unit 3 marketing

Question 1

marketing

Answer 1

it is the management process of identifying, anticipating and satisfying customer requirements and profitability

Question 2

what are the three main purposes of marketing

Answer 2

anticipating customer wants
satisfying customer wants
meeting the needs of the business

Question 3

5 marketing objectives a business may set

Answer 3

increasing sales volume and value
increasing brand image and awareness
market sales and growth
increase in market share
building brand loyalty
increase market share
build brand loyalty

Question 4

What is market size

Answer 4

Total volume of sales of the product/the total value of the sales of the product(amount sold/amount made)

Question 5

what is sales volume?

Answer 5

measure the number of items produced

Question 6

what is sales value?

Answer 6

measures the financial worth of the items sold

Question 7

What are some other marketing objectives

Answer 7

trying to increase in size
market positioning
security/survival
successfully launch a new product or end unsuccessful products
increase product awareness
innovation and developing new products
add value to existing products

Question 8

What does SMART stand for

Answer 8

Specific
measurable
achievable
realistic
timed

Question 9

how do you calculate percentage change

Answer 9

new - old over old x 100

Question 10

how do you calculate market growth

Answer 10

new market size-original market size over original market size x 100 (basically just percentage change)

Question 11

how to calculate sales growth

Answer 11

new sales - original sales over original sales x 100 (basically just percentage change

Question 12

sales growth is

Answer 12

the percentage change in sales( volume or value) over a period of time

Question 13

market growth is

Answer 13

new market size - original size over original market size x 100

Question 14

what is the point of entering growing markets

Answer 14

businesses will want to enter growing markets
that are growing to maximise sales

Question 15

what are the 5 main factors influencing market growth

Answer 15

economic growth
types of products
social changes
demographic changes
changes in tastes and fashions

Question 16

what is market share

Answer 16

the percentage of total sales of a product or service achieved by one buisness in comparison to the whole market

Question 17

calculation for market share

Answer 17

sales of one brand over total sales in a market
x 100

Question 18

what is a brand

Answer 18

the set of physical attributes of a product or service, combined with the beliefs/expectations surrounding it - a unique combination which the name or logo of the product or service should evoke in the mind on an audience

Question 19

what is brand loyalty

Answer 19

a measure of the degree of attachment that a consumer has for a particular brand. “loyal” consumers are more likely to make a repeat purchase of the product and are less likely to switch over due to being “loyal”

Question 20

external influences on marketing and objective decisions

Answer 20

political and legal factors
economic factors
social factors
technological change
ethical and environmental factors
state of the market factors
competitor actions
customer suppliers

Question 21

internal influences on marketing and objective decisions

Answer 21

business/corporate objectives
finance
human resources
operational issues
type of products