U2 AOS2 KK1 What is Marketing?

Question 1

Successful marketing involves a number of processes.
List the 4 main processes that successful marketing involves.

Answer 1

1. Developing a product
2. Promoting a product
3. Distributing a product
4. Pricing a product.

Question 2

Marketing as a tool is used to…

Answer 2

• Identify needs and wants of customers (market research)
• Develop products and services in line with those needs (product development)
• Raise awareness of the product or service, its benefits and where to buy it from (promotion)

Question 3

List two marketing strategies that businesses can use for developing a product.

Answer 3

1. Conduct market research.
2. Identigy target market attributes such as market dimensions, segments, consumer trends and behaviour.

Question 4

List four marketing strategies that businesses can use for promoting a product.

Answer 4

1. Advertising
2. Sales promotion
3. Public relations
4. Product placement
5. Building brand awareness

Question 5

List two marketing strategies that businesses can use for distributing a product.

Answer 5

1. Managing distribution channels
2. Managing intermediaries

Question 6

How can businesses use marketing strategies to price a product?

Answer 6

Determine pricing strategies

Question 7

Select all that apply:

Marketing is important because…

a. It allows businesses to identify their target market
b. It allows businesses to adapt or develop a product
c. It allows businesses to raise awareness
d. It allows businesses to increase sales
e. It allows businesses to increase profits

Answer 7

a.
b.
c.
d.
e.

Question 8

Define customer base.

Answer 8

A customer base is a group of consumers who continuously purchase goods and services from a business.

Question 9

Define customer profile.

Answer 9

A customer profile is a specific description about the type of person a business is selling to, including their demographic, psychographic and geographic characteristics.

Question 10

Provide 3 examples of demographic characteristics.

Answer 10

Age
Gender
Profession
Education
Income level
Marital status

Question 11

Provide 3 examples of psychographic characteristics.

Answer 11

Lifestyle
Personality
Attitudes
Hobbies
Interests

Question 12

Provide 2 examples of geographic characteristics.

Answer 12

Where the customer lives
Where the customer shops