The Importance of Marketing

A "market" is:

• Anywhere that buyers & sellers can meet to communicate & trade in goods and services

• Identifying customer needs & satisfying them profitably

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

• Where a business focuses on the needs of consumers when developing products

"Marketing" is:

• Anywhere that buyers & sellers can meet to communicate & trade in goods and services

• Identifying customer needs & satisfying them profitably

• Managing the finances of the business

• Controlling the delivery of goods into and out of a business

If a business is "product orientated" it means:

• They focus on the needs of the customer when developing products

• They focus on the design & manufacture of the good itself rather than the needs of customers

• They only produce products, and not services

Marketing involves:

• Identifying the needs & wants of customers

• Choosing the right price

• Designing products

• All of the above

A company that innovates new products based on their own tastes would invest heavily in market research

• True

• False

It is more expensive to keep an existing customer than to attract (get) a new one

• True

• False

Reward cards, free gifts, donations to charity are all ways to:

• Meet customer needs

• Push customers away

• Keep customer loyalty

• Save money for a business

"Marketing" is often a department in a business:

• True

• False

A business started to produce phone chargers that were 3 metres in length after consumers complained that traditional chargers were too short. This business is:

• Market orientated

• Product orientated

Only businesses that sell physical goods would have a marketing department.

• True

• False