Marketing

Question 1

Defenition

Answer 1

Management process that identifies, anticipates and satisfies customer requirements profitability

Question 2

Marketing function

Answer 2

Assess market forces and developments

Develop tools to optimize

Question 3

Key of marketing

Answer 3

Right product, right time, right price

Question 4

Management discipline that…

Answer 4

Helps producers understand behavior of customers

Question 5

Success depends on (5)

Answer 5

• What we produce?
• What we charge?
• Distribution and selling?
• Target market?
• Advertising?

Question 6

Product (5)

Answer 6

• market research > right product > right quality > consumers needs
• deliver product consumer wants
• system to constantly evaluate consumer behavior
• keep to date with changes
• packaging

Question 7

Product Categories (5)

Answer 7

• convenience goods
• select goods
• specialty goods
• services
• industrial goods

Question 8

Price (6)

Answer 8

• opportunity cost (price, perceived value, disposable income)
• value for money > competitive advantage
• profit
• position in marketplace
• reflects consumer expectations
• psychological pricing

Question 9

Price strategies (3)

Answer 9

• competitive pricing (at market value)
• prestige pricing (above market value)
• discount pricing (below market value)

Question 10

Place (5)

Answer 10

• where consumer buys
• distribution (suppliers)
• storage costs
• franchising > quality and reassurance
• how product is displayed > internet

Question 11

Place distribution (3)

Answer 11

• intensively (essential goods like bread)
• selectively (only in some shops)
• exclusively (specific)

Question 12

Promotion (3)

Answer 12

• what it does and has to offer
• correct level of attention
• also to stakeholders > transparency

Question 13

Types of promotion (8)

Answer 13

• branding
• advertising
• public relations
• corporate identity
• personal sales
• sales management
• special offers
• exhibitions

Question 14

People (5)

Answer 14

• anyone who comes into contact with the consumer
• employee > correct training > good business reputation
• evaluation > no performance gaps
• after sales service adds value
• employee and product not separate

Question 15

Process (5)

Answer 15

• customer satisfaction
• correct systems in place > working
• consumer experience and effective business running
• contributes to competitive advantage
• waiting time, information, helpfulness

Question 16

Physical Evidence (3)

Answer 16

• location and appearance > sense of quality
• demonstrates and confirms assumptions of customer
• clean, tidy, friendly, well decorated, appropriate

Question 17

Marketing Planning (6)

Answer 17

• marketing strategy > co-ordinates and considers aspects > reach consumer > effective resources
• investigate environments
• pinpoint position in market > market audit
• define objectives, determine targets, performance measures
• marketing strategy > plan of action > flexible for updates
• in line with corporate strategies

Question 18

Consumer Protection Act (6)

Answer 18

• fair market place
• standards to protect consumers
• prohibits unfair marketing practice
• responsible consumer behavior
• laws for transactions and agreements
• National Consumers Commission/Tribunal

Question 19

Fundamental CPA rights (9)

Answer 19

• equality in the market place > non discrimination
• privacy > restrict direct marketing (junk SMS)
• choose > no obligation to purchase
• disclosure of information > all info in plain language
• fair and responsible marketing > bait and negative marketing
• fair and honest dealings > against schemes
• fair, just, reasonable terms and conditions > life-long contracts
• value, good quality and safety
• hold suppliers accountable > protected in lay-by