Functional Strategies in Marketing

Question 1

to analyze the personalities, economic status, and other demographical aspects to come up with strategies that would be essential in setting up overall information; the monitoring of market and study of the buying patterns of people, both existing and potential customers

Answer 1

Customer analysis

Question 2

It includes other tasks that will help in selling the product like advertising and promotion

Answer 2

Selling of products and services

Question 3

Test marketing; it predicts future sales of new products and services; Eliminates the possibility of heavy losses or possible product failure; Includes brand positioning and packaging

Answer 3

Product and service planning

Question 4

Major considerations with regards to this function: capability of consumer to buy, price of raw materials in producing the product, competitiveness with other brands

Answer 4

Pricing

Question 5

Includes location of retail sites, sales territories and channels, transportation carriers, wholesaling and retailing

Answer 5

Distribution

Question 6

Equivalent to cost benefit analysis, companies obviously determine whether benefits outweigh the costs

Answer 6

Opportunity Analysis