MG1006 1,2,3,18,19,20

Question 1

what is the marketing concept

Answer 1

The achievement of corporate goals through meeting and exceeding customer needs better than the competition

Question 2

CORE PRINCIPALS OF MARKETING

Answer 2

Integrated effort
Search for latent
Market Goal achievement
Customer focused

Question 3

1935 MARKETING DEFENITION

Answer 3

Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers

Question 4

1985 MARKETING DEFINITION

Answer 4

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives

Question 5

2004 MARKETING DEFINITION

Answer 5

Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders

Question 6

2007 MARKETING DEFINITION

Answer 6

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 7

WHY DO WE NEED MARKETING

Answer 7

Because it is the management process that helps to identify, anticipate what the customer wants and needs.

Question 8

BASIC ELEMETS OF MARKETING ORIENTATION

Answer 8

Potential market opportunities
Customer needs
Marketing products and services
Customers

Question 9

Production orientation:

Answer 9

Production capabilities
Manufacture product
Aggressive sales effort
Customers

Question 10

MARKET FOCUS 7 DIFFERENCES

Answer 10

FAST
EFFICIENT AND EFFECTIVE
STRIVE FOR COMPETITIVE ADVANTAGE
WELCOME CHANGE
TRY TO UNDERSTAND COMPETITION
INNOVATION REWARDED
MARKETING SPEND REGARDED AS AN INVESTMENT

Question 11

INTERNAL FOCUS 6 DIFFERENCES

Answer 11

WHY RUSH
EFFICIENT
HAPPBY TO BE ‘ME TO’
CHERISH STATUS QUO
IGNORE COMPETITION
INNOVATION PUNISHED
MARKETING SPEND REGARDED AS A LUXURY

Question 12

The development of marketing: FOUR PERIODS

Answer 12

Production Period (1890s-1920s)
Sales Period (1920s-1950s)
Marketing period (1950s-1980s)
Societal marketing period (1980s to present)

Question 13

why study consumer behaviour?

Answer 13

understand customers needs
knowing how they make choices
how to influence their purchasing choice

Question 14

what are the purchasing roles/ DMU (CONSUMER)

Answer 14

intiator
influencer
decided
buyer
user

Question 15

who begins the process of considering a purchase.

Answer 15

initiator

Question 16

Who attempts to persuade others in the group concerning the outcome of the decision. They typically gather information and attempt to impose their choice criteria on the decision.

Answer 16

influencer

Question 17

who has the power and/or financial authority to make the ultimate choice regarding which product to buy.

Answer 17

decider

Question 18

who conducts the transaction. They call the supplier, visits the store, makes the payment and effects delivery.

Answer 18

buyer

Question 19

who is the actual consumer that will use the product

Answer 19

user

Question 20

what are the process in the consumer decision making

Answer 20

need recognition/problem awareness
information search
evaluation of alternatives
purchase
post-purchase

Question 21

what happens in the process of Need recognition/problem awareness

Answer 21

Consumers awareness of needs and goals which need to be satisfied.
Requires consumers to have an awareness of their own needs and requirements.

Question 22

what types of information search are there?

Answer 22

internal search
external search

Question 23

what happens in the process of information search?

Answer 23

Search for information or consumption behaviours which can address the problem identified.

Question 24

what happens in the process of Evaluation of alternatives?

Answer 24

Determination of most suitable consumption solution among an array of options.

Question 25

high involving decision context is when....

Answer 25

, the consumer is more likely to carry out extensive evaluation. High-involvement purchases are likely to include those incurring high expenditure or personal risk, such as buying a car or a home.

Question 26

low involvement decision contexts is when...

Answer 26

Consumers use simple choice tactics to reduce time and effort rather than maximize the consequences of the purchase

Question 27

what happens in the purchase process DMU?

Answer 27

At this stage the choice product is purchase

Question 28

what happens in the post-purchase evaluation process?

Answer 28

Considering whether the product actually satisfied the need or not and whether there were any problems arising from its purchase and consumption.

Question 29

what is marketing planning?

Answer 29

This is a sort of corporate strategic planning which involves all business units

Question 30

The core function of a marketing plan is to answer what questions?

