Practice Flashcards
Flip to reveal answersDefine marketing
Track your progress — Sign up free to save your progress and get smart review reminders based on spaced repetition.
All 20 Flashcards — What is marketing?
Sign up free to track progress and get spaced-repetition review schedules.
Question
Define marketing
Answer
The process of identifying, anticipating and satisfying customer needs — profitably.
💡 Hint
Identify, anticipate, satisfy — profitably
Question
Key difference: marketing goods vs services?
Answer
Goods = tangible (see/touch). Services = intangible (rely on reputation, trust).
💡 Hint
Tangible vs intangible
Question
What is market orientation?
Answer
Find out what customers want FIRST, then develop a product to match.
💡 Hint
Customer needs first
Question
Marketing in one line?
Answer
Identifying, anticipating and satisfying customer needs profitably.
💡 Hint
Identify, anticipate, satisfy
Question
What is product orientation?
Answer
Develop a product FIRST, then try to sell it.
💡 Hint
Product first, sell later
Question
Why are services harder to market?
Answer
Intangible, harder to standardise, each experience varies.
💡 Hint
Can't touch or test
Question
Marketing is NOT just advertising. What else?
Answer
Research, product development, pricing, promotion, distribution, customer relationships.
💡 Hint
The whole process
Question
Goods = tangible. Services = ?
Answer
Intangible — rely on reputation, reviews and trust.
💡 Hint
Intangible
Question
Which orientation is lower risk? Why?
Answer
Market orientation — research confirms demand before you invest.
💡 Hint
Research reduces risk
Question
Market orientation starts with ___; product with ___
Answer
Market = customer needs. Product = the product itself.
💡 Hint
Customer vs product
Question
What extra Ps do service businesses need?
Answer
People, Process, Physical evidence (7 Ps instead of 4).
💡 Hint
People, Process, Physical evidence
Question
What is the role of marketing?
Answer
Connects the business to its customers — identifies needs, develops products, sets prices, promotes, distributes.
💡 Hint
Business ↔ customer
Question
Smartphone marketing focuses on ___; gym on ___
Answer
Smartphone = features/design (tangible). Gym = experience/staff/atmosphere (intangible).
💡 Hint
Features vs experience
Question
When might product orientation work?
Answer
Highly innovative or luxury brands — breakthrough products customers didn't know they wanted.
💡 Hint
Innovation + luxury
Question
Which orientation do most successful businesses use?
Answer
Market orientation — research needs before developing products.
💡 Hint
Market orientation
Question
Name four things marketing helps a business do
Answer
Identify needs, develop matching products, set right price/place/promotion, build loyalty.
💡 Hint
Identify, develop, deliver, retain
Question
Quick: 4 Ps of marketing?
Answer
Product, Price, Place, Promotion.
💡 Hint
P-P-P-P
Question
Market = 'What do customers want?' Product = ?
Answer
'Look what we made!' Most businesses succeed with market orientation.
💡 Hint
Look what we made!
Question
Without marketing, even the best product won't ___
Answer
Sell — marketing connects products to people who need them.
💡 Hint
Sell
Question
Case study sells services — think about what beyond 4 Ps?
Answer
People, process and physical evidence — the extended marketing mix.
💡 Hint
Extended mix
Read the notes
Full study notes for What is marketing?
Topic 4.1 hub
Introduction to marketing
More from Topic 4.1
All flashcards in this topic
BM exam skills
Paper structures & tips
Track your progress with spaced repetition
Sign up free — Aimnova tells you exactly which cards to review and when, so you remember everything before your IB exam.
Start Free