enabled to do?

Answer 14

> raise customer awareness of a product or service of the business?
increase revenue and profitability
increase or maintain market share
maintain or improve the image of the product
target a new market or market segment
enter new markets at home or abroad
develop new products or improve existing products

Question 15

why do customer/consumer patterns change?

Answer 15

> consumer tastes and fashions change
The changes in technology
Changes in incomes
aging populations

Question 16

Why have some markets become more competitive?

Answer 16

> globalization of markets
transportation improvements
internet has meant consumers can search for products and buy from overseas markets.

Question 17

How can businesses respond to changing patterns in competition and spending?

Answer 17

> customer relationships
keep improving existing products
bring out new products
keep costs low to maintain competitiveness