Marketing Activities
What is a market?
Any situation where buyers and seller come in contact with each other.
what is the meaning of CRM?
Customer Relationship Management
What are three factors that influence consumer behavior?
price, price of substitutes, quality, taste, tradition, income, spending patterns, brand loyalty.
How many P's are in the marketing mix?
4P's
What is the difference between niche marketing and mass marketing?
Niche marketing offers and sell products to a smaller segment of a wider market while mass marketing offer and sell products to everyone who makes up a market.
What are three forms of customer service
Warranty, after sales service, feedback, online chat, toll free numbers/ call centres, suggestion boxes, surveys.
This factor looks at passing on of culture and beliefs from one generation to another.
Tradition
The marketing mix relates to the four key decisions that must be taken in the effective marketing of a product. What are the 4 key decisions?
Product (performance), price, promotion, place.
What is market research?
Gathering and analyzing data about a market for particular goods or services. Identifying consumer taste, competition and consumer behaviour.
The care that a business provides to a customer after the sale has been made is known as
After sale service
This enables a firm to establish a position in the market helping its products to be easily recognized and evaluated by consumers.
Branding
The most important part of the marketing mix is the
Product
Identify 3 marketing activities
Market research, packaging, branding, sales promotion, advertising, distribution, pricing
In Business there is a saying that the customer ..........
is always right
Two main methods of promoting sales are
Advertising, promotion, public relations, sales promotion and personal selling.
What are the different stages of the product life cycle?
Introductory, growth, maturity, decline.
Explain at least 2 marketing activities with examples
Are you confident in your answer?
What is the purpose of a business using a suggestion box
get feedback from customers whether good or bad, suggestions on new ideas etc.
What does the acronym AIDA means
Attention, interest, desire and action.
Identify 3 pricing methods
cost-plus pricing, competitive, penetration, skimming, promotional pricing.