ENUMERATION

Question 1

Marketing Mix (7Ps)

Answer 1

product, place, price and promotion……POSITIONING PEOPLE PACKAGING

Question 2

STAGES OF DISTRIBUTION CHANNEL

Answer 2

1. PRODUCERS-WHOLESALER-RETAILER-CONSUMER
2. PRODUCERS-RETAILER-CONSUMER
3. PRODUCERS-CONSUMER

Question 3

Variables that highly influence the setting of prices of goods:

Answer 3

A- Availability of the competing products
C- Cost of making the product
T- Type of product
P- Presence of substitute products
S- Stages of the product in the market
D- Demographic profile of the target consumers

Question 4

Price Strategies

Answer 4

Customary Pricing
Variable Pricing
One-Price Policy
Flexible Pricing
Odd Pricing
Prestige Pricing
Price Lining
Price Bundling
Multiple -Unit Pricing
Geographic Pricing

Question 5

Promotion includes the ff:

Answer 5

Advertising
Publicity
Personal Selling
Sales Promotion
Direct Marketing

Question 6

Advertising ex:

Answer 6

Television or radio commercials
Print advertisement
Online advertising
Packaging ads

Question 7

Characteristics of a good Package

Answer 7

User friendly
Label printed on the packaging material must be attractive , readable, and complete with the necessary product information
It can be resealable and usable.
Environment friendly

Question 8

Based on the customer-oriented perspective, the seven Ps may be represented in a customer-driven strategy as follows:

Answer 8

Customer satisfaction for product
Customer convenience for place
Customer cost lowered
Customer information for promotion
Customer quality assurance for people
Customer safety for packaging
Customer decision for positioning

Question 9

Why do businesses need accurate and up-to-date information?

Answer 9

To undertake marketing effectively
Changes in technology
Changes in consumer tastes
Market demand
Changes in the product ranges of competitors
Changes in economic conditions
Distribution channels

Question 10

Purpose Of Marketing Research

Answer 10

1. Gain a more detailed understanding of consumers’ needs:
   – e.g., views on products’ prices, packaging, recent advertising campaigns
2. Reduce the risk of product/business failure:
   there is no guarantee that any new idea will be a commercial success
   Can help to achieve commercial success
3. Forecast future trends:
   – it can also be used to anticipate future customer needs

Question 11

Marketing Research Process

Answer 11

Step 1: Defining the Problem

Step 2: Developing an Approach to the Problem

Step 3: Formulating a Research Design

Step 4: Doing Field Work or Collecting Data

Step 5: Preparing and Analyzing Data

Step 6: Preparing and Presenting the Report

Question 12

TIPS IN GATHERING DATA

Answer 12

-organize collected data as soon as it is available
-know what message you want to get across and then collect data that is relevant to the message
-collect more data
-create more data
-regularly run experiments
-challenge assumptions
-set reasonable expectations
-take note of interesting or significant data

Question 13

THREE DIFFERENT DATA COLLECTION TECHNIQUES

Answer 13

SURVEY
INTERVIEW
FOCUS GROUP DISCUSSION

Question 14

Keys to Successful Marketing Research

Answer 14

Know what you’re talking about
What’s your product?
Who are you selling to in existing markets?
Look for answers to specific questions
– But don’t always expect specific answers
Not everything can be found on the Internet