More about Marketing

Question 1

For a business to succeed, what do they need?

Answer 1

To understand their place in the market
Have good ideas for products
To know who their customers are
What their customers ned
Whether their customers needs are being met

Question 2

What use is a marketing strategy?

Answer 2

Helps to maximise sales and

make the best use of their resources

Question 3

What must be thought about before deciding on a strategy?

Answer 3

Must analyse themselves & other factors in the market

Question 4

Why is it important to analyse strengths & weaknesses & their market?

Answer 4

This gives ideas for new products & how to market them & knowing your market can help you come up with new products & identify gaps in the market

Question 5

What does it mean to map the market?

Answer 5

Understanding the firm’s location in the market & the markets key features

Question 6

Market map includes what information?

Answer 6

• How many customers & how much they spend
• Which segments the customers belong to (demographics)
• Which products are popular and unpopular
• Your competitors & where they sell similar products

Question 7

What is meant by “a gap in the market?”

Answer 7

A group of customers whose needs haven’t been met

Question 8

Give two examples of gaps in the market

Answer 8

Company selling fruit smoothies might see that veg smoothies might do well
You might sell an existing product in a new place or at a new price