COLLEGE OF INDUSTRIAL TECHNOLOGY

ENTREPRENEURIAL COOPERATIVE MANAGEMENT

NAME:________________________________ DATE:_______________
COURSE:______________________________ SCORE:______________

 Explain what a target market is?

A target market is a demographic or collection of businesses that are most likely to purchase a
company's goods or services. It makes the most sense for the company to concentrate its
marketing efforts on targeting those buyers because they are likely to need or want the offerings
of the company.
 Explain the difference of demographic and psychographics
Age, gender, income, and other statistical information gathered for a certain population are referred to
as demographics. Information regarding a population's attitudes, goals, and other psychological traits is
referred to as psychographics.
 Why is it important to determine who your target market is?
You must understand who your customers are if you want your firm to succeed. Knowing your target
market will enable you to market to those who will pay for your goods or services. This is a lot more
efficient and cost-effective way to connect with clients and drive sales.

 What re the advantages and disadvantages of mass marketing?

Advantage: Promotes Your Business to a Target Audience. ...
Advantage: Helps You Understand Your Customers. ...
Advantage: Helps Brand Your Business. ...
Disadvantage: Costs of Marketing. ...
Disadvantage: Time and Effort May Not Yield a Return.
 What is the difference between Primary and Secondary market research data?
Primary market research is gathering information on your own, frequently by conducting surveys or
interviewing members of your target market. Secondary research makes use of information that already
exists and can be found in books, publications, or online.

 What are the Five Primary Market Research? Explain?

While there are many ways to perform market research, most businesses use one or more of five
basic methods: surveys, focus groups, personal interviews, observation, and field trials. The
type of data you need and how much money you're willing to spend will determine which
techniques you choose for your business.

 Explain the difference of Direct and Indirect Competition?

Any firm that provides the same item as you is considered to be in direct competition, but a
company whose goods or services differ from yours but may still be used to fulfill the same need
or pursue the same objective is considered to be in indirect competition.

What are the Strategies for Maintaining customers loyalty?

1. Provide great service. Your employees interact with customers on a regular basis. ...
2. Make it personal. ...
3. Stay in touch. ...
4. Offer rewards. ...
5. Celebrate your customers. ...
6. Give back to your community. ...
7. Don't forget the little things.

Explain the following Marketing MIX:

 Product
 The object being sold is referred to as a product. A service or an object both qualify as products.
It could take on a physical, virtual, or cyber form. Every product has a cost associated with it,
and each one has a price. The market, the quality, the marketing, and the group that is being
targeted all affect the price that can be charged.
 Distribution
 Distribution is the activity of both selling and delivering products and services from
manufacturer to customer. This can also be called product distribution. As businesses
become more global it becomes important to improve distribution to ensure that
customers and all members of the distribution channel are happy.
 Price
 Price is the sum of money customers are willing to spend on a thing. Marketers must consider
supply costs, seasonal discounts, rival prices, and retail markup in addition to connecting the
price to the product's actual and perceived value.

 Promotion
 Promotion in business refers to any form of communication that aims to persuade customers to
purchase goods or services. Businesses typically market their names, goods, and services by
figuring out who their target market is and how to reach them with their message.
Explain the following marketing goals
 Short term goals
 A short-term objective is one you desire to complete quickly. A short-term objective is one that
you can complete in a year or less. Take a class, for instance.
 Medium term goals
While they might take longer to complete than short-term goals, midterm goals frequently have
a shorter schedule than long-term goals. After accomplishing a number of short-term objectives,
you might achieve a midterm objective. This can then come together to create a lengthy
 Long term goals
  You desire to accomplish a long-term goal in the future. Long-term objectives take preparation
and patience. You cannot complete them this week or even this year. Long-term objectives are
often completed in a year or more.
 Explain the four basic options of channel of distribution
Direct selling, selling through intermediaries, dual distribution, and reverse logistics channels are the
four different categories of distribution channels. Institutions that manage transactions and actual
product exchanges make up each of these channels.

 What are the channels of distribution different for different types of businesses?
Wholesalers, retailers, and direct-to-consumer sales are the three different categories of distribution
channels. Wholesalers are middlemen companies that buy large quantities of goods from manufacturers
and resell them to retailers or, occasionally, to the final customers.

 What factors are important to consider in the physical distribution of products

The physical distribution takes into account a variety of sales channels, including wholesale and retail,
and it covers crucial decision-making domains including customer service, inventory, materials,
packaging, order processing, and shipping and logistics.

 What are the advantages and disadvantages of publicity?

Increase your brand's credibility. Publicity through public relations gives credibility to your
business as the content is more authentic and informative. And the disadvantage is On the other
hand, the biggest disadvantages of publicity are the lack of control over the specific content,
the timing, and the amount of coverage.

 Why is selling important to a business?

Demands generated by selling encourage corporate growth. Selling is an effective tool for growing
markets. It enables customer relationships to compete even in international markets. In other words,
selling generates clients, which is essential for business expansion

 What is the purpose of sales promotions?

A transitory campaign or offer is used by a company as part of a sales promotion to raise interest or
demand in its product or service. A company may decide to utilize a sales promotion (or "promo") for a
variety of reasons, but the main one is to increase sales.

References
https://www.googlesir.com/role-and-importance-of-selling-in-marketing/#:~:text=Selling%20creates
%20demands%20which%20lead,the%20key%20to%20growing%20business.