Introduction to Marketing

Question 1

What is marketing?

Answer 1

“The management process responsible for identifying, anticipating and satisfying customer requirements.

Question 2

What are the elements of the Marketing Mix?

Answer 2

Product
Price
Place
Promotion
Processes
Physical Evidence
People

Question 3

What is included within the price element?

Answer 3

Branding
Ranges
Management

Question 4

What is included within the Price element?

Answer 4

Perceptions
Cost
Values
Regulations

Question 5

What is included within the Place element?

Answer 5

Location
Market Coverage

Question 6

What is included within the Promotion element?

Answer 6

Promotional mix
Constraints
Regulations

Question 7

What is included within the Processes element?

Answer 7

Order processing
Database management
Queueing systems
Service delivery
Standardisation

Question 8

What is included within the Physical Evidence element?

Answer 8

Essential evidence
Peripheral evidence
Premises
Equipment
Literature

Question 9

What is included within the People element?

Answer 9

Capability
Efficiency
Availability
Effectiveness
Customer interaction
Internal marketing

Question 10

What are the six features of Todays Market Place

Answer 10

Heightened competition
Globalisation
Technologies
Industry convergence
Retail transformation
Disintermediation

Question 11

What are the 7 things that are marketed?

Answer 11

Services
Products
Events
Experiences
People
Places
Ideas

Question 12

What are some examples of stakeholders?

Answer 12

Sellers
Buyers
Investors
Community
Buyers

Question 13

What are some examples of consumers?

Answer 13

Organisations
Governments
Individuals
Charities
Companies

Question 14

What is Form?

Answer 14

Transforming raw materials into finished products

Question 15

What is Place?

Answer 15

Making products/services available where customers want them

Question 16

What is Time?

Answer 16

Storing products until they’re needed

Question 17

What is Possession?

Answer 17

Enabling customers to own and use the product/service or store it for future use.

Question 18

What are three examples of Customer-Generated value?

Answer 18

People are generating value by creating their own ads.
Buyers can be brand communities and harness power to produce user-generated content.
Social networks provide opportunities

Question 19

What is included within the customers interface?

Answer 19

Current product needs
Future product needs
Price
Information needs
Product availability

Question 20

What is included within the Intermediaries interface?

Answer 20

Quantity
Demand
Price
Sales support
Logistics
Timing

Question 21

What is included within the Competitors interface?

Answer 21

Current products
Future products
Target markets
Communication strategy
Distribution
Strategy

Question 22

What is included within the Suppliers interface?

Answer 22

Specifications
Quality
Quantity
Logistics
Price

Question 23

What is included within the Marketing Environment interface?

Answer 23

Sociocultural change
Technological change
Economic/Competitive change
Politica/Legal change

Question 24

What are the elements included within the Evolution of Marketing

Answer 24

Mobile marketing
User-generated content
Corporate citizenship
Big data

Question 25

What is Social Marketing Concept?

Answer 25

Maintains that marketers must satisfy customers needs in ways that are not only profitable for the firm but also beneficial to society

Question 26

What is Green Marketing Strategy?

Answer 26

Effort to choose packages, product designs and other aspects of the marketing mix that are earth friendly but still profitable.