Unit 1 - Marketing 1 Flashcards
1
Q
What are the 4 P’s in marketing?
A
- Product.
- Price.
- Place.
- Promotion.
2
Q
What do new businesses use Market Maps for?
A
To find a gap in the market.
3
Q
Why do businesses conduct Market Research?
A
- To find out consumer’s needs and wants.
- To find out consumer’s current buying habits.
- To gather information on the products and prices of competitors.
4
Q
State the advantages and disadvantages of Field Research.
A
Advantages
- Information is accurate and up-to-date.
- Questions can be tailed specifically to your products.
Disadvantages
- It is expensive.
- It is time-consuming.
5
Q
State the advantages and disadvantages of Desk Research.
A
Advantages
- Gives businesses access to a wide range of data.
- Allows businesses to look at the whole market.
- Allows businesses to look at past trends.
- It is cheap.
- It is instantly available.
Disadvantages
- May be out of date.
- Not always relevant to your needs.
- Not specific to your product.
6
Q
Draw The Demand Curve.
A
7
Q
Draw The Supply Curve.
A
8
Q
Draw an Equilibrium.
A
