Unit One

Question 1

What is marketing?

Answer 1

Is a system of business activities aimed at achieving organisational goals by developing, pricing, distributing, and promoting products, services, and ideas that will satisfy customers’ wants

Question 2

4 Ps

Answer 2

Price, Place, Product, and Promotion

Question 3

Market

Answer 3

a group of potential buyers

Question 4

consumer

Answer 4

a person who consumes the product or service

Question 5

Target market

Answer 5

the group of consumers a business desires to have as customers

Question 6

goods

Answer 6

products that are tangible items that satisfy the customer’s needs and want

Question 7

services

Answer 7

products that are intangible items that satisfy a customer’s needs and wants

Question 8

What elements make up a marketing plan?

Answer 8

mission statement, corporate objectives, marketing audit, market analysis, SWOT analysis, marketing objectives and strategies, marketing budget, and action plan.

Question 9

mission statement

Answer 9

a meaningful statement of the purpose and direction of the business

Question 10

Corporate objectives

Answer 10

the overall business objectives that shape the marketing plan

Question 11

marketing audit

Answer 11

assess the situation of marketing in the business – the products, resources, distribution methods, market shares, competitors etc

Question 12

market analysis

Answer 12

the market the business is in (and targeting) – size, structure, growth

Question 13

SWOT analysis

Answer 13

an assessment of the firm’s current position, showing the Strengths & Weaknesses (internal factors) and Opportunities and Threats (external factors)

Question 14

marketing objectives and strategies

Answer 14

what the marketing function wants to achieve (consistent with corporate objectives) and how it intends to do it

Question 15

marketing budget

Answer 15

usually a detailed budget for the next year and an outline budget for the next 2-3 years

Question 16

action plan

Answer 16

how do we achieve the marketing goals, and needs to be detailed.

Question 17

Four main components of marketing:

Answer 17

creating products or services that provide value to consumers,

communicating the value of products and services to customers,

delivering products or services in a manner that enhances value,

exchanging products or services for profitable compensation.

Question 18

how to achieve each of the components of marketing?

Answer 18

organisations must control how they offer their products or services and communicate the value of these products or services to customers. By adjusting a set of factors known as the marketing mix, or 5Ps which are unique to the business

Question 19

Three kinds of marketing environments?

Answer 19

macro, micro and internal

Question 20

macro environemnet

Answer 20

is less controllable. The macro-environment consists of all-encompassing influences. Political, Environmental, Social and Technological, Legal, Economic (PESTLE)

Question 21

micro environement

Answer 21

s made from individuals and organisations that are close to the company and directly impact the customer experience. This includes stakeholders, competitors, suppliers, intermediaries, and consumers

Question 22

the internal environment

Answer 22

is made up of factors within the firm or organisation itself. This includes employees, cash flow, capital assets, materials, and structure.

Question 23

Maslows hierarchy of needs

Answer 23

physiological, safety, social, esteem and self-actualisation

Question 24

In the context of marketing, communication refers to

Answer 24

enhancing the market awareness, understanding and attitudes of your products and services offered by an organisation.

Question 25

What is advertising?

Answer 25

Advertising aims to influence buyer behaviour using persuasive messages to promote an organisation’s products and services.

Question 26

Some examples of direct marketing

Answer 26

Direct marketing includes mail, phone campaigns, and social media to target an organisation’s customers directly.

Question 27

What is branding?

Answer 27

Branding involves the creation of a distinct name or image that is specific to an organisation. This allows an organisation’s customers to identify and distinguish their products and services from its competitors

Question 28

What are the three types of marketing information?

Answer 28

internal data, competitive inelegance and market research

Question 29

What is internal data?

Answer 29

Internal data refers to information an organisation collects about their customers and potential customers as part of their organisation’s internal processes and operations.

Question 30

What is competitive intelegance?

Answer 30

refers to information that can help an organisation understand their competitors and competitive market dynamics.

Question 31

What are the different types of competitive inelegance research?

Answer 31

Includes product information, market share information, pricing strategies, competitive positions and win-loss analysis.

Question 32

What is market research?

Answer 32

Market research refers to information collected to identify marketing opportunities and solve marketing problems. Market research helps to identify a problem or opportunity

Question 33

What are the five common types of market research?

Answer 33

environmental factors, customer attitudes, behaviours and perceptions, product research, advertising and promotion research and corporate research.

Question 34

Name the six sources of information

Answer 34

online marketing articles, industry-specific sources (industry associations + code of conduct), Digital databases/academic publications, website/forums, Internal/external suppliers, and workplace documentation (individual contracts, manual, procedures and policies).

Question 35

Name the four factors in the communications industry

Answer 35

Current competitors, distribution channels, customer power and supplier power.

Question 36

Three types of communication industry sectors:

Answer 36

marketing sector, telecommunications sector and public relations sector

Question 37

What is the marketing sector?

Answer 37

Specialises in the use of various marketing channels and tools to enhance the market’s awareness, understanding, and attitudes towards an organisation and its products.

Question 38

What is the telecommunications sector?

Answer 38

Specialises in communicating through various means such as the phone, internet, airwaves, and cables.

Question 39

What is the public relations sector?

Answer 39

Manages the release and spread of information from an organisation to its customers to ensure that the organisation is seen favourably by its customers and the public.

Question 40

Three principles of marketing communicati

Question 41

Five practices of marketing communications?

Answer 41

developing the right concept, choosing the right channel, creating the right content, crafting the right voice and taking the initiative.

Question 41

Using chatbots for routinue communications - practices (relevat to media strategy)

Answer 41

set clear expectations for the purpose of the chatbots
be specific about the capability and limitations of the chatbot’s functionality
engage with customers by giving them more options to explore the extent of the chatbot
use correct grammar and spelling for the chatbot’s dialogue and options.

Question 41

Facilitating cross-channel marketing for promotion and communication -

Question 42

Using chatbots for routinue communications - Princliples

Answer 42

avoid making the interface seem human to ensure that customers do not get unsettled, keep the interface simple and linear, ensure chatbots are easy for customers to use by giving them personality and engaging dialogue, provide customers with the option to speak with a real customer service person.