Marketing Management

Question 1

Definition of Marketing

Answer 1

Marketing is a way of thinking that permeates every aspect of a business

Marketing is a strategic process, a serious sequence of steps that need to be followed in order to satisfy consumer needs profitably.

Question 2

Marketing Orientations

Answer 2

the production orientation towards markets the sales orientation the marketing orientation the product orientation.

Question 3

The marketing process is:

Answer 3

• The marketing process outlines what it is that marketers have to do on a daily basis.
• The marketing process occurs within the confines of a marketing environment that influences the organisation and is influenced in turn by the decisions that the organisation makes.

Question 4

The marketing process

Answer 4

• The organisation identifies a target market and gets to know the needs and wants of this market.
• The organisation develops a marketing programme (consisting of the four Ps) that addresses the specific needs and wants of the target market.
• The organisation strives to develop a long-term relationship with the target market resulting in return business and referrals.
• The organisation makes a profit from the long-term relationship.

Question 5

The gap theory illustrates:

Answer 5

The gap theory illustrates that there are a variety of “gaps” between consumers and producers and that these gaps can only be filled by marketing activities.

Question 6

Name each of the gaps

Answer 6

Space Gap Value Gap Information Gap Time Gap Ownership Gap

Question 7

Information Gap

Answer 7

Informing consumers on correct product to use for specific needs eg. medicine

Question 8

Time Gap

Answer 8

Gap between time of production and time of consumption

Question 9

Value Gap

Answer 9

Gap that buyers and sellers must bridge to agree on acceptable exchange rate eg. Nike

Question 10

Ownership Gap

Answer 10

Providing finance for a purchase eg. banks

Question 11

Space Gap

Answer 11

Geological space between consumer and manufacturer

Question 12

Production orientation

Answer 12

Focus lies on increasing production and internal capability Cost reduction and control

Question 13

Product orientation

Answer 13

Consumers will favour products that offer most in performance, innovation and quality Marketing strategy focus on continuous improvement to products Assume good quality products will sell themselves improving products and quality control is company’s core focus quality products leads to increased sales and profit

Question 14

Marketing orientation

Answer 14

Focus is on consumer needs to distinguish products from offerings of competitors Intergrate all org functions to satisfy needs and wants of market Achieve long term goals and objectives by satisfying consumers needs and wants responsibly and legally

Question 15

Sales orientation

Answer 15

Focus is on clearance of stock companies make use of forceful sales and promotion strategy companies earn profits through quick sales and high volumes

Question 16

The marketing concept consists of four basic pillars or ideas that support the whole idea of marketing thought. These pillars are as follows:

Answer 16

Consumer orientation Long-term profitability Organisational integration Societal responsibility

Question 17

Consumer Orientation

Answer 17

All actions organisation takes is directed towards satisfying customer needs. Aim is to delight customer Customer is focal point of decision making

Question 18

Profit Orientation

Answer 18

While meeting customer needs and wants also aim to meet primary objective - maximizing profit

Question 19

Organisational Intergration

Answer 19

A group of units working together to achieve a shared objective. All activities are integrated to satisfy customer needs and achieve ROI

Question 20

Societal Orientation

Answer 20

Business is part of society in which they exist and is accountable to society for their performance