quiz 2

Question 1

Market Planning

Answer 1

concerned with marketing objectives and strategies on how to achieve them. one of these strategies include SMART goals:
Specific
Measurable
Achievable
Realistic/relevant
Time specific

Question 2

Marketing Audit (examination/observation)

Answer 2

an examination of the environment a firm operates in. market research is essential to this

Question 3

Marketing objectives

Answer 3

usually after market audit for firms to set marketing goals and create strategies to fix weaknesses and reach goals like a increase in market share etc

Question 4

marketing strategies

Answer 4

the planning and usage of marketing to achieve marketing objectives

Question 5

monitoring and review

Answer 5

a never ending process of checking/monitoring and revaluating marketing strategies so targets get met

Question 6

Evaluation

Answer 6

figuring out to what extent the firm has succeeded in achieving its marketing goals and how to adjust the plan going forward

Question 7

Marketing mix

Answer 7

a combination of necessary elements to market a product:

1. price
2. product
3. place
4. promotion

Question 8

product

Answer 8

1. Producer products: raw industrial materials and heavy machinery sold to companies and government
2. consumer products: sold to a private individual including product sections:
   consumer convenience (food/necessary items)
   consumer durables(long lasting/ not edible)
   specialty (car, boat, tv, plane etc.)

Question 9

product line/mix

Answer 9

a product mix is a variety of different products that don’t need to be related

Question 10

price

Answer 10

price needs to be equilibrium (perfect) not too low (might be seen as cheap and low quality) and not too high (no one will buy)

factors include:
demand
rivalry
aims
supply
time
image
cost of production

Question 11

distribution channel

Answer 11

1. producer - wholesaler - retailer - consumer
2. producer — retailer - consumer
3. producer ————— consumer

(1/2= indirect distribution
3= direct distribution)

Question 12

Promotion

Answer 12

Above the line (ATL) promotion uses media like TV, radio and newspaper

below the line (BTL) uses tactics like sponsorships, direct email or packaging

Question 13

3 p’s of services

Answer 13

good customer service
customer relation management (CRM) needs to set standards to serving customers

Question 14

process

Answer 14

methods/procedures used to give customers the best experience, helps build loyalty

e.x. free delivery, order tracking, mail order, next day delivery

Question 15

physical evidence

Answer 15

image portrayed by a business regarding its visual features

e.x. airplane seat cushion or IFE

Question 16

The Ansoff matrix

Answer 16

https://corporatefinanceinstitute.com/resources/management/ansoff-matrix/

Question 17

Boston matrix

Answer 17

https://managementconsulted.com/bcg-matrix/