MARKETING

Question 1

(syllabus) role of marketing

Answer 1

• strategic role of marketing goods and services
• interdependence with other key business functions
• production, selling, marketing approaches
• types of markets (resource, industrial, intermediate, consumer, mass, niche)

Question 2

(syllabus) influences on marketing

Answer 2

• factors influencing customer choice (psychological, sociocultural, economic, government)
• consumer laws (deceptive and misleading advertising, price discrimination, implied conditions, warranties)
• ethical (truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging)

Question 3

(syllabus) marketing process

Answer 3

• situational analysis (SWOT, product life cycle)
• market research
• establishing market objectives
• identifying target markets
• developing marketing strategies
• implementation, monitoring and controlling (developing a financial forecast; comparing actual and planned results, revising the marketing strategy)

Question 4

(syllabus) marketing strategies

Answer 4

• market segmentation, product/service differentiation and positioning
• products - goods and/or services
• price including pricing methods - cost, market, competition-based
• promotion
• place/distribution
• people, processes and physical evidence
• e-marketing
• global marketing

Question 5

(syllabus) marketing strategies PRODUCTS

Answer 5

• branding

- packaging

Question 6

(syllabus) marketing strategies PRICE

Answer 6

• pricing strategies (skimming, penetration, loss leaders, price points)
• price and quality interaction

Question 7

(syllabus) marketing strategies PROMOTION

Answer 7

• elements of the promotion mix - advertising, personal selling and relationship marketing, sales promotions, publicity and public relations
• the communications process - opinion leaders, word of mouth

Question 8

(syllabus) marketing strategies PLACE/DISTRUBUTION

Answer 8

• distribution channels
• channel choice (intensive, selective, exclusive)
• physical distribution issues (transport, warehousing, inventory)

Question 9

(syllabus) marketing strategies GLOBAL MARKETING

Answer 9

• global branding
• standardisation
• customisation
• global pricing
• competitive positioning