2.1 The role of marketing

Choose the most suitable definition to explain what is meant by 'marketing'

• The process of identifying, predicting and satisfying the customers’ needs and wants profitably
•  An audio or visual form of marketing communication that employs an openly sponsored, nonpersonal message to promote or sell a product, service or idea

What is meant by 'identifying' within the marketing definition?

• adding value to the product so when sold, the price of the product is greater than cost of the inputs
• analysing the data collected and using the owner’s skills to judge what might happen in these markets and how the products might be suited or changed, adapted or updated
  
• customer needs,  making sure the person or business are happy with what they are buying, that they will not complain and will be happy to buy again if appropriate
  
• finding out by using marketing research about what customers want, and what products and services are already on the market 

What is meant by 'predicting' within the marketing definition?

• adding value to the product so when sold, the price of the product is greater than cost of the inputs
• analysing the data collected and using the owner’s skills to judge what might happen in these markets and how the products might be suited or changed, adapted or updated
  
• customer needs,  making sure the person or business are happy with what they are buying, that they will not complain and will be happy to buy again if appropriate
  
• finding out by using marketing research about what customers want, and what products and services are already on the market 

What is meant by 'satisfying' within the marketing definition?

• adding value to the product so when sold, the price of the product is greater than cost of the inputs
• analysing the data collected and using the owner’s skills to judge what might happen in these markets and how the products might be suited or changed, adapted or updated
  
• customer needs,  making sure the person or business are happy with what they are buying, that they will not complain and will be happy to buy again if appropriate
  
• finding out by using marketing research about what customers want, and what products and services are already on the market 

What is meant by 'profitably' within the marketing definition?

• adding value to the product so when sold, the price of the product is greater than cost of the inputs
• analysing the data collected and using the owner’s skills to judge what might happen in these markets and how the products might be suited or changed, adapted or updated
  
• customer needs,  making sure the person or business are happy with what they are buying, that they will not complain and will be happy to buy again if appropriate
  
• finding out by using marketing research about what customers want, and what products and services are already on the market 

Why does a business need to understand its customers?

• If a business creates a product that customers don’t want – they won’t buy it
• They may be so new that customers will need some information on how they work in order to persuade them into buying

Why does a business need to inform its customers?

• If a business creates a product that customers don’t want – they won’t buy it
• They may be so new that customers will need some information on how they work in order to persuade them into buying

Business can increase sales by using big stars to promote their product/services - what form of marketing is this called?

• Discounts
• Promotion
• Advertising
• Sales

Business can increase sales by using ________ like two for one on cinema tickets on a Tuesday -  what form of marketing is this called?

• Discounts
• Promotion
• Advertising
• Sales

Business like Graze can offer free boxes or 50% off their products -  what form of marketing is this called?

• Discounts
• Promotion
• Advertising
• Sales