Unit 2: Workbook A

Question 1

marketing def

Answer 1

the action of promoting and selling products or services, including market research and advertising.

Question 2

4 links between marketing and demand

Answer 2

Anticipating demand
Recognising demand
Stimulating demand
Satisfying demand

Question 3

SMART objectives

Answer 3

specific
measurable
achievable
realistic
time bound

Question 4

mass marketing def

Answer 4

market that provides goods/services in large quantities/consumed by most of the society

Question 5

niche marketing

Answer 5

market that provides goods/services in small quantities/consumed by minority of society

Question 6

Types of segmentation

Answer 6

Geographic - where they live
Demographic - profile (age gender etc)
Psychographic - religion/beliefs
Behavioural - based on actions/ behaviour patterns

Question 7

Benefits of segmentation (4)

Answer 7

.To increase market share (Sell into new market segments)
.To assist new product development (Introduce new products into gaps in market segments)
.To extend products into new markets (E.g. Sell mobile phones to consumers as well as business users)
.To identify ways of marketing a product (E.g. Advertise in The Sun to reach the right social class)

Question 8

Limitations of segmentation (4)

Answer 8

.Difficult to identify the most important segments for a product (E.g. Difficult to categorise customers)
.Marketing to a chosen segment (E.g. Difficult to find the best way to market to a segment)
.Recognising changes in the segments interested in the product (E.g. Markets are dynamic – customers may not stay loyal)
.Meeting the needs of customers not included in the chosen segment (E.g. Ignoring other potential customers)

Question 9

Branding def

Answer 9

the way your customers perceive you, your promise to them and what they should expect from your product or service. It is defined by individuals and not by companies.

Question 10

4 Internal influences on marketing

Answer 10

cost of the campaign
availability of finance
expertise of staff
size/culture of the business

Question 11

4 external influences on marketing

Answer 11

economic environment
competitors
politics
technology

Question 12

market research def

Answer 12

gathering info on customers needs/preferences

Question 13

primary research

Answer 13

gathering info yourself

questionnaire/interview

Question 14

secondary research

Answer 14

using data that already exists

research

Question 15

primary research pros + cons

Answer 15

+ up to date
+ can choose Qs
- more time/money/effort

Question 16

secondary research pros + cons

Answer 16

+ less time/money/effort

• competitors can access same info
• less specific to your needs
• may be out of date

Question 17

qualitative data

Answer 17

non numerical data

Question 18

qualitative pros + cons

Answer 18

+ more detailed
+ insight into WHY
- subjective
- time consuming

Question 19

quantitative data

Answer 19

numerical data

Question 20

quantitative pros + cons

Answer 20

+ objective
+ no bias
+ can compare
- no insight into WHY

Question 21

reliability

Answer 21

sample size

Question 22

validity

Answer 22

generalisable?

up to date?

Question 23

SWOT

Answer 23

Strengths
Weaknesses
Opportunities
Threats

Question 24

PESTLE

Answer 24

Political
Economic
Social
Technological
Legal
Environmental