U2AOS2

Question 1

Define “Marketing”

5A- Marketing, a Customer Base, & Business Objectives

Answer 1

Marketing is the process of implementing strategies to price, promote, and distribute products to current and potential customers.

5A- Marketing, a Customer Base, & Business Objectives

Question 2

Define “Customer Base”

5A- Marketing, a Customer Base, & Business Objectives

Answer 2

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

5A- Marketing, a Customer Base, & Business Objectives

Question 3

Define “Business Objectives”

5A- Marketing, a Customer Base, & Business Objectives

Answer 3

Business objectives are the goals that a business intends to achieve.

Question 4

Define “Brand Identity”

5B- Marketing & the External Environment

Answer 4

Brand Identity is the unique set of values a business seeks to portray to its customers.

5B- Marketing & the External Environment

Question 5

Define “Internal Environment”

5C- Marketing & the Internal Environment

Answer 5

The internal environment consists of factors within a business which a business has control over.

5C- Marketing & the Internal Environment

Question 6

Define “Market Segmentation”

5E- Target Market Attributes

Answer 6

Market segmentation is the process of dividing a market into different groups of consumers that share similar characteristics.

5E- Target Market Attributes

Question 7

Define “Customer Trends”

5E- Target Market Attributes

Answer 7

Customer trends are developed patterns in customer’s behaviours, atitudes, and values.

5E- Target Market Attributes

Question 8

Define “Customer Behaviour”

5E- Target Market Attributes

Answer 8

Customer Behaviour is the actions of those who purchase goods and services for consumption.

5E- Target Market Attributes

Question 9

Define “Product”

5F- The 7P’s Model of Marketing

Answer 9

A product is a good or service that is offered to customers to satisfy a need or want.

5F- The 7P’s Model of Marketing

Question 10

Define “Price”

5F- The 7P’s Model of Marketing

Answer 10

Price is the amount that a customer pays for a good or service.

5F- The 7P’s Model of Marketing

Question 11

Define “Place”

5F- The 7P’s Model of Marketing

Answer 11

Place relates to how a business distributes its product to customers.

5F- The 7P’s Model of Marketing

Question 12

Define “Promotion”, and list promotion strategies.

5F- The 7P’s Model of Marketing

Answer 12

Promotion is the marketing communications used by a business to inform, promote, and remind its target market about its product.
* Advertising
* Sales promotion
* Direct marketing
* Personal selling
* Public relations

5F- The 7P’s Model of Marketing

Question 13

Define “People”

5F- The 7P’s Model of Marketing

Answer 13

People are individuals that influence a customer’s perception of a business and its products.

5F- The 7P’s Model of Marketing

Question 14

Define “Physical Evidence”

5F- The 7P’s Model of Marketing

Answer 14

Physical Evidence is the environment in which the business and customer interact.

5F- The 7P’s Model of Marketing

Question 15

Define “Process”

5F- The 7P’s Model of Marketing

Answer 15

Process refers to the procedures set in place throughout an entire customer purchase.

5F- The 7P’s Model of Marketing

Question 16

Define “Planned PR”, and list planned PR strategies.

5K- Public Relations Strategies

Answer 16

Planned PR is a business proactively communicating intended messages to various publics.
* Media releases
* Publications
* Events
* Sponsorships
* Social media

5K- Public Relations Strategies

Question 17

Define “Customer Loyalty Programs”

5I- Customer Relations Strategies

Answer 17

Customer loyalty programs are marketing initiatives which enable customers to gain benefit for frequently purchasing from a business.

5I- Customer Relations Strategies

Question 18

Define “Operating Factors”

5B- Marketing & the External Environment

Answer 18

Operating Factors are the immediate external factors impacting a business, which a business has some control over.

5B- Marketing & the External Environment

Question 19

Define “Macro Factors”

5B- Marketing & the External Environment

Answer 19

Macro Factors are social, global, legal, technological, and economic conditions that a business works within and has no control over.

5B- Marketing & the External Environment

Question 20

Define “Disposable Income”

5B- Marketing & the External Environment

Answer 20

Disposable Income is the income an individual has remaining after tax.

5B- Marketing & the External Environment

Question 21

Define “Corporate Culture”

5C- Marketing & the Internal Environment

Answer 21

Corporate Culture is the shared values, beliefs, and behaviours upheld by managers and employees within a business.

5C- Marketing & the Internal Environment

Question 21

What is the “Market Research Process”, and the data collection techniques?

5D- Market Research Practices

Answer 21

Define the problem-> collect the required data-> analyse and interpret the data
* survey- quantitative/qualitative
* observation- quantitative
* experimentation- quantitative
* focus group- qualitative

5D- Market Research Practices

Question 22

Define “Target Market”

5E- Target Market Attributes

Answer 22

A Target Market is a specific group of customers which a business aims its marketing efforts towards.

5E- Target Market Attributes

Question 23

Define “Public Relations”

5J- The Relationship between Public Relations & Business Objectives

Answer 23

Public Relations is communicating an intended message to the public to create and sustain a positive business reputation.

5J- The Relationship between Public Relations & Business Objectives

Question 24

Define “Customer Relations”

5I- Customer Relations Strategies

Answer 24

Customer Relations is the way a business creates, builds, and maintains customer relationships.

5I- Customer Relations Strategies

Question 25

Define “Quality Customer Service”

5I- Customer Relations Strategies

Answer 25

Quality Customer Service is a business consistently going above and beyond expected performance to ensure customers are satisfied with their experience.

5I- Customer Relations Strategies

Question 26

Define “Customer Behaviour”

5E- Target Market Attributes

Answer 26

Customer Behaviour is the actions of those who purchase goods and services for consumption.

5E- Target Market Attributes

Question 27

Define “Crisis Public Relations”

5K- Public Relations Strategies

Answer 27

Crisis Public Relations is a business communicating to various publics in response to an issue which can negatively affect its reputation.

5K- Public Relations Strategies

Question 28

Define “Green Marketing”

5L- CSR in Marketing

Answer 28

Green Marketing is advertising a good or service by highlighting the environmental benefits.

5L- CSR in Marketing

Question 29

Define “Public Relations Strategies”

Answer 29

Public Relations Strategies are actions used to communicate a particular message to the public and influence their perception.