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Question 1

What is market research?

Answer 1

Market research is the process of collecting and analyzing information about consumer needs, preferences, and market conditions to help businesses make informed decisions and develop effective strategies.

Question 2

How can demographic segmentation maximize sales and net profit?

Answer 2

By focusing on specific demographic groups, businesses can tailor their products and marketing to better meet the needs of those groups, leading to higher sales and increased profitability.

Question 3

What is the difference between primary and secondary data?

Answer 3

Primary data is new information collected directly from sources for a specific purpose, while secondary data is information that has already been gathered by others and is used for analysis.

Question 4

What is the target market for the business discussed?

Answer 4

The target market is young professionals, likely due to their purchasing power and influence on market trends.

Question 5

Q: How can corporate social responsibility (CSR) be used in marketing?

Answer 5

CSR can improve a company’s reputation by showing commitment to ethical practices, such as sustainability or community support, which can attract socially conscious consumers and increase customer loyalty.

Question 6

What are the 7P’s of marketing?

Answer 6

The 7P’s include Product, Price, Place, Promotion, People, Process, and Physical Evidence, each representing a key aspect of marketing that needs to be considered to successfully launch a product.

Question 7

How can ‘Product’ strategy be applied in a market?

Answer 7

A strong product strategy focuses on designing and developing products that meet customer needs, differentiate from competitors, and adapt to changing market demands.

Question 8

How can ‘Price’ strategy be applied in a market?

Answer 8

An effective price strategy considers the value perception of the product, competitive pricing, and the ability to offer pricing tiers to cater to different customer segments.

Question 9

How can ‘Promotion’ strategy be applied in a market?

Answer 9

A well-planned promotion strategy uses various channels, such as advertising, social media, and public relations, to create awareness and persuade customers to choose the product over competitors.

Question 10

What are the stages of the product life cycle?

Answer 10

product introduction, growth, maturity, and decline.

Question 11

What is the introduction stage in the product life cycle?

Answer 11

The introduction stage is when a new product is first launched into the market, often characterized by low sales and the need for significant marketing efforts to build awareness.

Question 12

How does the introduction stage affect promotion in marketing?

Answer 12

During the introduction stage, businesses often invest heavily in promotional activities to generate interest and encourage early adoption of the new product.

Question 13

Q: What strategy could improve customer complaints and refunds

Answer 13

The business could implement better quality control measures and enhance customer service training to reduce complaints and improve overall customer satisfaction.

Question 14

How does public relations (PR) relate to achieving business objectives

Answer 14

PR strategies help manage the public image of a business, building trust and credibility, which are essential for achieving objectives like increasing sales or expanding market share.

Question 15

What steps might the taxi industry take to repair its image after the #YourTaxis failure?
A: To repair its image, the taxi industry could engage with customers to address their concerns, implement service improvements, and launch a positive PR campaign to regain trust.
Flashcard 17

Q: What happens if the taxi industry’s PR strategy is ineffective?
A: An ineffective PR strategy could worsen the taxi industry’s public image, leading to a loss of customers to competitors, decreased sales, and reduced market share.

Question 16

Q: Why is maintaining a positive relationship with customers important

Answer 16

A positive customer relationship is key to customer loyalty, repeat business, and positive word-of-mouth, all of which are crucial for the long-term success of the taxi industry.

Question 17

What is an external factor that can impact a business’s customer base and brand identity?

Answer 17

One external factor is competition. Competition refers to the presence of rival businesses offering similar products or services. Competition can impact negatively by reducing market share and challenging brand identity if competitors offer better value or more attractive options.

Question 18

What is an internal factor that can impact a business’s customer base and brand identity?

Answer 18

One internal factor is employee performance. Employee performance refers to the effectiveness and quality of work provided by the staff. It can impact positively by enhancing customer satisfaction and loyalty if employees provide ex`cellent service, which strengthens the brand identity.

Question 19

What is the relationship between public relations and business objectives?

Answer 19

Public relations refers to the management of a business’s image and communication with the public. Maintaining positive public relations influences the business’s customer base by building trust and credibility. Consequently, a strong customer base can lead to the achievement of business objectives such as increased sales or market expansion by ensuring customer loyalty and positive word-of-mouth.

Question 20

What is the difference between planned and unplanned public relations?

Answer 20

A: Planned public relations refers to strategic communication efforts that are designed and executed in advance to promote a business’s image or manage its reputation. Unplanned public relations refers to reactive communication efforts in response to unforeseen events or crises. The difference between the two is that planned PR is proactive and methodically planned, while unplanned PR is reactive and addresses unexpected situations.

Question 21

What is one internal public of a business?

Answer 21

Employees are an internal public of a business. This refers to individuals who work within the organization and are directly involved in its operations.

Question 22

What is one external public of a business?

Answer 22

Customers are an external public of a business. This refers to individuals or groups outside the organization who interact with it and are impacted by its products or services.

Question 23

Maintaining positive public relations influences the business customer base by…

Answer 23

..building trust, enhancing brand reputation, and fostering customer loyalty, which can lead to increased sales and long-term success.

Question 24

Public relations are the planned and sustained effort to establish and maintain goodwill and mutual understanding between a business and its publics. The purpose of public relations is to project a positive image of the business to the outside world through planned communications strategies and tactics. Specifically, public relations involves developing good relations with various groups, handling or heading off unfavourable stories or rumours that could damage the business’s image, and generating favourable publicity.
A public relations strategy can help a business meet its objectives by reinforcing the favourable attitudes and perceptions consumers have regarding the business’s reputation. This would mean reinforcing the bakery’s quality reputation. Effective communication is important; this means using advertising, sales promotions, publicity and personal selling to convey information about the bakery and its products to increase sales.

Question 25

Define the term ‘marketing’.

Answer 25

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of products to satisfy individual and business objectives. It focuses on ensuring that the product the customer receives is the one they want.

Question 26

Define the term ‘brand identity’.

Answer 26

Brand identity is the message customers receive about the business and its product. It includes elements like name, slogan, symbol, design, color, or any combination that identifies a product and distinguishes it from competitors.

Question 27

Discuss the importance of understanding customer behavior

Answer 27

Understanding customer behavior helps the bakery tailor its offerings to meet preferences, attract, and retain customers. However, failing to adapt to changing tastes may result in lost sales to competitors.