Marketing strategy exam guide

One price and flexible price policies means offering the same price to all customers who purchase products under essentially the same conditions and in the same quantities.

strategic marketing past exam papers

Screening involves evaluating the new ideas with the SWOT analysis and the product market screening criteria. Year-end Sale d.

mba marketing management exam questions and answers

Strategic and tactical marketing Strategic — this is the corporate strategy which identifies the products and markets the organization wishes to operate in i.

It is not intended for specific research and cheaper than primary data i.

marketing channels exam questions

Page 4 of 4. Explain and analyze the advantages and disadvantages of entering international markets.

Introduction to marketing exam questions and answers

They make little use of marketing sources of information, mass media, or salespeople. Goals and objectives, strategies, action plan and implementation schedule, and evaluation methods. The elements worth considering are product situation, competitive situation, distribution situation, environmental factors, and opportunity and issue analysis. It is the building block of a marketing plan. Explain the importance of the marketing mix The four Ps are used as tactics used to achieve the marketing and business plan. Four categories of lifestyle segmentation SHUT S — Security and status seeking, safety and ego-defensive needs H — Hedonistic preference, enjoying life now U — Upwardly mobile, ambitious, more affluent lifestyle T — Traditional and sociable, compliance and conformity to group d. An indepth marketing research has to be done of the traits of the buyers and the particular needs of the buyers in the target market. Early majority avoid risk and wait to consider a new idea after mnay eraly adopters have tried it and liked it. Place what distribution channel will you use? Strategy ensures effective departmental co-ordination. Gathering the marketing mix: By marketing mix we mean how the organization proposes to sell its products. The marketing mix encompasses all of the elements that impact an organization's ability to successfully take its products and services to market Product - you must consider the features, advantages and benefits of the product, along with defining all the characteristics of your product. Brassington and Pettit Marketing concept — a philosophy of business Marketing orientation — approach of the business f. It may not pay to bother with this group for marketers, because their main source of information is often other laggards.

It may not pay to bother with this group for marketers, because their main source of information is often other laggards. A careful choice has to be made by the organization. Gathering the marketing mix is a crucial part of marketing task.

Target markets — market or segment selected for special attention by an organization Mass or Undifferentiated — produce a single product and get as many customers as possible Concentrated — produce an ideal product for a single segment of the market Rolls Royce, Ferrari Differentiated — several products for different market segment e.

Marketing channels exam questions

The marketing mix is a critical component in the development of marketing plans and strategies. Marketing action plans a. Explain and analyze the advantages and disadvantages of entering international markets. One price and flexible price policies means offering the same price to all customers who purchase products under essentially the same conditions and in the same quantities. The consultative selling process it builds on the marketing concept, involves developing a good understanding of the individual consumers needs before trying to close the sale. The place component of the marketing mix refers not only to location, but also to access to the product or service; in other words, availability. Can incorporate to culture. Year-end Sale d. Explain the importance of the marketing mix The four Ps are used as tactics used to achieve the marketing and business plan. Provide general benefit statement Ask questions Listen carefully Agree on needs Discuss how to meet needs Close sale Sometimes called the need-satisfaction approach Often young and well educated, with likely being mobile and having many contacts outside their local social group and community. Products, goods and services: a note on terminology Product — something that is offered to a market Examples: FMCG — fast moving consumer goods like soaps and shampoo Services — like haircut or tailor services c.

Marketing orientation — there are three types of other orientations that marketing orientation can relate to: production, sales and product Production orientation — success is achieved through producing goods or services of optimum quality as cost-efficiently as possible Sales orientation — makes the product and actively and aggressively sells it Product orientation — focus on product development; new product features h.

The marketing mix is a critical component in the development of marketing plans and strategies.

Principles of marketing exam questions and answers

Explain the elements of a marketing plan. Unlike innovators, they have fewer contacts outside their own social group or community. Often young and well educated, with likely being mobile and having many contacts outside their local social group and community. Target markets — market or segment selected for special attention by an organization Mass or Undifferentiated — produce a single product and get as many customers as possible Concentrated — produce an ideal product for a single segment of the market Rolls Royce, Ferrari Differentiated — several products for different market segment e. Corporate and marketing strategy BIOGESIC B — Between and among corporate and marketing strategy I — Internal appraisal, corporate will review the effectiveness of different aspects of the organization, marketing will conduct marketing audit O — Setting objectives, corporate will increase profit, marketing will increase market share G — Gaps, corporate has gaps between objectives and forecast, marketing will focus on growth E — External appraisal, corporate will review PESTEL factors that impacting on the whole organization, marketing will review the factors that affect customers, products and markets S — Strategy, corporate will develop strategies to fill up the gap, marketing will focus on resources that will be allocated to them to be able to identify the target market, plan the product to produce and organize them. It provides a blueprint for attaining these marketing objectives. They make little use of marketing sources of information, mass media, or salespeople. Positioning — market position refers to how customer perceive a brand or product relative to other brands or products f. Describe the new product development process Idea generation new ideas can come from a companys own sales and production staff, wholesalers and retailers, competitors, consumer surveys, or other sources such as trade associations, advertising agencies, or government agencies. Describe and analyze the marketing management functions Developing marketing strategies and plans Capturing marketing insights Connecting with customers Building strong brands Shaping marketing offerings Delivering value Communicating value Creating long term growth 3. The consultative selling process it builds on the marketing concept, involves developing a good understanding of the individual consumers needs before trying to close the sale. Pricing decisions are based on the costs of producing and delivering the products and services, but also on considerations related to desired brand image and how a specific target audience might respond to various price points Promotion how will you advertise your product? The marketing environment Macro — all factors that can influence the organization i. They represent people who may use a product or service, have the financial capability to buy it and can be reached through one or more media.
Rated 7/10 based on 8 review
Download
Marketing Strategies Exam Answers