Setting marketing objectives

Question 1

What is a market?

Answer 1

A market occurs when there are buyers and sellers willing to make an exchange.

Question 2

A type of marketing is known as _______________ which attempts to build a long term partnership with customers, it aims to retain customers and build a connection with the business.

Answer 2

This type of marketing is known as ‘relationship marketing’ which attempts to build a long term partnership with customers, it aims to retain customers and build a connection with the business.

Question 3

A bank will want you to buy a range of financial products from it over time, such as:

Answer 3

Savings account
Borrowing
Insuring your house and possessions
Buying shares
Changing currency

Question 4

Philip Kotler defined marketing as?

Answer 4

‘the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value’.