marketing intro

Question 1

marketing

Answer 1

management process of identifying, anticiating and satisfying consumer needs in a profitable way

Question 2

size of a market

Answer 2

number of potential consymers in a market, total value of sales revenue in a market
he number of competitors
sales value

Question 3

market share

Answer 3

sales revenue that an organisation account for within a given market, sales revenue as a percentage of the whole industrys revenue. firs sales as a proportion to t he whole markets

Question 4

market orientation

Answer 4

approach to marketing that focyses on specific demands of consumers, they focus on making products they can sell

Question 5

advantages of market orientation

Answer 5

• higher chances of the success of product launches, more likely to be accepted by target market
• reduces financial risks associated with product developmemt by focusing on customers and potential customers
• allow businesses to antiicpate market changes and adapt

Question 6

disadvantages of market orientation

Answer 6

• negative impact on finance gathering meaningful and representative market research information and data is expensive
• market researcy data is also available to rivals so any competitive advantage and attractive profit margin can disappear
• researcher bias in conducting market research

Question 7

product orientation

Answer 7

approach to marketing that focuses on making products a business knows how to make well and its selling products they know they cn make prioratise research and development
highly innovative and tech-savvy manufacturers.

Question 8

advantages of product orientation

Answer 8

• it can gain a competitive advantage or USP through being innovative
• helps the business gain a positive consumer image which strengthens custmer loyalty
• harder to copy the product; originality

Question 9

disadvantages of product orientation

Answer 9

• highly skilled and expensive staff is a need for innovative ideas
• it is risky to ignore the demands of the market
• no guarantee of customers purchasig the final product

Question 10

market growth

Answer 10

an increase in the size of a business (measured by the rise of total sales revenue) of the market // industry it is a business objective

Question 11

advantages of being a market leadeer

Answer 11

• positive corporate reputation and status helps attract new customers and employee loyalty and high skilled staff
• economies of scale
• havibg the largest market share means the market leader ejoys brand loyalty whic means customers are
  more prepared to pay higher prices

Question 12

marketing planning

Answer 12

structured process of creating marketing objectives and coming up with strategies in order to achieve those marketing objectives