1: Intro to Marketing

Question 1

4 P’s (4)

Answer 1

• Product
• Price
• Promotion
• Place

Question 2

Potential marketing objectives (6)

Answer 2

• Increasing market share
• Raising brand awareness/recognition
• Raising brand loyalty
• Improving corporate image
• Customer retention
• Increasing sales

Question 3

Problem with high price marketing strategy (4)

Answer 3

• Designed to exploit consumer loyalty
• Or a dominant market position
• In the long run consumers will cotton on and like for like sales will fall
• High prices may also encourage new competitors to join the industry

Question 4

Marketing strategy (3)

Answer 4

• The medium-to-long-term plan
• For meeting marketing objectives
• Delivered through the marketing mix.

Question 5

Marketing Mix (2)

Answer 5

• The plan for getting the right blend
• Of the 4 P’s

Question 6

Succesful marketing creates…. (COA) (3)

Answer 6

• A coherent and attractive brand image
• That appeals to _______’s target market
• So % market share increases
• And is sustainable long term as brand loyalty is strong
• So customer retention will be high

Question 7

Marketing Objective (3)

Answer 7

• The targets the marketing department must achieve
• E.g. increasing sales by 15 per cent within 12 months.
• In order to be effective, they must be ‘SMART’.

Question 8

Market Segmentation (3)

Answer 8

• Dividing a market up by customers’ age, gender or income
• To find areas that are under-served
• E.g bikes for older people.

Question 9

Marketing (3)

Answer 9

• The department tasked with targeting the right product
• At the right target market
• Using the right combo of price, promotion and place