Finance function and sales and marketing

Question 1

What is the definition of Marketing?

Answer 1

Process of planning and executing to concepts of pricing, promotion and distribution of ideas, goods and services in order to create exchanges that satisfy individual and organisational objectives.

Question 2

What is Market Segmentation?

Answer 2

Subdividing of a market into distinct and increasingly homogeneous subgroups of customers, where any subgroup can conceivably be selected as a target market to be met with a distinct marketing mix.

Question 3

What are the 5 stages of Product Development in order?

Answer 3

1. Customer needs - design to fulfil a customer’s needs.
2. Screening - does it meet criteria of profitability and market share.
3. Design - building physical or electronic prototype. Finance function can support value engineering by supporting detailed costing of all components.
4. Time-to-market - Time product takes to get to marketplace. Short time span is desired to reduce costs and get ahead of competition.
5. Testing - should be tested to check that it works and that it meets the needs of the customer.

Question 3

Name five examples of the bases on which Market Segmentation can be based?

Answer 3

1. Demographic (Geographical, age, gender)
2. Occupation
3. Education
4. Religion
5. Level of income

Question 3

What are the 7PS of Marketing Mix?

Answer 3

1.) Price
2.) Product
3.) Place
4.) Promotion
5.) People (service industry)
6.) Processes (service industry)
7.) Physical Evidence (service industry)

Question 4

Name 6 examples of primary data?

Answer 4

1.) Questionnaires and surveys
2.) Trial testing
3.) Interviews
4.) Experiments
5.) Observations
6.) Focus Groups

Question 5

Name 10 types of marketing that can be used:

Answer 5

1.) Direct marketing
2.) Indirect marketing
3.) Guerilla marketing
4.) Viral marketing
5.) Interactive marketing
6.) Experiential marketing
7.) Search engine marketing
8.) Digital and social media marketing
9.) Relationship marketing
10.) Postmodern marketing

Question 6

What are the 5 life cycles of a product?

Answer 6

1.) Introduction - trade acceptance and awareness
2.) Growth - volume and demand increases. Keep up with demand and quality
3.) Shakeout stage - weaker players in the market is shaken out by stronger players
4.) Market maturity stage - Demand levels off. Product design standardised.
5.) Decline stage