Unit 5 - Marketing

Question 1

Marketing

Answer 1

Identifying consumer needs +wants and creating a product/service to satisfy needs/wants

Question 2

Marketing strategy

Answer 2

Plan setting out how a business will identify and satisfy customer needs by market research

Question 3

Segmenting the market

Answer 3

• demographic (age, income, sex, social class)

- psychological (attitudes + tastes)

Question 4

Market niche

Answer 4

Specific gap in the market for a new product or service

Question 5

Marketing mix

Answer 5

Product
Price
Place
Promotion

Question 6

Brand leader

Answer 6

Brand with the highest percentage share of a particular market.
Eg. Tayto in Irish crisp market

Question 7

Benefits of product branding

Answer 7

• customer recognition
• customer desire
• customer loyalty
• higher price

Question 8

Purpose of product branding

Answer 8

• provides protection
• looks good
• provides info

Question 9

Product life cycle

Answer 9

Launch 
Growth 
Maturity 
Saturation 
Decline

Question 10

General pricing strategies

Answer 10

• mark up

- psychological

Question 11

High price strategies

Answer 11

• price leadership
• price skimming
• profit maximising

Question 12

Low price strategies :

Answer 12

• penetration pricing
• discriminatory pricing
• predatory pricing
• loss leader

Question 13

Loss leader

Answer 13

Sold at or below cost price to generate more profitable sales

Question 14

Channels of distribution

Answer 14

Producer -> (wholesaler) -> (retailer) -> (agent) -> consumer

Question 15

Factors when choosing distribution channel

Answer 15

Speed 
Suitability - fragile / perishable ?
Product image 
Cost 
Impact on cash flow

Question 16

Promotion

Answer 16

Focuses on influencing the target market favourably towards the product

Question 17

Advertising

Answer 17

Messages designed to inform, persuade or remind people to buy a product or service

Question 18

Impulse purchases

Answer 18

Unplanned decisions to buy a particular product

Question 19

Sales promotion

Answer 19

Offers to customers to attract attention , increase sales and encourage loyalty

Question 20

Examples of sales promotion

Answer 20

Special offers
Samples
Coupons
Loyalty cards

Question 21

Public relations

Answer 21

Using media to create good publicity for a firm or its products

Question 22

Sponsorship

Answer 22

Paying to be associated with a good cause/sport

Eg. Supremacy and Galway GAA team

Question 23

Target market

Answer 23

Group of people whom a product or service is aimed at

Question 24

Product positioning

Answer 24

Creating an image for a product in the mind of consumers in the target market