TOPIC 3 DECISION MAKING TO
IMPROVE MARKETING
PERFORMANCE QUESTIONS WITH
VERIFIED ANSWERS ALREADY
GRADED A+ 2024 ACTUAL
What is marketing? - CORRECT ANSWER>>>>Understanding customer and finding
ways to provide products or services which they demand. To provide a link between the
business and the customer.
Define the term 'marketing objective'. - CORRECT ANSWER>>>>A target/ goal of the
marketing function in an organisation to be achieved in a given time period. Derived
from corporate objectives or the goals of the organisation as a whole.
What is 'sales volume'? - CORRECT ANSWER>>>>Number of units sold in a given
period of time. Indicates potential sales of the firm.
What is 'sales value'? - CORRECT ANSWER>>>>The total sales revenue of a
particular business over a period of time.
What is 'market size'? - CORRECT ANSWER>>>>The total sales value or sales volume
in a given market.
What is the formula for market size? - CORRECT ANSWER>>>>Number of units sold x
Price
Why is identifying the size of a market important? - CORRECT ANSWER>>>>It can be
helpful for an entrepreneur or new business venture understand the potential within the
market.
What is 'market growth'? - CORRECT ANSWER>>>>The percentage growth in the total
market size over a period of time.
What is 'sales growth'? - CORRECT ANSWER>>>>The percentage change/ growth in
sales volume or value over a given period.
What is 'market share'? - CORRECT ANSWER>>>>Measures the amount the business
sells as a percentage of the total sales of the market.
,What is the formula for market share? - CORRECT ANSWER>>>>(Sales of a product
or business / Total market sales) X 100
Why might a business want a high market share? - CORRECT ANSWER>>>>Better
reputation leading to a higher chance of getting more investor so the business can
become more liquid and use elsewhere for further investment.
How can a business increase its market share? - CORRECT ANSWER>>>>Advertise
more in hope to gain more attention and brand awareness to result in higher sales of
products/services.
What is 'brand loyalty'? - CORRECT ANSWER>>>>A measure of the degree of
attachment that a consumer has for a particular brand. It is about customer retention, in
that businesses will want to keep loyal customers to them and their brand as this is
often cheaper than trying to attract new customers.
Give three ways why brand loyalty is important. - CORRECT ANSWER>>>>- Repete
purchases
- Allows word of mouth advertisement (free advertisement)
- Competitive advantage
Identify 4 ways that a business tries to engage brand loyalty. - CORRECT
ANSWER>>>>- Use of Club Cards
- Promotion, linking with better customer service, resulting in overall better customer
satisfaction
- Lowering prices
- High quality goods/ services
Identify 3 reasons why customers are becoming less loyal to a particular brand. -
CORRECT ANSWER>>>>- Increased competition leading to more substitute products
- E-commerce sales can be quick and convenient (more)
- Unable to meet demand/ customer expectations
What is 'market positioning'? - CORRECT ANSWER>>>>Tailoring your product so that
it stands out from the competition and people want to buy it.
What is the value of setting marketing objectives? - CORRECT ANSWER>>>>- Allows
businesses to plan their resources better, plan a checkpoint for progress and focus on
ongoing decisions
- Provide incentives for marketing team
- Allow a measure of success/ failure
- Ensure functional activities consistent with corporate objectives
What is 'ethical and environmental marketing objectives'? - CORRECT
ANSWER>>>>May involve targets for recycling and more energy sufficient products. Or
perhaps the expansion of fair trade products.
, What is the formula for calculating percentage growth in sales? - CORRECT
ANSWER>>>>Change in sales over given time/ Existing sales X 100
List some of the internal influences on marketing objectives and decisions. - CORRECT
ANSWER>>>>- Corporate objectives
- Finance
- Human Resources
- Operational Issues
- Business Culture
List some of the external influences on marketing objectives and decisions. - CORRECT
ANSWER>>>>- Economic Environment
- Competitor's actions
- Marketing Dynamics
- Technological Change
- Social & Political change
3.3.2 Understanding Markets and Customers - CORRECT ANSWER>>>>
What is market research? - CORRECT ANSWER>>>>Involves gathering and analysing
data relevant to the marketing process, to decide on realistic marketing objectives and
how best to achieve them & reduce the risk of decision making.
Define the term 'primary research'. - CORRECT ANSWER>>>>Data that is collected by
a company that is specific to their needs and purpose (directly from the source).
List some types/ methods of Primary Research. - CORRECT ANSWER>>>>- Surveys
- Questionnaires
- Focus Groups
- interviews
- Observations
What are the benefits of Primary Research? - CORRECT ANSWER>>>>- Up to date/
relevant
- Specific to the businesses needs/ what it wants to discover. - - Allows the business to
tailor the sample so its representative of the target market/ audience.
- Organisation/ business has control of the data disallowing competitors from accessing,
to prevent them from gaining the same advantage.
