unit 3- decision making to improve marketing performance

Question 1

What does marketing finds out and tries to anticipate?

Answer 1

Marketing finds out what customers wants and needs are. Market also tried to anticipate what they’ll want in the further so that the business can get one step ahead of the market.

Question 2

What does marketing cover? ( hint: research…)

Answer 2

Marketing covers research, analysis and planning and the market mix- the marketing mix is all the decisions a business makes about promoting and selling products.

Question 3

What does marketing ensure?

Answer 3

Marketing ensures that the business supplies goods and services that customers want in order to make a profit - its mutually beneficial for both the customers as they get something they want, and the business makes a profit.

Question 4

Once a company has a_____________, marketing helps make sure that customers stay loyal to that brand.

Answer 4

Customer base ( repeatedly buying company’s products )

Question 5

What are marketing objectives ?

Answer 5

Marketing objectives are targets that a company’s marketing department sets itself. They are valuable in helping the company to achieve its overall objectives and should be SMART.
SMART- specific, measurable, achievable, realistic, timely.

Question 6

Marketing objectives tends to focus on sales, but it’s not usually as just “increase sales “- marketing objectives are often based on :

Answer 6

> sales volume and sale value
sales growth
market share
market size and market growth