OCR Marketing Review 2.1-2.3

Choose the most suitable definition to explain what is meant by 'marketing'

• The process of identifying, predicting and satisfying the customers’ needs and wants profitably
•  An audio or visual form of marketing communication that employs an openly sponsored, nonpersonal message to promote or sell a product, service or idea

What is meant by 'identifying' within the marketing definition?

• adding value to the product so when sold, the price of the product is greater than cost of the inputs
• analysing the data collected and using the owner’s skills to judge what might happen in these markets and how the products might be suited or changed, adapted or updated
  
• customer needs,  making sure the person or business are happy with what they are buying, that they will not complain and will be happy to buy again if appropriate
  
• finding out by using marketing research about what customers want, and what products and services are already on the market 

Why does a business need to understand its customers?

• If a business creates a product that customers don’t want – they won’t buy it
• They may be so new that customers will need some information on how they work in order to persuade them into buying

Business can increase sales by using big stars to promote their product/services - what form of marketing is this called?

• Discounts
• Promotion
• Advertising
• Sales

Business like Graze can offer free boxes or 50% off their products -  what form of marketing is this called?

• Discounts
• Promotion
• Advertising
• Sales

Shops can clear discontinued product lines and old stock by having _________ throughout the year at Christmas and in the summer-   what form of marketing is this called?

• Discounts
• Promotion
• Advertising
• Sales

Groupon is an example of what kind of marketing?

• Sales
• Discount
• Advertising
• Promotion

The John Lewis Christmas penguin was an example of what kind of marketing?

• Sales
• Discounts
• Advertising (Emotional)
• Promotion

This the collection of data on consumer habits to help decision making in marketing

• Increasing sales

• Market Research

• Advertising

• Increasing production

A public limited company

• must have a minimum of £500,000 share capital

• must have a minimum of £50,000 share capital

• must have a maximum of £50,000 share capital

• has no minimum share capital