The Marketplace

Question 1

What is a business’s market?

Answer 1

Made up of customers who are willing to pay money for a product and/or service

Question 2

What is a fundamental marketing activity?

Answer 2

Finding out what customers want and matching the product/service to this demand

Question 3

What are the different types of customers?

Answer 3

Customers with high or low income
Customers with particular hobbies or lifestyles
Customer’s age, gender and cultural background

Question 4

What are the different factors affecting a market?

Answer 4

Political factors
Economic factors
Social factors
Technological factors

Question 5

What are political factors

Answer 5

Anything to do with the government e.g. health and safety, environmental, animal welfare, minimum wage and planning permission

Question 6

What are economic factors?

Answer 6

Anything to do with the economy that will affect the income of businesses e.g. rising and falling GDP and strong competition

Question 7

What are social factors?

Answer 7

Anything to do with trends and fashions e.g. what customers are interested in

Question 8

What are technological factors?

Answer 8

Anything to do with the rise of popularity of certain gadgets/equipment and the use of technology to help a business sell and promote e.g. internet, apps and social media