Intro to Marketing

Marketing is one of the business functions that focus on _________.

• identifying and understanding customer needs

• manufacturing goods

• hiring required skilled people

• arranging required finance to start or expand business

Business which actively seeks to understand and prioritise customer needs and preferences are __________ business.

• Product Oriented

• Market Oriented

• Employee Oriented

• Expenses Oriented

Example of market oriented business:

• Tesla

• Apple

• Coca-Cola

• Rolls Royce

If the market sales last year were $200,000 and are now $220,000, then the market growth rate is:

• 10%

• 15%

• 20%

• 25%

A product has a market share of five per cent. Its sales are $5,000. Calculate the

size of the total market. 

• $50,000

• $150,000

• $200,000

• $100,000

1. Market orientation is especially beneficial for businesses in industries where:
   

• 1. Customer needs change rapidly

• 1. Cost reduction is the primary focus

• 1. Products have long life cycles

• 1. Competition is minimal

• Which of these could be a disadvantage of market orientation?

• Risk of disconnecting with customer needs

• High cost of market research

• Inability to create tailored products

• Weak adaptability to market changes

What is the primary focus of a product-oriented business?

• Meeting customer needs and preferences

• Creating high-quality, innovative products

• Analysing competitors’ strategies

• Minimising production costs

Which is a common disadvantage of a product-oriented approach?

• Difficulty maintaining product quality
  external partnerships

• Higher marketing costs

• Lack of alignment with customer preferences

• Over-dependence on external partnership

A product-oriented business prioritises internal expertise and innovation over direct customer feedback.

• True

• False