marketing strategy

Question 1

niche market defection

Answer 1

small, specialised market for a particular product or service

Question 2

example of niche market

Answer 2

-left handed pens, specific to lefty’s not right handed people
-Ferrari cars, small amount of people able to afford them but still profit incentive

Question 3

market orientation definition

Answer 3

strategic focus on identifying customer needs and desires in order to develop products

Question 4

market orientation example

Answer 4

amazon, has additions of processes that address concerns and desires expressed by consumers

Question 5

product orientation definition

Answer 5

to provide high quality products that caters to consumers needs

Question 6

product orientation example

Answer 6

apple, focuses on specific high quality products for their consumers to beat their competitors

Question 7

mass market definition

Answer 7

a market for goods produced on a large scale for large numbers of consumers

Question 8

mass market examples

Answer 8

one size fits all hats, lack of customization
black pens, everyone needs them and purchases them

Question 9

features of market orientated approach?

Answer 9

-consumers are central to business decision making
-can respond quickly to changes in the market
-strong position to meeting competitors
-more confident in launch of new product

Question 10

benefits of market orientated approach

Answer 10

-consumers get greater satisfaction
-consumer focus means business can continue to upgrade and improve products
-loyal customers purchase more often and in a higher volume
-business can remain successful if constantly up to date with consumers needs and requirements

Question 11

disadvantages of market orientated approach

Answer 11

-high cost market research to understand the market
-constant internal change as needs of market is needed to be met
-unpredictability of the future

Question 12

features of product orientated approach

Answer 12

-emphasis on producing products to high quality
-large contact with consumer at final stage
-fashion and tastes are not accounted for in product orientated approach

Question 13

benefits of product orientated approach

Answer 13

-focus on quality
-easier to apply production methods
-increase economies of scale

Question 14

disadvantages of product orientated approach

Answer 14

• changes in market structure will not be responded too
• taste and fashion is not accounted for

Question 15

what is asset led marketing?

Answer 15

a marketing strategy based on businesses strengths such as brand image ,name and logo, not solely on customers needs

Question 16

advantages of asset led marketing

Answer 16

-the cost of market research may be less as focused directly on business strengths
-likelihood of success may be greater
-can avoid non successful products as they understand the businesses weaknesses

Question 17

disadvantages of asset led marketing

Answer 17

-that the brand relies too much on their strengths, if there was a brand issue, the reputation may be poor causing the strengths that the business is relying on to be unsuccessful and no longer gain sales revenue and profit