Business A level / 100% CORRECT Answers

What is marketing? - The Identification, Satisfaction and revisit of Customer Needs Importance of Marketing - Develop Brand awareness, Gain Market share and Engage Customer loyalty. Product Orientation - An inward-looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them Market Orientation - An outward-looking approach basing product decisions on consumer demand, as established by market research Asset-led marketing - An approach to marketing that bases strategy on the firm's existing strengths and assets instead of purely on what the customer wants Marketing Mix - Product, Price, Place, Promotion, Process, People, Physical Evidence Product - Either a good or a service