Group A Midterm

Question 1

Define relationship marketing.

Answer 1

Relationship marketing is a strategic approach that focus on developing long term relationships with customers. Rather it seeks to create lasting connections and enhance customer loyalty.

Question 2

What are the features of marketing environment?

Answer 2

The features of marketing environment are:
Dynamic, complex, long term impact, multifaceted and related with SWOT

Question 3

What are the core concepts of marketing?

Answer 3

The core concept of marketing are:
Needs wants demands, products and services, market, exchange transaction and relationship, customer value and satisfaction

Question 4

What are the differences between proactive marketing and reactive marketing.

Answer 4

Proactive marketing:
-It involves the implementation of prepaid strategies based on data analysis and planning.
-marketers uses analytics to determine the best direction for a marketing strategy before launching it.
Reactive marketing:
-reactive marketing involves tactics employed when opportunities arises without prior planning.
-campaigns are designed without through analysis or data driven planning.

Question 5

What are the components of a marketing information system?

Answer 5

The components of a marketing information systems are:
Internal records, marketing research, marketing intelligence, marketing decision support system

Question 6

What is black box model of buying process?

Answer 6

Black box model of buying process is the behaviour which sheds light on the internal processes that influences consumer decision. It helps marketers to understand how consumers arrive at decisions.

Question 7

Define brand equity.

Answer 7

Brand equity referred to be added value associated with a well known brand name compared to a generic or lesser known equivalent. It represents the social value of a recognisable brand name. Consumers perceive products from well known brands as superior to this from lesser known brands.

Question 8

What are the elements of promotion mix?

Answer 8

The elements of promotion mix are:
Advertising, personal selling, sales promotion, public relations, publicity

Question 9

Define physical distribution

Answer 9

Physical distribution is a critical aspect of supply chain management which involves the efficient movement and storage of good, ensuring the rich the right place at the right time.