Partners and dinner can be missed
But I don’t want you to miss your youthful years
Long press the image below to make exams less capricious ↓ ↓ ↓
Current Affairs丨Essentials丨Four Major
Many friends in the background have been asking me if I can summarize the high-frequency exam points for F1, so, to meet your requests, today I am sharing this article on F1 High-Frequency Exam Points: Chapter 6 – Market Orientation and Market Segmentation
As the saying goes: without quality foundational engineering, how can a skyscraper rise from the ground? Therefore,today we will thoroughly explain a key exam point, so that when you encounter this question in the future, you can handle it with ease.
Market Orientation and Market Segmentation
This exam point is a high-frequency topic that appears inF1 Chapter 6Organisational Culture and Committees. This chapter introduces various departments within the organization, including R&D, procurement, marketing, sales, finance, human resources, and administration, and marketing orientation and market segmentation are supplementary concepts introduced when discussing the functions of the marketing department. It is essential to master this exam point.
We will clarify this exam point through an example question. Typically, this type of question will appear in thesection Bof the exam, worth4points.
Example Question:
Paul, Mary, Alan, and Kate are having a board meeting of a newly formed company and they are discussing the orientation of the company. Paul believes that the company will actively need to persuade customers to buy their products. Mary believes they should add additional features to their products, without carrying out market research, and this will increase demand from customers. Alan believes the products will sell as they are and the company should produce as many items as it can. Kate believes that they should research what customers need and value and adapt the products to meet the findings of the research. (a) The following are types of orientation of a company A. Production orientation B. Product orientation C. Sales orientation D. Marketing orientation For each board member, select the orientation they are recommending. (i) Paul (ii) Mary (iii) Alan (iv) Kate (2 marks) (b) Breaking up the market into different groups, which each have common needs, wants, and preferences is known as Which of the options below correctly fills the blank? A. Undifferentiated marketing B. Marketing mix C. Mass marketing D. Market segmentation (2 marks)
Detailed Explanation of the Example Question:
Multi-task questions are relatively long, so we should start by focusing on the questions.
a asks us to match the four characters with the four types ofmarket orientation.
b examines the concept ofmarket segmentation separately.
First, let’s review the concept ofmarket orientation. When the marketing department formulates marketing strategies, there are four different marketing approaches to consider.
Production Orientation
The first type isProduction orientation, which isoutput-oriented. This marketing orientation assumes that there is a high demand for this type of product in the market, while the supply is relatively insufficient, resulting in a state of demand exceeding supply. Therefore, suppliers do not need to think about how to market; they just need to produce, and there will be buyers. Output determines sales, which is the marketing strategy based on output.
Product Orientation
The second type isProduct orientation, which isproduct-oriented. This marketing orientation focuses on adding diverse features to products to meet various consumer needs and attract purchases. However, this approach often lacks market research and does not consider what customers truly need, but rather focuses solely on improving the product. Despite this lack of targeting, these feature-diverse products are still quite popular among consumers.
Sales Orientation
The third type isSales orientation, which issales-oriented, meaning that the primary marketing strategy is to persuade consumers to buy. This concept should be familiar; in daily life, we often encounter products we are not interested in or do not need, but persuasive salespeople can convince us to make a purchase.
Marketing Orientation
The fourth type isMarketing orientation, which ismarket-oriented, meaning that the marketing strategy is to satisfy customer needs. This marketing orientation requires spending time and effort on extensive market research to explore the true needs of customers. After identifying customer needs, products can be improved accordingly to attract consumer purchases.
After reviewing these four types ofmarket orientation, I believe the choices for this question will be very straightforward. Let’s look at the keywords for eachorientation.
(i) Paul — C Keyword persuade to buy (ii) Mary — B Keyword additional features (iii) Alan — A Note the distinction: production refers to output, product refers to the product (iv) Kate — D Keyword research what customer needs
b examines the definition ofD market segmentation. Market segmentation refers to dividing consumers into groups based on common characteristics, needs, and preferences. Consumer needs are always diverse, and it is very challenging for companies to meet all consumer demands. We can segment consumers with similar needs into a consumption group based on factors such as geography, age, gender, income, education, and social class, and then choose the most profitable segment to concentrate the company’s resources and develop targeted marketing strategies to gain a competitive advantage in that market.
● ● ● ● ●
After reading this, do you have a clearer understanding of the market orientation and market segmentation exam point? Of course, feel free to continue asking questions; I will compile them and publish the answers~
Previous Exciting Articles:
Becoming a Top Student My Experience with the Big Four Cutting-edge Reforms December Exam
December Exam Preview Accounting Movies F6 Formula Summary Exam Fees
F7 Formula Organization New Subject SBL ACCA and Me New Exam Syllabus Analysis
ClickRead More to join the ACCA Study Support Group
PS：The handsome editor is back!
What you want to ask, what you want to say
or if you are in love again
can all be directly messaged in the background
The handsome editor is waiting for you~
Click me, it feels so itchy↓↓↓