Random question

Question 1

1- What is the marketing process

Answer 1

Understand marketplace/ customers needs and wants -> design customer-driven marketing strategy -> construct marketing program that delivers superior value -> Build profitable relationship and create customer delight -> capture value from customers

Question 1

Marketing management orientations

Answer 1

Production concept > Product concept > Selling concept > Marketing concept > societal concept

Question 1

Macroenvironment

Answer 1

• Demographic
• Economic
• Natural
• Technological
• Political/Legal
• Cultural/Social

Question 1

Microenvironment

Answer 1

• Suppliers
• Intermediaries
• Competitors
• Publics
• Customers

Question 2

Marketing research process

Answer 2

Defining the problem/research objects > Develop research plan > implementing plan and collecting/analyse data > interpret and report findings

Question 2

What research designs are there, and what would Koala use?

Answer 2

• Exploratory (Qualitative: identifying motivations of customers: depth interviews, focus groups)
• Descriptive (Quantitative: Surveys, Observational study)
• Causal (Quantitative: test hypothesis: Lab/Field experiments)

Koala is most likely to use Descriptive research design just because Descriptive is about finding out customer behaviour, Koala can utilize this through customer feedback, market understanding etc.

Question 2

Primary and secondary data for Koala

Answer 2

Koala would use both types of data, for example Primary could be personal feedback on their products from their customers and secondary could be the analysation of the mattress market, economic indicators etc.

Question 3

Sampling for Koala?

Answer 3

They would use multiple types of Sampling. Possibly STRATIFIED SAMPLING for the values of their bed, having say looking into eco friendly customers or health disadvantaged and questioning them of what they think about Koala mattresses and features. Or RANDOM SAMPLING during the testing phase, for different people to test their different mattress designs. Or SYSTEMATIC SAMPLING, for picking out pat customers and asking them about the feedback of their experience

Question 3

What is CRM and how does it relate to Koala?

Answer 3

a broader scope of strategies, technologies, and practices aimed at managing and analyzing customer interactions and data throughout the customer lifecycle.

Koala can use CRM for:
- customer database (analyzing past transactions/behaviour)
- track online sales, manage inventory
- manage customer service inquiries and issues (as they are primarily online)

Question 3

Factors that influence consumers

Answer 3

Cultural, social, personal, psychological

Question 4

Product involvement, high or low for KOala

Answer 4

High, as it has meaning, there is time commitment to purchase, and performance risk as well

Question 5

5 stages of complex buyer decision making

Answer 5

Need recognition > information search > evaluation of alternatives > purchase decision > post purchase behaviour

Question 6

How does the 5 stages of complex relate to Koala? How does Koala fix these stages?

Answer 6

Need recognition - The consumer realizes they have a need or problem, such as experiencing discomfort or poor sleep quality on their current mattress. (Koala addresses common issues with normal mattresses)

Info search - The consumer actively seeks information about possible solutions to their need. This includes researching different mattress brands, types, and features. (Koala shows info on website about the design of mattress)

Evaluation of Alternatives - The consumer compares different products and brands, evaluating them based on various attributes such as price, quality, reviews, and features. (Koala has differentiating points, 120-night)

Purchase decision - The consumer decides on the product to buy based on the evaluation of alternatives. This decision can be influenced by the availability of promotions, warranties, and return policies. (Koala makes it straight forward purchase process)

Post-purchase behaviour - After the purchase, the consumer evaluates their decision and the product performance. Satisfaction or dissatisfaction at this stage can influence future buying decisions and word-of-mouth recommendations (Koala follows up to ensure satisfaction

Question 7

What is the steps of adoption of new products

Answer 7

1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption

Question 8

Types of buying situation

Answer 8

• straight rebuy (routine reorder)
• modified rebuy (small changes in specs, prices, suppliers)
• new-task (first time buying)
• system selling (solution selling, avoid separate decisions in complex buying, offers packaged solution)

Question 9

what should a mission statement endorse?

Answer 9

• be defined in satisfying customer needs
• be meaningful and specific, yet motivation
• mention the strengths
• not be stated as making more sales or profits

Question 10

Define strategic planning

Answer 10

process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing marketing opportunities.

Question 11

SWOT analysis

Answer 11

evaluation of company’s Strengths, Weaknesses, Opportunities and Threats

Question 12

Koala’s suggested SWOT analysis

Answer 12

Strengths - Eco-friendly and transparent nature, convenience, design

Weaknesses- A little bit pricey

Opportunities - Appeal to businesses, such as hospitals, asylums,

Threats - Eco-friendly nature may not be enough compared to some companies which offer extraodinary technological advancements on mattresses

Question 13

define Product/market expansion grid

Answer 13

a portfolio-planning tool for identifying company growth opportunities

Question 14

Define Marketing control and its 4 steps

Answer 14

measuring and evaluating the results of marketing
strategies and plans, and taking corrective action to ensure that objectives are achieved

• setting specific marketing goals
• measuring its performance in marketplace
• evaluating causes of any differences between expected/actual performance
• taking action to close gaps between goals and performance

Question 15

Define Marketing implementation

Answer 15

process that turns marketing plans into
marketing actions in order to accomplish strategic marketing objectives

Question 16

Define ROI

Answer 16

the net return from a marketing investment divided by the costs of the marketing investment

Question 17

Define Sustainable marketing

Answer 17

Socially and environmentally responsible:

• meets the present needs of consumers and businesses
• preserves or enhances the ability of future generations to meet their needs

Question 18

What are the social criticisms of Marketing

Answer 18

• Impact on society
• Impact on other businesses

Question 19

Consumerism

Answer 19

organized movement to improve the rights and power of buyers in relation to sellers (have a right to expect the product to be safe for e.g.)

Question 20

The 5 Sustainable Marketing principles

Answer 20

o consumer-oriented marketing: customer at the center of marketing
o customer-value marketing: investing to create value
o innovative marketing: continuous improvement
o sense-of-mission marketing: broad societal terms
o societal marketing: long-term interests