marketing - term 2

Question 1

what does marketing involve

Answer 1

Connecting the business with its target market

Identifying consumer needs

Conducting market research to understand consumer needs

Designing activities designed to price, promote and distribute products to present and potential customers

Question 2

what is the role of marketing

Answer 2

Market research is a key feature of this process

The marketing department develops a marketing plan that works with the business’s overall strategic plan.

The aim of marketing is to satisfy the needs and wants of the consumer at a price that provides an acceptable level of profit for the business.

Question 3

what is a marketing plan?

Answer 3

The marketing plan is made up of strategies that fit into the business’s strategic plan

Question 4

what is marketing

Answer 4

Marketing connects the business to its customers. Marketing is not simply advertising a product. It is the whole system of business to:

develop a product that suits the tastes and preferences of consumers; price it; promote it; and place it in the market for customers to buy.

• not sure if it is the correct def

Question 5

establishing marekting objectives

• what it is
• three marketing objectives
• why is it considered important

Answer 5

Marketing objectivesare the realistic and measurable goals to be achieved through the marketing plan

Three common marketing objectives include:

• increasing market share
• expanding the product range
• maximizing customer service

Considered the most important step in the marketing planning process → gives marketing strategies meaning and direction

Question 6

three examples of establishing marketing objectives

Answer 6

1. increasing market share
2. expanding the product range
3. maximising customer service

Question 7

example 1 - increasing market share

(example of establishing marketing objective)

Answer 7

Increasing market share is important because ↑ market share = ↑ customers = ↑ sales = ↑ profitability

Question 8

example 2 - expanding the product range

(example of establishing marketing objective)

Answer 8

Refers to the total range of products offered by a business is referred to as the business’sproduct mix

The business chooses to expand its product range to maintain and increase consumer interest in the brand = ↑ customers = ↑ sales = ↑ profitability

Each different item in a product mix should satisfy the needs of different target markets

Question 9

example 3 - maximising customer service

(example of establishing marketing objective)

Answer 9

Building a personalised relationship between the business and the customer

High levels of customer service will result in improved customer satisfaction = ↑ customers = ↑ sales = ↑ profitability

Question 10

identification of the target market

Answer 10

A target market is a group of customers with similar characteristics who presently, or who may in the future, purchase the product.

The target market is that part of a market on which the business will focus its marketing activities.

Question 11

three main approaches of selecting a target market

Answer 11

the mass marketing approach

the market segmentation approach

the niche market approach