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level: 3.1 Marketing, competition and the customer

Questions and Answers List

Question	Answer
Promotion, product, price, place	Marketing mix
1. Identify customer needs 2. Satisfy Customer Needs 3. Maintain customer loyalty 4. Gain information about customers 5. Anticipate changes in customer needs	The role of marketing
Products are being sold in more markets and more countries around the world.	Globalization
With the newest technology companies can transport their products easier and faster than ever before	Transportation
People don't have to leave their house to buy things from anywhere in the world anymore.	E-commerce
The total number of current customers, potential customers, and sellers for a product or service.	Market
There are a very large number of sales and advertising should appeal to most customers	Mass marketing
Small specialized segment of a much larger market	Niche marketing
An identifiable sub-group of a whole market in which consumers have similar characteristics or preferences	Market segment