What is marketing?

Question 1

Marketing objectives

Answer 1

the goals set for the marketing department to help the business achieve its overall objectives

Question 2

Marketing strategy

Answer 2

long term plan established for achieving marketing objectives

Question 3

Marketing

Answer 3

the management task that links the business to the customer by identifying and meeting the needs of customers profitably - it does this by getting the right product at the right price to the right place at the right time

Question 4

Market orientation

Answer 4

an outward looking approach basing product decisions on consumer demand, as established by market research

Question 5

Product orientation

Answer 5

an inward looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them

Question 6

Asset-led marketing

Answer 6

an approach to marketing that bases strategy on the firm’s existing strengths and assets instead of purely on what the customer wants

Question 7

Societal marketing

Answer 7

this approach considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way when firms meet these demands

Question 8

Demand

Answer 8

the quantity of a product that consumers are willing and able to buy at a given price in a time period

Question 9

Supply

Answer 9

the quantity of products the firms are prepared to supply at a given price in a time period

Question 10

Equilibrium price

Answer 10

the market price that equates demand and supply for a product

Question 11

Market size

Answer 11

the total level of sales of all producers within a market

Question 12

Market growth

Answer 12

the percentage change in the total size of a market over a period of time

Question 13

Market share

Answer 13

the percentage of sales in the total market sold by one business.

Question 14

Direct competitor

Answer 14

businesses that provide the same or very similar goods or services

Question 15

USP

Answer 15

the special feature of a product that differentiates it from competitors’ products

Question 16

Product differentiation

Answer 16

making a product distinctive so that it stands out from competitors’ products in consumers’ perception

Question 17

Niche marketing

Answer 17

identifying and exploiting a small segment of a larger market by developing products to suit it

Question 18

Mass marketing

Answer 18

selling the same products to the whole market with no attempt to target groups within it

Question 19

Market segment

Answer 19

a sub-group of a whole market in which consumers have similar characteristics

Question 20

Market segmentation

Answer 20

identifying different segments within a market and targeting different products or services to them

Question 21

Consumer profile

Answer 21

a quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class