Unit 2 - 2.1 - Role Of Marketing Flashcards
What is marketing?
Finding out the needs of consumers and demonstrating how a business fulfills those needs so that its sales increase.
What financial consideration must a business take into account when marketing a product?
The amount of finance available to spend on research and development or an advertising campaign.
Who should a business consider when marketing a product?
The target audience, as different groups may respond differently to advertisements.
What example illustrates different target audiences for products?
Younger people may respond to social media ads, while older people may prefer products like mobile phones with large buttons.
Example: Some older people may like a mobile phone that has large buttons and is easy to use.
What geographical factors should a business consider when marketing?
The location of potential customers, including the country or region they live in and the language they speak.
What are the key demographics to identify and understand customers?
Male or female, young or old, rich or poor, what do they want, where do they live?
These demographics help businesses tailor their marketing strategies.
How can businesses find answers to customer demographics?
Through market research.
Market research can involve surveys, focus groups, and data analysis.
What are some channels for informing customers?
TV, newspapers, billboards, social media (Twitter, Facebook).
Each channel has its own audience and effectiveness.
What factors influence how much advertising a business does?
What it can afford and who it needs to inform.
Budget constraints and target audience affect advertising strategies.
What are the main purposes of marketing?
Increasing sales.
Marketing strategies aim to enhance customer engagement and drive revenue.
How can sales be increased?
By reducing price, introducing new products, selling in different places or methods, and promotion.
These strategies are essential for business growth.
What are the 4Ps of marketing?
Price, product, place, promotion.
The 4Ps framework helps businesses strategize their marketing efforts effectively.
Fill in the blank: The 4Ps of marketing include _______.
price, product, place, promotion.
