Introduction to Marketing
What are the three different meanings a market can have?
A place where buyers and sellers come together or interact.
A Location
A type of product
What are the three types of segmentation?
Geographic, Demographic, Psychographic
What are two methods of primary market research?
Surveys, interviews, focus groups, and observations
What are the 7 Ps of the marketing mix?
Product, price, promotion, people, place, process, physical evidence
What are the four sectors of the economy?
Primary, secondary, tertiary, quaternary
What is the definition of marketing?
All the processes involved in identifying and satisfying customer needs
What is the difference between mass markets and niche markets?
Mass markets are a market for goods that are produced in very large quantities vs niche markets are a small part of a larger market where customers have very specialised needs.
What are two methods of secondary market research?
Market Analyses, academic journals, government publications, media articles,
What are the 5 stages of the product life cycle?
Research and development, introduction, growth, maturity, decline
Define the term corporate social responsibility?
A social or environmental impact through business designs and activities
What is the difference between market orientation and product orientation?
market orientation is when the needs and wants of the customers are put above everything else where product orientation is when the company prioritizes the research and development of a specialized high quality product
What is Unique selling point and what is an example?
the feature that marks a product or brand out from its competition Domino's
What is the difference between quantitative and qualitative research?
Quantitative = numerical data
Qualitative = opinions
What are the three types of intermediaries that a business might use to help with the distribution process?
Wholesaler, retailer, agent
What are two stakeholders and their interests?
employees, customers, suppliers, local community, government
Imagine a small restaurante in New Hampton has nightly sales of $500. If the total nightly sales in the entire town are $2300, what is the market share?
21.74%
What is differentiation?
highlights the differences between a product or service and its rivals
What are the three types of sampling methods?
Random, convenience, quota
What are two examples of the above line of promotion?
Tv ads, outdoor ads
What are three examples of economies of scale?
Purchasing, technology, managerial, marketing
What is the BCG Matrix?
a tool that helps businesses that have multiple products to decide on their marketing strategies
What is the difference between unique selling point and differentiation?
Differentiation is highlights the differences between a product or service and its rivals and Unique selling point is the feature that marks a product or brand out from its competition.
What is the difference between primary and secondary market research?
Primary = creation of new information
Secondary = information that has already been gathered
What are the 4 processes?
paying and placing orders, delivery systems, customer feedback, after sales service
What is foreign direct investment?
the long-term investment by multinational corporations in a foreign country