Unit 4: Marketing

Question 1

What is marketing

Answer 1

process of planning and executing an idea, pricing, promoting and distributing of goods and services to create exchanges that satisfy individual and organisational objectives

Question 2

marketing relationship with other business functions

Answer 2

Finance: Determine the budget for market research
HR: Hiring individuals to sell the products to possible customers
Operations management: Receiving products from suppliers to sell, work tgt to ensure product is there to be sold

Question 3

market orientation

Answer 3

marketing approach of creating products determined by cutsomer needs through market research

Question 4

product orientation

Answer 4

the marketing approach of innovating and creating products with what the company can produce

Question 5

market share

Answer 5

% of the firm’s share of the total sales (volume or value)
market share (%) = firm’s sale / total sales in market x 100

Question 6

market size

Answer 6

all sales in a particular market

Question 7

market growth

Answer 7

% change in market size over given period of time (volume or value)
market growth (%) = (current year - last year)/last year x 100

Question 8

market leadership

Answer 8

business that has the largest market share in given market

Question 9

market planning

Answer 9

document outlining an organization’s marketing objectives and the marketing strategies to be used to achieve these objectives

Question 10

Consumer profiles

Answer 10

the demographic and psychographic characteristics of consumers in different markets, such as their age, gender, occupation or income level

Question 11

Differentiation

Answer 11

distinguishing a business or its products from rivals in the industry

Question 12

Market segmentation

Answer 12

categorizing customers into distinct groups with similar characteristics and similar wants or needs

Question 13

marketing audit

Answer 13

review of the current position of an organization’s marketing mix, in terms of its strengths and weaknesses and consideration of opportunities and threats

Question 14

Mass and niche marketing

Answer 14

Mass marketing refers to undifferentiated marketing. This ignores targeting individual market segments.
Niche marketing targets a specific and well-defined market segment, such as high-end speciality goods.

Question 15

Product position map (perception map)

Answer 15

visual tool that reveals customer perceptions of a product or brand in relation to others in the market, oſten by comparing perceptions about price and quality

Question 16

repositioning

Answer 16

the marketing strategy that involves changing the market’s perception of a firm’s product or brand in comparison to rival businesses

Question 17

segmentation

Answer 17

categorising customers into distinct groups of people with similar characteristics and buying habits for market research and targeting purposes.

Question 18

Targeting

Answer 18

refers to each distinctive market segment having its own specific marketing mix, depending on whether the business operates in niche or mass markets

Question 19

USP (unique selling point)

Answer 19

refers to any aspect of a good or service that makes it stand out (in a positive way) from those offered by competitors