Marketing

• What is the definition of marketing?

  Management process to satisfy consumer requirements
• What does the marketing management process involve?

  Getting the right product to the right place
• What activities are involved in marketing?

  Researching, analyzing, setting goals, developing strategy
• What is the purpose of researching the market?

  To gather and analyze information on consumers
• What does analyzing the market involve?

  Examining market conditions to identify opportunities
• Why must marketing goals be linked to business objectives?

  To ensure alignment with overall business strategy
• What is involved in developing a marketing strategy?

  Constructing a plan to achieve marketing objectives
• What is the marketing mix commonly referred to as?

  The 4Ps of marketing
• What is the goal of marketing activities?

  To satisfy customers and make a profit
• What does a product-oriented approach focus on?

  Internal strengths of the business
• What are features of a product-oriented approach?

  Emphasis on product development and final consumer contact
• When is a product-oriented approach likely to succeed?

  When there is little or no competition
• What are the benefits of a product-oriented approach?

  Increased economies of scale and focus on quality
• What are the disadvantages of a product-oriented approach?

  Failure to respond to market changes and trends
• What is the definition of market orientation?

  Marketing mix based on market perception
• What are features of a market-oriented approach?

  Strong understanding of consumer needs and quick response
• What are the benefits of a market-oriented approach?

  Greater customer satisfaction and brand loyalty
• What are the disadvantages of a market-oriented approach?

  High costs of market research and unpredictability
• What is asset-led marketing?

  Strategy based on business strengths, not just customer needs
• What strengths can a business build on in asset-led marketing?

  Tangible strengths like products and intangible strengths like branding
• What are the advantages of asset-led marketing?

  Strengths linked to market needs and lower research costs
• What internal strength did Tesco utilize in their marketing strategy?

  Effective application of IT for targeting