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WorksheetsY10 Business - Marketing
Total questions: 10
Worksheet time: 5mins
Marketing means ...
Going to the pola to buy ingredients to cook for lunch
Identifying customer needs and satisfying them profitably
Buying goods and services online
to market the goods on the television
Marketing mix means
the objectives that a business wants to achieve over a period of time.
a firm sells goods and services to a different range of consumers
the key elements in a firm's marketing strategy; product, price, place and promotion
a mix of several different methods of advertising and sales promotion
Product orientation is
where the firm first looks into what the customers needs or wants
Where a business focuses on the design and manufacture of the the product itself rather than the needs of customers.
Where the firm comes up with a new product after a product declines in the product range of a firm.
Changing the marketing strategies of a firm to suit the needs of a particular market segment
Socio economic groups means a
Division of people according to culture based on their habits and traditions.
Division of people based on their needs and wants
Division of people according to their geographical location and cultural diversity
Division of people according to social class based on employment status
Cost plus or cost based pricing
Setting a low price until rivals have gone out of business
A product sold below cost to draw in customers
Adding a percentage( the mark up) to the cost of producing a product to get the price
Pricing strategies based upon the conditions of the market
examples of secondary data collection
Articles/ Internet/ Newspaper/ Old reports
company reports/ interviews from the potential customers
internet/ surveys that were conducted in a mall / old business journals
marketing reports/ online surveys/ questionnaires
What is quantitative information?
Factual information that is recorded as statements
Factual information that can be recorded as a number
Information that was collected based on common answers given by the customers
Opinion based information
What is a marketing/ market gap?
A gap created due to a decline in the demand for a good
no new products being created after a product got saturated in the local market
researching and developing new range of products
A part of a market where there are no/limited range of products to satisfy this customer need
Why might primary research be inaccurate?
(a)
Why is 'PRICE' in marketing an important aspect?
(a)