Answer 30

1- where are we now 2- where would we like to be 3-how do we get there 4-are we on course

Question 31

what is the marketing planning at the business level. (4)

Answer 31

business mission market audit swot analysis marketing objectives

Question 32

what is the marketing planning at the product level

Answer 32

-core strategy -competitive advantage -marketing mix decisions -organization and implementation -control

Question 33

what is the vision statement

Answer 33

looks into the future. What is it that the business wants to achieve. Is goal

Question 34

what is the mission statement?

Answer 34

A broadly defined, enduring statement of purpose that distinguishes a business from other of its type. (Ackoff)

Question 35

what is the marketing audit?

Answer 35

- Is a systematic examination of a business’s marketing environment, objectives, strategies and activities, with a view to identifying key strategic issues, problem areas and opportunities. - The marketing audit provides the basis for developing a plan of action to improve marketing performance.

Question 36

SWOT anaylisis stands for?

Answer 36

strengths, weakness, opportunities and threats

Question 37

example of a strengths

Answer 37

strong branding, expertise, financial resources, market share, process capabilities

Question 38

example of weaknesses

Answer 38

financial constraints, poor supply chains, weak branding, poor management, resource deficits

Question 39

example of opportunites

Answer 39

rapid market growth, changing market trends, economic boom, government deregulation, weak competitors

Question 40

example of threats

Answer 40

new competitors entering market, substitute products, changing consumer preferences, economic downturn

Question 41

swot internal (controllable)

Answer 41

S AND W

Question 42

SWOT external (uncontrolable)

Answer 42

O AND T

Question 43

What are the two levels in Marketing objectives used in marketing planning

Answer 43

strategic thrust objectives strategic objectives

Question 44

What are strategic thrust objectives?

Answer 44

they shape the directions of the plan, like what product to sell

Question 45

What are strategic objectives?

Answer 45

they set objectives for individual product

Question 46

objectives SMART stands for?

Answer 46

specific, measurable, actionable, realistic, timely

Question 47

what are the core marketing strategy?

Answer 47

This focuses on how objectives can be accomplished. There are three key elements to consider: target markets, competitor targets and establishing a competitive advantage

Question 48

what are the three key elements to consider in the core marketing strategy:

Answer 48

-target markets, -competitor targets -establishing a competitive advantage

Question 49

what are the benefits of marketing Planning?

Answer 49

-Consistency -Monitoring of Change -Encourages Organizational Adaptation -Resource Allocation -Identification of Sources of Competitive Environment

Question 50

what does PEST analysis stand for?

Answer 50

political economical ecological socio-cultural technological

Question 51

marcroenvironment is?

Answer 51

The major uncontrollable, external forces, which influence a firm's decision making and have an impact upon its performance.

Question 52

micro environment is?

Answer 52

It consists of those organisations that either directly or indirectly influence an organisation’s

Question 53

what are the key actors in the microenvironment?

Answer 53

suppliers distributors competitiors customers

Question 54

what are the five factors in "porter's five forces"?

Answer 54

-Competition in the industry - Potential of new entrants into an industry - power of suppliers -power of customers -threats of substitutes

Question 55

What is the BCG matrix

Answer 55

It is a planning tool that uses graphical representations of a company products and services so that it helps the company decide whether they should sell, keep or invest

Question 56

What are the 4 BCG categories?

Answer 56

Dogs stars cash cow problem children

Question 57

Low growth, low share businesses/products May generate enough cash to maintain themselves but are not that promising Cash neutral this is ...

Answer 57

dogs

Question 58

Low growth, high share businesses/products Are established and successful so need less investment to hold their market share Milking it - produces cash to support SBUs Cash generator THIS IS....

Answer 58

cash cows

Question 59

High growth, high share businesses/products Often need heavy investment to finance their rapid growth When growth slows down -> cash cows Cash neutral THIS IS...

Answer 59

stars

Question 60

Low share businesses/products in high growth markets Require cash to hold their share (and more to increase it) Can build into stars but could choose to phase them out Cash user THIS IS....

Answer 60

problem children or question marks

Question 61

what are the Porter's five forces ?

Answer 61

Separate threats factors that can impact a business growth