What are the drawbacks of Primary Research? - CORRECT ANSWER>>>>- Costly
- Time consuming
- Could be bias meaning inaccuracies should be accounted for
IMPROVE MARKETING
PERFORMANCE QUESTIONS WITH
VERIFIED ANSWERS ALREADY
GRADED A+ 2024 ACTUAL
What is marketing? - CORRECT ANSWER>>>>Understanding customer and finding
ways to provide products or services which they demand. To provide a link between the
business and the customer.
Define the term 'marketing objective'. - CORRECT ANSWER>>>>A target/ goal of the
marketing function in an organisation to be achieved in a given time period. Derived
from corporate objectives or the goals of the organisation as a whole.
What is 'sales volume'? - CORRECT ANSWER>>>>Number of units sold in a given
period of time. Indicates potential sales of the firm.
What is 'sales value'? - CORRECT ANSWER>>>>The total sales revenue of a
particular business over a period of time.
What is 'market size'? - CORRECT ANSWER>>>>The total sales value or sales volume
in a given market.
What is the formula for market size? - CORRECT ANSWER>>>>Number of units sold x
Price
Why is identifying the size of a market important? - CORRECT ANSWER>>>>It can be
helpful for an entrepreneur or new business venture understand the potential within the
market.
What is 'market growth'? - CORRECT ANSWER>>>>The percentage growth in the total
market size over a period of time.
What is 'sales growth'? - CORRECT ANSWER>>>>The percentage change/ growth in
sales volume or value over a given period.
What is 'market share'? - CORRECT ANSWER>>>>Measures the amount the business
sells as a percentage of the total sales of the market.
,What is the formula for market share? - CORRECT ANSWER>>>>(Sales of a product
or business / Total market sales) X 100
Why might a business want a high market share? - CORRECT ANSWER>>>>Better
reputation leading to a higher chance of getting more investor so the business can
become more liquid and use elsewhere for further investment.
How can a business increase its market share? - CORRECT ANSWER>>>>Advertise
more in hope to gain more attention and brand awareness to result in higher sales of
products/services.
What is 'brand loyalty'? - CORRECT ANSWER>>>>A measure of the degree of
attachment that a consumer has for a particular brand. It is about customer retention, in
that businesses will want to keep loyal customers to them and their brand as this is
often cheaper than trying to attract new customers.
Give three ways why brand loyalty is important. - CORRECT ANSWER>>>>- Repete
purchases
- Allows word of mouth advertisement (free advertisement)
- Competitive advantage
Identify 4 ways that a business tries to engage brand loyalty. - CORRECT
ANSWER>>>>- Use of Club Cards
- Promotion, linking with better customer service, resulting in overall better customer
satisfaction
- Lowering prices
- High quality goods/ services
Identify 3 reasons why customers are becoming less loyal to a particular brand. -
CORRECT ANSWER>>>>- Increased competition leading to more substitute products
- E-commerce sales can be quick and convenient (more)
- Unable to meet demand/ customer expectations
What is 'market positioning'? - CORRECT ANSWER>>>>Tailoring your product so that
it stands out from the competition and people want to buy it.
What is the value of setting marketing objectives? - CORRECT ANSWER>>>>- Allows
businesses to plan their resources better, plan a checkpoint for progress and focus on
ongoing decisions
- Provide incentives for marketing team
- Allow a measure of success/ failure
- Ensure functional activities consistent with corporate objectives
What is 'ethical and environmental marketing objectives'? - CORRECT
ANSWER>>>>May involve targets for recycling and more energy sufficient products. Or
perhaps the expansion of fair trade products.
, What is the formula for calculating percentage growth in sales? - CORRECT
ANSWER>>>>Change in sales over given time/ Existing sales X 100
List some of the internal influences on marketing objectives and decisions. - CORRECT
ANSWER>>>>- Corporate objectives
- Finance
- Human Resources
- Operational Issues
- Business Culture
List some of the external influences on marketing objectives and decisions. - CORRECT
ANSWER>>>>- Economic Environment
- Competitor's actions
- Marketing Dynamics
- Technological Change
- Social & Political change
3.3.2 Understanding Markets and Customers - CORRECT ANSWER>>>>
What is market research? - CORRECT ANSWER>>>>Involves gathering and analysing
data relevant to the marketing process, to decide on realistic marketing objectives and
how best to achieve them & reduce the risk of decision making.
Define the term 'primary research'. - CORRECT ANSWER>>>>Data that is collected by
a company that is specific to their needs and purpose (directly from the source).
List some types/ methods of Primary Research. - CORRECT ANSWER>>>>- Surveys
- Questionnaires
- Focus Groups
- interviews
- Observations
What are the benefits of Primary Research? - CORRECT ANSWER>>>>- Up to date/
relevant
- Specific to the businesses needs/ what it wants to discover. - - Allows the business to
tailor the sample so its representative of the target market/ audience.
- Organisation/ business has control of the data disallowing competitors from accessing,
to prevent them from gaining the same advantage.
What are the drawbacks of Primary Research? - CORRECT ANSWER>>>>- Costly
- Time consuming
- Could be bias meaning inaccuracies should be accounted for
