Business Chapter 10

What is the definition of 'marketing'?

• identifying customer wants and satisfying them profitably

• communicating with customers to encourage customer loyalty

• activities utilising the 4 P's to develop and sell a product

• a person who buys goods or services for personal use

Which one of these are reasons why the market changes

• The product does not have a USP

• Development of a new product

• Product is in the nice market

• Ageing populations

Which one of these is NOT a goal of marketing:

• Increase or maintain market share

• Raise customer awareness of a product

• Make marketing expenditure cost effective

• Enter new markers at home or abroad

What is a 'niche market'?

• A small, usually specialised, segment of a much larger market.

• A large number of sales of a product.

• An identifiable sub-group of a whole market in which consumers have similar characteristics and preferences.

• The process of gathering, analysing and interpreting information about a market.

What are the advantages to selling in a 'mass market'?

• Total sales in the market are very high

• Opportunities for growth as there is a large potential sales

• Businesses can identify 'gaps' in the market to create suitable products

• Risks are spread as the business will often sell variations

What is an advantage of 'market segmentation'?

• Anticipate changes in customer needs

• Manufacturers can sell their products directly to the consumer

• Higher sales and profits

• Products are sold at a low price temporarily to increase short-term sales

What are the different marketing departments?

• Sales, market research, promotion, distribution

• Sales, advertising, promotion, distribution

• Price, market research, advertising, distribution

• Sales, advertising, price, market research

What are the roles of marketing?

• Identify customer needs

• Satisfy customer needs

• Gain information about customers

• Improve existing products

Why might a business not want to operate in a niche market?

• Limited sales

• Risks are distributed among multiple products

• Consumer needs can be more closely focused on

• Specialised in one product

How can a market be segmented?

• Gender

• Region

• Age

• All of the above