N5 Management of Marketing

Why is Marketing Important?

• Can attract new customers

• It can allow businesses to enter new market

• Stunts growth of a new business

• Can reduce the amount of profit a business makes

If a business has more customers than others in the same market, they can become a...

• Market Segment

• Market Share

• Market Growth

• Market Leader

A business introduced Halal meat into the menu. Which market segment are they targeting?

• Income/social class

• Lifestyle

• Religious or cultural belief

• Geographical Location

Lush has brought out a new pink conditioner. Which market segment are they targeting?

• Age

• Occupation

• Geographical Location

• Gender

ASDA has become very successful for reducing their prices in their 'Just Essentials Range'. This targets which market segment?

• Age

• Income/Social Class

• Gender

• Lifestyle

Define the term 'Market Share'.

• The portion of a market controlled by a particular business

• The business selling the largest quantity of a particular product

• The change in a markets size over a given period

• The business selling the smallest quantity of a particular product

Why do businesses use a target market?

• To make sure product is suitable and specific to meet customer group needs

• To make sure the product is sold in the least accessible place for customers

• The price can be set which will reflect

Target marketing is beneficial to businesses as money would be wasted on promoting products in the wrong segment, negatively impacting on sales.

• True

• False

The 4P's of Marketing is also known as what name?

• The Product Market

• The Product Mix

• Market Expansion Model

• The Marketing Mix

This element of the Marketing Mix is concerned with where the business makes products available to the customer.

• Product

• Price

• Place

• Promotion