Podcast
Questions and Answers
What is one of the responsibilities of the marketing department?
What is one of the responsibilities of the marketing department?
- To distribute products to the market
- To manufacture products
- To decide on the types of promotion that will be included in the campaigns (correct)
- To provide after-sales services
The marketing department is responsible for transporting products to the market.
The marketing department is responsible for transporting products to the market.
False (B)
What is the importance of identifying customer needs in marketing?
What is the importance of identifying customer needs in marketing?
To find out what kind of products or services customers want, the prices they are willing to pay, where and how they want to buy these products, and what after-sales services they might want.
Customer loyalty is when existing customers continually buy products from the same ____________________.
Customer loyalty is when existing customers continually buy products from the same ____________________.
Why do customer spending patterns change?
Why do customer spending patterns change?
Match the following marketing concepts with their descriptions:
Match the following marketing concepts with their descriptions:
The marketing department is responsible for manufacturing products.
The marketing department is responsible for manufacturing products.
What are some benefits of a successful marketing department?
What are some benefits of a successful marketing department?
Why do consumers tend to buy cheaper products when the economy has high unemployment?
Why do consumers tend to buy cheaper products when the economy has high unemployment?
The internet and e-commerce have led to increased competition in markets.
The internet and e-commerce have led to increased competition in markets.
What are the three key ways businesses can respond to changing spending patterns and increased competition?
What are the three key ways businesses can respond to changing spending patterns and increased competition?
A _____________ market is where there is a very large number of sales of a product, and products are designed to appeal to the whole market.
A _____________ market is where there is a very large number of sales of a product, and products are designed to appeal to the whole market.
What is a disadvantage of selling to a mass market?
What is a disadvantage of selling to a mass market?
Niche markets have limited sales potential.
Niche markets have limited sales potential.
Match the market type with its characteristic:
Match the market type with its characteristic:
What is meant by a market?
What is meant by a market?
What is the primary responsibility of the sales team in a marketing department?
What is the primary responsibility of the sales team in a marketing department?
A marketing department is only necessary for small businesses.
A marketing department is only necessary for small businesses.
What is the primary goal of the marketing department?
What is the primary goal of the marketing department?
The marketing department is divided into sections such as sales, market research, promotion, and _______________
The marketing department is divided into sections such as sales, market research, promotion, and _______________
What is the primary responsibility of the market research section?
What is the primary responsibility of the market research section?
What is the purpose of promotion in a marketing department?
What is the purpose of promotion in a marketing department?
Match the following sections within a marketing department with their responsibilities:
Match the following sections within a marketing department with their responsibilities:
A marketing department is only responsible for selling products.
A marketing department is only responsible for selling products.
Study Notes
Changes in Consumer Spending Patterns
- If the economy has high unemployment, consumers tend to buy cheaper products.
- The internet and e-commerce have increased competition among businesses, as consumers can search for products and buy from overseas markets.
Responding to Changing Spending Patterns
- To remain successful, a business should:
- Maintain good customer relationships
- Continuously improve existing products and develop new ones
- Keep costs low to maintain low prices
Understanding Markets
- A market refers to the total number of customers and potential customers, as well as sellers, for a particular good or service.
Types of Markets
Mass Markets
- A mass market is a market with a large number of sales, where products are designed to appeal to the whole market and most customers.
- Examples: aspirin, washing soap
- Advantages:
- High total sales
- Opportunities for business growth
- Disadvantages:
- High competition between businesses
- High costs of advertising and promotion
Niche Markets
- A niche market is a small, specialized segment of a larger market, where products are designed and sold to a small number of customers.
- Examples: Rolex watches, designer clothes
- Advantages:
- Small businesses can successfully sell to a niche market
- Consumer needs can be closely focused on
- Disadvantages:
- Limited sales potential
- High competition
The Marketing Department
- The marketing department is responsible for identifying customer wants and satisfying them profitably.
- The structure of a typical marketing department includes:
- Sales team
- Market research section
- Promotion section
- Distribution section
- The sales team is responsible for selling the product, with separate sections for each region.
- The market research section finds out customer needs, tracks market changes, and gathers research information to inform business decisions.
- The promotion section organizes and produces advertising, decides on promotion types and advertising media.
- Distribution transports products to the market.
The Role of Marketing
- The central role of marketing involves:
- Identifying customer needs
- Maintaining customer loyalty and building customer relationships
- The marketing department helps a business:
- Raise customer awareness
- Increase revenue and profitability
- Increase or maintain market share
- Enter new markets
- Develop new products or improve existing ones
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Description
Explore how changes in income and unemployment rates affect consumer spending habits and business competitiveness. Learn how the rise of ecommerce and internet has increased market competition.
