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| Question | Answer |
| Define the marketing concept | The achievement of corporate goals through meeting and exceeding customer needs better than competition |
| What is Customer orientation? | Corporate activities focused upon providing customer satisfaction. |
| What is integrated effort? | When all staff are responsible for creating customer satisfaction |
| What is Goal Achievement? | The belief that corporate goals will be achieved through customer satisfaction |
| what are the 4 forms of customer value? | 1. Price value 2. Performance value 3. Emotional value 4. Relational value |
| What is price value and give an example of it | When a firm is cheaper than competitors (Ryanair) |
| What is Performance value and give an example of it | When customers are attracted to the functionality and quality of the product (Dyson) |
| What is Emotional Value and give an example of it | Is when a firm in differentiated through branding for mind value (Chanel) |
| What is relational value? | The quality of the service received (Hilton Hotel) |
| Name 4 characteristics of a market orientated business | 1. Match customer criteria with marketing mix. 2. customer concern throughout. 3. Invest in market research 4. strive for competitive advantage |
| Name 4 characteristics of an internally orientated business | 1. Convenience comes first. 2. Price + product is key to sales. 3. Ignores competition 4. Happy to be me too product |
| Why is market planning critical? | to ensure marketing effectiveness, firms should seek to conduct it in a planned and structured manner. |
| Name the 6 elements and the nickname of the Macroenviroment | PESTLE: Political, Economic, Social, Technological, Legal, Environmental. |
| Why should businesses monitor the rapid changes in the variables of the marketing environment? | In order to exploit opportunities and to minimizes potential threats |
| Why has Economic factors have an importance to the macro environment? | Low growth rates are reflective of high unemployment (lower disposable income) Interest rates can effect the rates of borrowing. Income tax determines the levels of disposable income customers have |
| The did the Global Financial Crises (GFO) effect the macro environment? | Credit became scare and expensive to borrow = disposable income decreased as more money had to be spent paying debt. Business sales fell = high unemployment. Ireland and Greece had to receive bailouts from IMF |
| Name the 4 factors of the micro environment | 1. Suppliers 2. Customers 3. Distributors 4. Competitors |
| Name the 6 responses to environmental change | 1. Environmental change 2. Ignorance 3. Delay 4. Gradual Strategic Repositioning 5. Retrenchment 6. Radical Strategic Repositioning |
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