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level: Marketing [Revise]

Questions and Answers List

level questions: Marketing [Revise]

QuestionAnswer
What is Marketing?This is when you select, predict and satisfy the needs of your Customers, with Profit. More Advanced: -Meeting the needs and wants of Customers -Marketing is understanding customers, and to find ways to give out Goods and Services, which the customers Demand for.
Anticipating; What happens here? [Predicting]-Look at the data collected via the Manager Skills to see the potential changes that might happen in the Markets -Are the Products good enough, or do they need to be changed, updated or adapted?
Satisfying; What happens here?-Making sure the Customer is happy with that they have purchased/buying. -Ensure no Complains will come through
Profitably; What happens here?-Adding additional value to the Product -When sold, the Price of the Product is bigger then the Cost of the Inputs
Why is it important for the Business to identify the Customer Needs?-If done successfully, the Business can provide Goods and Services that customers will buy more off. -Profit can be made, Lots of Profit -Also, identifying the Customer Needs lowers the chance of launching an Unsuccessful Product, which won't make Profit but could lose Money
What does a Business need to know about its Customers?-Right Price -Provide more Choice -Convenience -Quality -Right good/service
What does Quality mean really? [Marketing]-Customers want the good/service to be what they want and expect -This doesn't mean High Quality, just a good enough Quality that the Customers are happy with
Price, what does that really mean [Marketing]-Customers want to pay a fair-enough price for their Goods/Services -Prices are affected by Quality, Timing, Delivery arrangements and the Popularity. -Train Tickets [eg] can change during the Day [Rush hour, etc..]
Choice, what does that really mean? [Marketing]-Customers might want a wide spectrum of Features/Options in a Good/Service -This can be Different Brands, Price, and Quality.
Convenience, what does that really mean? [Marketing]-Customers want life to be Easier -Most Businesses have websites and e-sales options that meet the expectations of the Customers
Why is it important for the Business to understand the Market they want to enter?-Not enough understanding uppers the chance of failure -Knowing the Market can help generate sales, ensuring the safety of the Business BUT New businesses can find getting useful information being hard -The challenge is focusing on information that Business planning process requires
What information does the Business need to know and Understand? [Marketing]-Size of Market? [Sales, Volumes etc..] -How fast is the Market growing? What's the future like? -Who are the Competitors currently, what market shares do they have? -How can the Market be Segmented [split into different categories; low price, high quality etc...]