Unit 3

Question 1

Market plan

Answer 1

A detailed, fully researched written report on marketing objectives and the marketing strategy to be used to achieve them.

Question 2

Marketing objectives should have integrated plans on the product, price, promotion and place.

Must fit :
Marketing objectives
Budget
Eachother to make integrated marketing mix

Question 3

Factors besides price affecting demand for product

Answer 3

Consumer income
Promotional spending
Prices of related goods

Question 4

Income elasticity of demand
Promotional elasticity of demand
Cross elasticity of demand

Question 5

Unwise to abse marketing strategy on elasticty alone

Link marketing strategy to objectives of the business and to integrate the different parts of the strategy with eachother

Question 6

New product develoipment

Answer 6

The design, creation, and marketing of new goods anf sevices

Question 7

Test marketing  (launch product on small scale) 
R&D (scientific research and technical development)

Question 8

Sales forecasting

Answer 8

Predicting future sales levels and sales trends