marketing

Question 1

Marketing research

Answer 1

1. Define the problem
2. Develop the plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions

Question 2

Strategic marketing process

Answer 2

1. Swot analysis
2. Market product focus
3. Goal setting
   Marketing plan
   Implementation phase
   Results
   Evaluation phase

Question 3

Steps in segmenting/targeting

Answer 3

1. Group potential buyers
2. Group products into categories
3. Develop market - product grid
4. Select target market
5. Actions to reach target market

Question 4

Strategies of innovation

Answer 4

1. New product development strategy
2. Idea generation
3. Screening and evaluation
4. Business analysis
5. Development/initial testing
6. Market testing
7. Commercialisation

Question 5

Cognitive influences

Answer 5

• personal factors
• object factors
• situational factors

Question 6

Personal factors

Answer 6

• Needs, importance, interest, values

Question 7

Object factors

Answer 7

Differentiation of alternatives/communication

Question 8

Situational factors

Answer 8

Purchase, use, occasion

Question 9

Consumer decisions making process

Answer 9

1. Problem recognition
2. Information search
3. Alternative research
4. Purchase decision
5. Post - purchase behaviour

Question 10

Porters 5 forces

Answer 10

Threats of new entrants
Threats of substitutes
Bargaining power of suppliers
Bargaining power of buyers
Rivalry amongst existing competitors

Question 11

Product life cycle (PLC)

Answer 11

1. Introduction
2. Growth
3. Maturity
4. Decline

Question 12

4 I’s of service

Answer 12

Inventory
Intangibility
Inconsistency
Inseparability

Question 13

4 different markets

Answer 13

1. Industrial
2. Reseller
3. Government
4. Non-profit

Question 14

Price

Answer 14

1. Identify pricing objectives
2. Estimate demand and revenue
3. Determine cost, profit
4. Set pricing level, list, quoted price
5. Adjustments

Question 15

Overseas

Answer 15

1. Domestics regulation
2. Entry assessment
3. Competitive environment
4. Market response
5. Internal trade off analysis

Question 16

Pestle analysis

Answer 16

Political, economic, social, technological, environmental, legal

Question 17

Environmental forces

Answer 17

• social
• economic
• technological
• competitive
• regulatory

Question 18

3 main functions of channels

Answer 18

1. Transactional
2. Logistical
3. Facilitating

Question 19

Transactional

Answer 19

Buying, selling, risk

Question 20

Logistical

Answer 20

Assembly, storage, sorting, transportation

Question 21

Facilitating

Answer 21

Post purchase service, maintenance.

Question 22

Breadth

Answer 22

Different products in a store

Question 23

Depth

Answer 23

Variations of each product

Question 24

Environmental scanning

Answer 24

The process of continually acquiring info on events occurring outside the organisation to interpret potential trends

Question 25

Marketing environment

Answer 25

Environmental forces affect the organisation, its suppliers and customers

Question 26

Internal/external environment

Answer 26

employees, assets, company policies, location

Question 27

External 1

Answer 27

Micro factors - directly connected to organisation, partially controllable

Question 28

External 2

Answer 28

Macro-factors, impact on organisations, (economic, social, environmental, technological, political, legal)