Marketing

Question 1

What is meant by branding

Answer 1

the process where a business makes itself known to the public and differentiates itself from competitors.

Question 2

The importance of product in the marketing mix

Answer 2

A good product is the key to successful profiting, it makes the entire process of connecting with consumers and generating sales possible.

Question 3

Evaluate value analysis

Answer 3

analyzing existing products and evaluating them to improve their functioning or reduce cost

Question 4

Evaluate Ansoffs matrix

Answer 4

Breaks down the different growth strategies and assesses the risk involved

Question 5

Difference between product mix and marketing mix

Answer 5

Marketing Mix is a broader term which includes the complete array of marketing tactics while Product Mix only refers to few elements of the product variable from the whole marketing mix

Question 6

Usefulness of cross elasticities of demand

Answer 6

It evaluates the relationship between two products when the price of one of them changes.

Question 7

Examples of channels of distribution

Answer 7

Direct sale, wholesaler, agent and sale through retailer

Question 8

What is online distribution

Answer 8

Distribution of tangible products through online eg ordering a T-shirt of a website

Question 9

What is digital distribution

Answer 9

Distribution of non-tangible product eg music, audio book

Question 10

Examples of patterns of distribution

Answer 10

Uniform, patterned, clumped

Question 11

Why is place important to a business

Answer 11

Effective distribution means products/ raw materials can arrive on time, otherwise customers may look else where if the business can’t meet their demands on time