The Role of Marketing

Question 1

What is Marketing about?

Answer 1

Marketing is about finding out your customers’ needs and wants and developing a way of delivering that to them.

Question 2

What does Marketing Involve?

Answer 2

Carrying out Market Research in order to find out what customers want to buy.
Developing and designing a product which meets customers’ needs and wants.
Deciding on the right price to charge for the products.
Deciding on the best methods of promotion for products and making customers aware of the products.
Deciding on the right place to sell the products.

Question 3

What does the term Market mean?

Answer 3

Where customers and sellers come together (e.g. shop, telephone, website, app).

Question 4

What does the term Market Share mean?

Answer 4

The proportion of customers in a market that one organisations sells to (e.g. Tesco has 27% market share).

Question 5

What does the term Market Leader mean?

Answer 5

The organisation with the highest market share in a particular market.

Question 6

What does the term Market Growth mean?

Answer 6

The overall increase of the number of customers in a particular market (e.g. 137,000 people bought an electric car in the UK in 2017 rising to 212,000 in 2018).