Role of Marketing

Question 1

Marketing

Answer 1

The process of developing a product and implementing a series of strategies aimed at correctly promoting, pricing and distributing the product to a core group of customers.

Question 2

Standard of living

Answer 2

A measure of an individual’s quality of life, partly based on what goods and services the individual can afford to buy

Question 3

Strategic role of marketing

Answer 3

The ability of the business to develop goods and services that develop a long-term relationship with a specific customer base and, in so doing, generate sales and revenue for the organisation.

Question 4

Brand awareness

Answer 4

The extent to which consumers are aware of the existence of a particular product, its features, price and possible places of purchase.

Question 5

Market share

Answer 5

The percentage of total sales a business has compared with its competitors within a particular market.

Question 6

Operations function

Answer 6

The physical production of a good or the provision of a service, such as a dental visit.

Question 7

Human resource function

Answer 7

Deals with the relationship between the owners of a business and the people who work for the business.

Question 8

Employment relations function

Answer 8

Deals with the role of employees within an organisation.

Question 9

Marketing function

Answer 9

Involves finding out what consumers want and need and attempting to link the results of this research to the business’s product.

Question 10

Accounting and finance function

Answer 10

Provides the financial information needed for sound and viable decision-making.

Question 11

Marketing mix

Answer 11

The process of developing a product that meets the needs of consumers and implementing a series of promotional, pricing and distribution strategies that will encourage consumers to purchase the product.

Question 12

Selling approach

Answer 12

Involves a business placing emphasis on strategies aimed at convincing consumers of the need to buy a product.

Question 13

Resource markets

Answer 13

Markets in which the production and sale of raw materials occur.

Question 14

Industrial markets

Answer 14

Markets in which goods that are used as supplies in the production process are traded.

Question 15

Intermediate markets

Answer 15

Markets in which retail businesses purchase products that have been produced by other organisations. Also known as wholesalers.

Question 16

Mass Market

Answer 16

The market where the products are aimed at all consumers.