Y10 Business - Marketing

Marketing means ...

• Going to the pola to buy ingredients to cook for lunch

• Identifying customer needs and satisfying them profitably

• Buying goods and services online

• to market the goods on the television

Marketing mix means

• the objectives that a business wants to achieve over a period of time.

• a firm sells goods and services to a different range of consumers

• the key elements in a firm's marketing strategy; product, price, place and promotion

• a mix of several different methods of advertising and sales promotion

Product orientation is

• where the firm first looks into what the customers needs or wants

• Where a business focuses on the design and manufacture of the the product itself rather than the needs of customers.

• Where the firm comes up with a new product after a product declines in the product range of a firm.

• Changing the marketing strategies of a firm to suit the needs of a particular market segment

Socio economic groups means a

• Division of people according to culture based on their habits and traditions.

• Division of people based on their needs and wants

• Division of people according to their geographical location and cultural diversity

• Division of people according to social class based on employment status

Cost plus or cost based pricing

• Setting a low price until rivals have gone out of business

• A product sold below cost to draw in customers

• Adding a percentage( the mark up) to the cost of producing a product to get the price

• Pricing strategies based upon the conditions of the market

examples of secondary data collection

• Articles/ Internet/ Newspaper/ Old reports

• company reports/ interviews from the potential customers

• internet/ surveys that were conducted in a mall / old business journals

• marketing reports/ online surveys/ questionnaires

What is quantitative information?

• Factual information that is recorded as statements

• Factual information that can be recorded as a number

• Information that was collected based on common answers given by the customers

• Opinion based information

What is a marketing/ market gap?

• A gap created due to a decline in the demand for a good

• no new products being created after a product got saturated in the local market

• researching and developing new range of products

• A part of a market where there are no/limited range of products to satisfy this customer need

Why might primary research be inaccurate?

Why is 'PRICE' in marketing an important aspect?