Dichosa, Patricia

BSBAFM3-1

ASSIGNMENT #2

1.Why is the application of the marketing concept useful to small business?

• Good marketing efforts allow small businesses the opportunity to compete with well-known, larger
corporations and compete for their market share. Often good customer service and a real sense of value
are more important to clients than the lower rates they may pay for the services or products of larger
companies.

2. What are contained in a marketing strategy?

•Marketing strategies should ideally have longer lifespans than individual marketing plans because they
contain value propositions and other key elements of a company’s bransd, which generally hold
consistent over the long haul. In other words, marketing strategies cover big picture messaging, while
marketing plans delineate the logistical details of specific campaigns.

3. What steps are undertaken in target marketing?

-Targeting your audience, identify your customer base, know your competition, review products and
services, identify the demographics of potenial customers, analyze the psychographics, and make
decision.

4. What is the target market?

-A target market is a group of customers within a business’s serviceable available market at which a
business aims its marketing efforts and resources. A target market is a subset of the total market for a
product or service.

5. What information is required when matching the firm with the target market?
•Two important factors to consider when selecting a target market segment are the attractiveness of
the segment and the fit between the segment and the firm’s objectives, resources, and capabilities.

6. What controllable variables comprise the marketing mix?

-Product, price, promotion and place (distribution) that the firm blends to produce the desired market
response also called the Four Ps.

7. What are the methods of conducting primary research?

-There are different tools that you can use when gathering data in primary reseach including surveys,
observation methods, and interviews. An online survey is one of the most common tools used in primary
research because it simplifies the data gathering process; especially when you make use of Formplus.

8. What are the possible sources of secondary data?

-Secondary data refers to data that is collected by someone other than the user. Common sources of
secondary data for social science include censuses, information collected by government departments,
organizational records and data that was originally collected for other research purposes.

9. How is the probable market share of the company determined?

-A company’s market share is its sales measured as a percentage of an industry’s total revenues. You can
determine a company’s market share by dividing its total sales or revenues by the industry’s total sales
over a fiscal period.

10. What are the various methods of forecasting company sales?

-The five qualitative methods of forecasting include expert’s opinion method, Delphi method, sales force
composite method, survey of buyers’ expectation method, and historical analogy method.