marketing

• What is the definition of marketing according to The Institute of Marketing?

  Marketing is the management process involved in identifying, anticipating and satisfying customer requirements profitably.
• Why is it incorrect to define marketing as simply advertising and selling?

  Because marketing affects all aspects of a business and is a philosophy focused on satisfying customer needs and wants.
• What must businesses be prepared to do in relation to marketing?


  Businesses must be prepared to respond to any changes that impact the market in which they operate.
• What are the main activities involved in marketing?

  • Researching the market
  • Analyzing the market
  • Setting of marketing goals
  • Developing a marketing strategy
• What does researching the market involve?

  It involves gathering and analyzing information on consumers, the marketplace, and competition.
• What is the purpose of analyzing the market?

  To examine market conditions and identify new opportunities.
• How should marketing goals be set?

  Marketing goals must be linked to the business’s overall objectives.
• What does developing a marketing strategy involve?

  It involves constructing a plan detailing how the marketing objectives can be achieved, based around the marketing mix.
• What are the 4Ps of marketing?

  • Product
  • Price
  • Promotion
  • Place
• What is the aim of marketing activities?

  To provide goods and services that satisfy the customer and make a profit for the business.
• How does better marketing affect a business?

  The better the marketing, the more desirable the product or service, leading to increased profits.
• What is the strict definition of a market?

  A market is a place where buyers and sellers meet.
• Can a market meeting occur in non-physical spaces?

  Yes, it can occur over the phone or the internet.
• What is an example of a global market?


  The world market for oil, where trading occurs in many locations linked by communication technologies.
• What are the three types of marketing orientations?

  • Market orientation
  • Product orientation
  • Asset-led marketing
• What characterizes a market-oriented business?

  A market-oriented business bases its marketing activities on the needs of the market rather than internal strengths.
• What is the main asset for a market-oriented business?


  The most important asset is its customers.
• What does product orientation focus on?

  Product orientation focuses on the business's internal strengths rather than customer needs.
• What is an example of a successful product-oriented approach?

  Sony's Walkman cassette player, which succeeded despite initial skepticism from marketing professionals.
• What are the advantages of product orientation?

  • Focus on product development
  • Increased economies of scale
  • Easier application of production management methods
  • Focus on quality
• What are some disadvantages of being market-led?

  Disadvantages include high costs of market research and constant internal change.
• What is asset-led marketing?

  Asset-led marketing relates customer taste to the business’s own strengths to meet customer needs.
• What is the role of database marketing in asset-led marketing?

  Database marketing uses customer data to target market segments with specific offers and promotions.
• How does Tesco use database marketing effectively?

  Tesco sends targeted promotions to customers based on their shopping habits, such as back-to-school promotions to families.
• What are the advantages of being asset-led?

  • Progressive change
  • Quality of output
  • Strengths linked to market needs
  • Maximizing return from assets