MODULE 1: MARKETING CONCEPTS AND THEORIES

Question 1

What are the components of the Extended marketing mix?

Answer 1

Product, Price, Place, Promotion, physical evidence, process, People

Question 2

What does the product element of the marketing mix focus on?

Answer 2

Highlights features, benefits, and lifecycle.

Emphasizes guarantees, add-ons, and digital descriptions.

Question 3

What factors influence pricing in the marketing mix?

Answer 3

Psychology, costs, business targets, and brand impact.

Various pricing strategies: Premium, penetration, skimming, economy.

Question 4

What does the place element of the marketing mix refer to?

Answer 4

Location of sales, distribution channels, and transportation.

Importance of selecting right retailers and online channels.

Question 5

What is the focus of the promotion element in the marketing mix?

Answer 5

Techniques to raise awareness: advertising, promotions, direct marketing.

Adapted for online platforms, target audience preferences.

Question 6

What does the people element of the marketing mix focus on?

Answer 6

Importance of motivated staff for customer satisfaction.

Involves customer support and service in digital environment.

Question 7

What does the process element of the marketing mix involve?

Answer 7

Focuses on customer journey and smooth transactions.

Critical for e-commerce and traditional businesses.

Question 8

What does physical evidence refer to in the marketing mix?

Answer 8

Relates to what consumers see or experience, impacting brand perception.

Involves website layout, branding, and online user experience.

Question 9

What are the key stages of the decision-making process in organizational purchasing?

Answer 9

Problem Recognition

General Need Description

Product Specification

Value Analysis

Supplier Search

Proposal Solicitation

Supplier Selection

Order-Routine

Specification

Performance Review

Question 10

What are the three key elements of brand positioning?

Answer 10

Differentiation from competitors

Value proposition

Product dimensions

Question 11

What is a value proposition?

Answer 11

A value proposition is the promise that a business gives its customers regarding the benefits of its products.

Question 12

What is a perceptual map used for in marketing?

Answer 12

A perceptual map visually displays customer perceptions of products or brands relative to their competition.

Question 13

What is a buyer persona?

Answer 13

A buyer persona is a semi-fictional representation of an ideal customer based on market research and real data

Question 14

What are the four key strategies for market segmentation?

Answer 14

Geographic Segmentation

Demographic Segmentation

Behavioral Segmentation

Psychographic
Segmentation

Question 15

What is demographic segmentation based on?

Answer 15

Demographic segmentation is based on factors such as age, gender, income, and occupation.

Question 16

What is stakeholder management?

Answer 16

Stakeholder management involves identifying and managing individuals or groups with an interest in a business.

Question 17

What are Clarkson’s 7 principles of stakeholder management?

Answer 17

Acknowledge and monitor concerns.

Listen to stakeholders and communicate openly.

Adopt sensitive processes.

Achieve fair distribution of benefits and burdens.

Work cooperatively to minimize risks.

Avoid activities that jeopardize human rights.

Address conflicts between roles and responsibilities.

Question 18

Why is corporate reputation important?

Answer 18

Corporate identity is how a company wants to be perceived, including communication, design, and behaviour.

Question 19

What is corporate image?

Answer 19

Public perception influenced by identity tools, mission, promotion, and training.

Question 20

How can corporate reputation be managed?

Answer 20

Invest in long-term CSR strategies.

Enhance employee benefits and working environment.

Improve customer service processes.

Partner with efficient suppliers.

Develop crisis management plans.

Question 21

What are the main components of corporate reputation?

Answer 21

Ethical behaviour

Employee treatment

Financial performance

Leadership

Management quality

Social responsibility

Customer focus

Product quality

Reliability

Emotional appeal

Question 22

What are the original 4 ps from the extended marketing mix

Answer 22

Price product place promotion