Marketing Revision

What is marketing?

• To advertise goods to draw in new consumers

• the process of planning, executing and promoting ideas, goods and services to create exchanges that satisfy individuals

• The business processes that involve transformation or production

• the conversion of inputs into outputs

Which of the following is NOT a role/purpose of Marketing

• To make customers aware of the products or services

• To understand customer wants and needs

• To build brand awareness and trust to increase market share

• To make customers pay more for the same product

A department preparing for Christmas is an example of _______________ demand

Happy hour, buy one get one free deals, and billboards are ways of ________________ demand

Ensuring stocks or capacity to deliver a service are sufficiently available to meet any demand generated is ________________ demand

Keeping up to date with what competitors are selling and current trends is _______________ demand.

Reducing costs for the production and delivery helps to ...

• understand customer wants and needs

• diversification

• increase market share

• improve profitability

Where a business offers products which are different from their usual offering.

• developing new products

• diversification

• increasing brand awareness

• improving profitability

This can increase sales because customers will seek out products they are familiar with

• increase brand awareness and loyalty

• understanding customer wants and needs

• developing new products

• increasing market share

Marketing can provide a business with customer ideas to help expand their range and

• increase market share

• develop new products

• understand customer wants and needs

• improve profitability