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Define marketing - Leaving Cert Business - Question A - 2006
Question A
Define marketing. The process by which a business identifies and anticipates consumer needs and produces goods or supplies services to satisfy those needs profitabl... show full transcript
Worked Solution & Example Answer:Define marketing - Leaving Cert Business - Question A - 2006
Step 1
List the elements of the marketing mix (4Ps)
Answer
The elements of the marketing mix, commonly referred to as the 4Ps, are:
- Product: This refers to the goods or services offered by a business that satisfy consumer needs.
- Price: This encompasses the amount customers are willing to pay and involves considerations like cost of production and competition.
- Place: This involves the distribution channels used to deliver the product to consumers.
- Promotion: This includes marketing communications aimed at informing and persuading customers, such as advertising and public relations.
Step 2
Explain any one of these elements.
Answer
Let's explain Promotion:
Promotion involves all the activities that communicate the product’s features and benefits and persuade customers to purchase. It includes strategies like:
- Advertising through media channels (TV, social media, etc.)
- Public Relations to build a favorable image
- Sales Promotion tactics such as discounts and giveaways
Step 3
Explain three sources of new product/service ideas for a business.
Answer
Three sources of new product/service ideas are:
- Market Research: Gathering data from consumers to identify unmet needs or trends.
- Family, Friends, and Colleagues: Idea generation from personal connections can lead to innovative product concepts.
- Personal Interests, Hobbies, Skills: Leveraging personal knowledge and expertise can inspire new products that fulfill specific needs.
Step 4
Step 5
Outline two benefits a brand name can give to a business.
Answer
Two benefits a brand name can provide to a business are:
- Identify the Product: A strong brand name helps consumers easily recognize and differentiate products in the market.
- Easier Product Selection: Consumers may prefer familiar brand names, making it easier for them to make purchase decisions.
Step 6
Explain, using an example, the term 'market segmentation'.
Answer
Market segmentation refers to the process of dividing a consumer base into distinct groups that have similar needs and characteristics. For example, a car manufacturer might segment the market based on:
- Demographics: Such as age, income, or family size to target different consumer groups effectively.
A practical example would be a company producing luxury cars targeting high-income individuals while also offering affordable models for younger drivers.