Unit 4 - 4.1 The role of marketing

Question 1

Define Marketing

Answer 1

Marketing is the management task of identifying and meeting the needs of customers profitably by doing this through getting the right product to the right price at the right time.

Question 2

Explain why marketing is important to a business.

Answer 2

Create awareness and visibility for its products or services, attracting potential customers and driving sales.
Effective marketing enables businesses to understand and meet the needs of their target audience, enhancing customer satisfaction and fostering long-term relationships.

Question 3

name marketing activities.

Answer 3

market research, pricing, promotion, distribution, customer service

Question 4

define market orientation.

Answer 4

Market orientation is a business approach that focuses on understanding and meeting the needs and preferences of customers.

Question 5

define product orientation

Answer 5

Product orientation is a business approach that places emphasis on designing and developing products based on internal capabilities and features, with less consideration for specific customer needs and preferences.

Question 6

advantages and disadvantages of market orientation

Answer 6

adv: Advantages
Lower chance of product failure
More competitive
Better relationship, loyalty and attractiveness with costumers
Easier decision-making
disadv: Costumes needs change constantly and fast
Increased costs
Lost of focus

Question 7

• Explain the advantages and disadvantages of product orientation

Answer 7

adv: emphasis on innovation
Strong brand image
One product development
Costumers’ loyalty (apple)
If business have a customer base, they can reduce marketing costs
disadv: Disconnected with costumers – high risk of losing customers
Customer Dissatisfaction

Question 8

Define market share.

Answer 8

Market share refers to the percentage of total sales or revenue that a company or brand captures within a specific market or industry.

Question 9

how to calculate market share

Answer 9

firm’s sales revenue/industry’s sales revenue * 100

Question 10

Explain how a business can increase its market share

Answer 10

Lower the price to sell more, buy or partner with another business, promotion and advertising, new and better products, market research, passionate employees – good at service

Question 11

Define market growth.

Answer 11

Market growth refers to the increase in the total size or value of a specific market over a given period of time.

Question 12

Calculation of market growth.

Answer 12

current market size-original market size / original market size*100