Business IGCSE CIE Marketing Oakley College

What are the four components of marketing mix?

• Place, price, package, promotion

• Price, promotion, place,product

• Package, painting, place, product

• Price, parade, place, package

What are the roles of marketing?

• Identifying and satisfying customer needs, maintaining customer loyalty, gaining information about customers and anticipating changes in customer needs.

• Identifying and satisfying customer wants, maintaining customer loyalty, gaining confidence on suppliers and anticipating changes in customer needs.

• Identifying and satisfying customer wants, raising awareness of the production process, gaining information about consumers and increasing market share

• Identifying and satisfying customer needs, maintaining sales turnover, gaining information about retailers and anticipating changes in wholesalers needs.

Why have some markets become more competitive?

• E-commerce, improvements in production, globalisation and decrease in competitiveness

• Good relations between important countries, excellent infrastructure, increase in customer options

• Globalisation, transportation improvements and internet/e-commerce

• More sophisticated opportunity costs, economies of scale, globalisation and better market research

What is a market?

• Where sellers buy goods from suppliers

• Where retailers buy the right to sell a particular product from the Government.

• Where a franchise becomes a public limited company.

• Where customers and sellers come together to exchange products for money.

What is market segmentation?

• When the market is at risk of disappearing and divides into different groups which sell products of different nature.

• When the market is divided between different industries

• When the market is broken down into different groups which are organised by people with similar characteristics

• When one customer is part of more than one segment

What are examples of primary research

• Issue of shares, questionnaires, interviews and quadrat sampling

• Interviews, samples, observation and questionnaires

• Random sampling, internet, trade association and questionnaires

• Questionnaires, quota sample, interviews, surveys and focus groups

What is quota sample?

• It is a method of systematic sampling, where it is done without bias.

• This is when people are selected on the basis of certain characteristics.

Which are the external sources of desk research?

• Media reports, customer records, research reports and pricing data.

• Internet, public relation personnel, legal formalities and newspapers.

• Trade and employer associations, research reports and specialist trade journal.

• Trade and employer associations, customer records and specialist trade journal.

Ways of presenting data:

• Tally chart

• Histogram

• Pie chart

• Personal planner

What makes a successful product?

• Production process is very accurate, materials are of a high standard and low qualtiy

• It satisfies government regulations, such as services free of charge.

• Satisfies existing needs, it is reliable and it has something very distinctive

• Easy to use, and simple design