What is marketing?
Advertising and selling a businesses products to its target markets efficiently and cost effectively.
The process of identifying, anticipating and satisfying customer needs profitably.
Which of the following is an example of a SMART marketing objective?
To grow revenues by 15% per year in each of the next 2 years
To increase market share in the USA by 3% in the next 2 years
To reduce the level of faulty goods produced by 10% in the next 2 years
To provide training on payroll systems to all finance staff in the next 2 years
Which of the following are INTERNAL influences on marketing objectives?
Corporate Objectives, Culture, Technology and Legislation
Economic environment, Finance, Operations and Competitiors
Finance, Human Resources, Operational Issues and Corporate Objectives
Social Change, Technological Change, Market Size and Competitor actions
Market analysis is .....
Gaining detailed understanding of the market in which the business is operating including market size, growth, customer loyalty and competition.
A quantitative analysis of sales figures and projected sales figures before launching a product.
Correlation shows the causal link (how one factor causes the other to change) between two factors
IT is used widely to collect information to use for marketing analysis, which of the following are examples of types of data collected to enable market analysis? Tick each relevant answer.
Number and Value of Transactions
Customer product purchases
Customer opinions on service
Website hits
According to Ansoffs Matrix starting to sell your products online (e commerce) is an example of:-
Market Penetration
Market Development
Product Development
Diversification
According to Michael Porter's Generic Strategies, charging a premium price for a product due to its superior quality and brand loyalty from a wide customer base is known as......
Cost Leadership
Cost Focus
Differentiation Leadership
Differentiation Focus
Which of the following factors will affect the size of the marketing budget? Check all that apply.
Number of customers the business has currently has contact details for
Last years marketing budget with adjustments for changes
What competitors are spending/doing
Current financial position of the business
The cost of the product to make
The marketing objectives that need to be achieved
