Marketing

Question 1

Role of marketing TIPS

Answer 1

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

Question 2

Influences on marketing - FEC

Answer 2

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

Question 3

Marketing processes - SMEIDI

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

Marketing strategies - MPPPPPEG

Answer 4

• market segmentation, product/service differentiation and positioning
• products – goods and/or services
– branding
– packaging
• price including pricing methods – cost, market, competition-based
– pricing strategies – skimming, penetration, loss leaders, price points
– price and quality interaction
• promotion
– elements of the promotion mix – advertising, personal selling and relationship marketing, sales promotions, publicity and public relations
– the communication process – opinion leaders, word of mouth
• place/distribution
– distribution channels
– channel choice – intensive, selective, exclusive
– physical distribution issues – transport, warehousing, inventory
• people, processes and physical evidence
• e-marketing
• global marketing
– global branding
– standardisation
– customisation
– global pricing
– competitive positioning