Marketing questions

Question 1

what is market segmentation

Answer 1

dividing customers into groups with similar characteristics. can be divided into 3 groups
demographic - age, gender
geographic - location, place
psychographic - lifestyle , wealth

Question 2

What is market share

Answer 2

the business portion of total sales in the industry it is measured by volume or value. (calculated in percentage)

Question 3

What is product orientation

Answer 3

it is a management approach that focuses on the quality of the product rather than the wants and needs of customers.

heavily relies on innovation

inward approach

Advantages
1.does not require market reaeach
2. if successful, it wwould have minimal competition

disadvantages:
1. neglects wants and needs of customers
2. can be expensive and time consuming

Question 4

what does product orientation heavily relies on

Answer 4

Innovation

Question 5

what is market orientation

Answer 5

It is a management approach that focuses on the wants and needs of customers rather than the quality of products.

heavily relies on market research

Advantages:
1. Flexible: they can easily change their products
2. less risk of the product failing

disadvantages
1. expensive and time consuming when gathering research
2. client desires are not fixed and can easily change

Question 6

what does market orientation heavily rely on

Answer 6

market research

Question 7

What is an example of market orientation

Answer 7

Coca Cola – Diet cola — Cola zero

Question 8

What is an example of product orientation

Answer 8

Apple - focuses on innovation