Marketing syllabus B

Question 1

influences on marketing (3)

Answer 1

• 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 2

role of marketing (4)

Answer 2

• 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 3

marketing process (6)

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 (8)

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