Mock Paper 1

Question 1

What is marketing?

Answer 1

Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Question 2

List down the 5 steps of marketing process which aids on creating and capturing value

Answer 2

Understanding Needs and Wants -> Design a marketing strategy catered towards customers -> create an IMC with superior value -> satisfy customers
By doing all of this, a firm will create value to get profit

Question 3

What is market myopia?

Answer 3

When a company focuses only on satisfying customer wants through a current product and not thinking ahead about underlying customer needs.

Question 4

List down the 5 concepts of marketing management orientation

Answer 4

Production concept, product concept, selling concept, Marketing Concept and Societal concept

Question 5

What is integrated marketing?

Answer 5

Integrated marketing is a strategy for delivering a unified message across all the marketing channels your brand uses.

Question 6

What is CRM?

Answer 6

Customer Relationship Management. Building and maintaining profitable relationships with customers

Question 7

What is consumer generated marketing?

Answer 7

Customers promoting your good or service both invited and uninvited.

Question 8

What is the advantage of “partner relationship management” to create greater value to customers?

Answer 8

Offers greater variety to customers. Partners engage in co-selling activities to create interest and leads for your company’s products. Improved customer service due to greater resources.

Question 9

Illustrate how customer equity works and what other elements contribute to it, sketch a diagram

Answer 9

Customer Equity is how much value customers bring into the company during their lifetime with the company. It is based on a company’s ability to provide good value, have a good brand image and retain customers. Refer slide 38 from week 1.

Question 10

List down 4 markets and give a brief definition on it with examples

Answer 10

1. Financial Markets. A market to trade financial commodities such as stocks, bonds or foreign exchange. 2. Commodity Markets. Markets where raw materials or primary items are traded, such as Coffee or Sugar. 3. Real Estate Market. This market involves the buying, selling, and leasing of land and buildings. 4. Labour Market. This market is the supply of and demand for labor, in which employees provide the supply and employers the demand.

Question 11

Name 3 factors that influence consumer behavior?

Answer 11

1. Psychological Factors. Internal characteristics of the consumer that influence their purchasing behavior, including perception, motivation and beliefs. 2. Social Factors. These are external influences that impact a consumer’s buying behavior, including family and cultural norms. 3. Economic Factors. These involve the consumer’s financial situation and economic conditions, including income level and employment status.

Question 12

List down the 5 steps (in order) of the “buyers decision making process”

Answer 12

1- Need/Problem recognition
2- Info search ex: Personal, Public, Commercial an Experiential Sources
3- Evaluation of searching for an alternative
4- Purchase Decision
5- Post purchase evaluation

Question 13

Define with examples on what is psychographic segmentation

Answer 13

Psychographic segmentation is a marketing strategy that divides consumers into different groups based on their lifestyle, personality traits, values, opinions, interests, and social status. An example of this is fitness enthusiasts that are focused on health and fitness that a company would market to by ergonomic design and health benefits of their products.