Unit 2 BM: AOS 2 - Marketing

Define marketing

• The process of distributing goods to customers

• The process of managing product costs and profits

• The action of promoting and selling products or services, including market research and advertising

• The organization of a business’s finances and operations

How does marketing help establish a customer base?

• By reducing product prices to attract more customers

• By communicating product value to potential customers and creating brand awareness

• By focusing solely on customer complaints and feedback

• By emphasizing internal business processes

What is the relationship between business objectives and marketing strategies?

• Marketing strategies support business objectives by creating plans to achieve sales and growth targets

• Business objectives have no impact on marketing strategies

• Marketing strategies focus solely on financial management, separate from business goals

• Business objectives are unrelated to the promotion of products

What internal factors affect the establishment of a customer base?

• External economic conditions and supplier costs

• Company culture, employee skills, and product quality

• Competitors’ marketing strategies and global trends

• Social media trends and customer preferences

Explain one factor in the macro environment that impacts establishing a customer base.

• Employee attitudes

• Competitor actions

• Economic conditions, such as a recession, which can reduce consumer spending power

• Product features

What are the key types of market research data collection techniques?

• Surveys, product development, and financial projections

• Interviews, surveys, observations, and experiments

• Social media analysis, accounting, and product testing

• Case studies, inventory management, and customer feedback

Explain the difference between primary and secondary data.

• Primary data is free, while secondary data is costly

• Primary data is gathered first by the business, while secondary data is collected by others and used by the business

• Primary data comes from competitors, while secondary data comes from customers

• Primary data is gathered through financial analysis, while secondary data is gathered through surveys

Explain the difference between qualitative and quantitative data.

• Qualitative data is numerical, while quantitative data is descriptive

• Quantitative data focuses on opinions, while qualitative data includes facts

• Qualitative data includes non-numerical insights (such as customer feedback), while quantitative data is numerical (such as sales figures)

• Qualitative data comes from experiments, while quantitative data comes from interviews

Why is it important to gather primary data through market research?

• It ensures the business can accurately monitor employee performance

• Primary data provides specific insights into the target market, enabling better decision-making

• It allows businesses to rely on competitor research

• Primary data is easier to access than secondary data

How are market dimensions used to segment target markets?

• By dividing markets based on broad industry trends

• By categorizing customers into segments based on factors like age, income, and geographic location

• By focusing on competitor pricing strategies

• By promoting the product to a single customer demographic