Lesson 1

Question 1

Production Concept?

Answer 1

Mass production:

• products highly available and affordable
• more products = more sales
• improve production and distribution efficiency

Question 2

Product Concept?

Answer 2

Quality>Quantity:

• favour higher quality products (+performance and features)
• make continuous product improvements

Question 3

Sales concept?

Answer 3

Persuasion to buy:

- consumers will not buy enough products unless firm undertakes large scale selling and promotion effort

Question 4

Marketing concept?

Answer 4

Focus on customers:

• achieving goals depends on knowing needs and wants of target market
• delivering desired satisfactions better than competitors

Question 5

Ansoff matrix: Market Penetration

Answer 5

Increasing sales of EXISTING products to EXISTING market

Question 6

Ansoff Matrix: Product Development

Answer 6

Introducing NEW products to EXISTING market

Question 7

Ansoff Matrix: Market Development

Answer 7

Entering a NEW market using EXISTING products

Question 8

Ansoff matrix: diversification

Answer 8

Entering a NEW market with introduction of NEW products

Question 9

What is the business philosophy of a business that believes consumers will favour products that are highly available and affordable? And what should they focus with this philosophy?

Answer 9

Production concept

- improve production and distribution efficiency

Question 10

What business philosophy does a business who believes consumers will favour products that have the best quality? What should they focus on?

Answer 10

Product concept

- make continuous product improvements

Question 11

What business philosophy is it when a business focused on selling as much as possible? What should they do?

Answer 11

Sales concept

- large scale selling and promotion effort

Question 12

What business philosophy does a business which focuses on the target markets and customer satisfaction?

Answer 12

Marketing concept

Question 13

In the Ansoff Matrix, what strategy focuses on increasing sales of EXISTING products to an EXISTING market?

Answer 13

Market penetration

Question 14

In the Ansoff Matrix, what strategy focuses on introducing NEW products to an EXISTING market?

Answer 14

Product development

Question 15

In the Ansoff Matrix, what strategy focuses on entering a NEW market using EXISTING products?

Answer 15

Market development

Question 16

In the Ansoff Matrix, what strategy focuses on entering a NEW market with the introduction of NEW products?

Answer 16

Diversification

Question 17

What is the Marketing Mix?

Answer 17

The 4Ps (extended - 7Ps) to provide questions to consider around marketing activities.

Question 18

What are the 7Ps?

Answer 18

Product, Price, Promotion, Place, People, Process, Physical Evidence

Question 19

What does the Marketing methodology SOSTAC stand for?

Answer 19

Situation Analysis - where are we now? 
Objective - where do we want to be?
Strategy -  how do we get there?
Tactics -how exactly do we get there?
Action - what is our plan?
Control - did we get there?

Question 20

What is The Planning Journey marketing methodology?

Answer 20

Where are we now?
Where do we want to be?
How might we get there?
Which way is best?
How can we ensure arrival?

Question 21

What does the Marketing methodology MOST stand for?

Answer 21

Mission
Objectives
Strategy
Tactics

Question 22

What does the Marketing methodology APIC stand for?

Answer 22

Analysis
Planning
Implementation
Control