Marketing

Question 1

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

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

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

marketing strategies

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