PRINCIPLES OF MARKETING REVIEWER

Question 1

1. MARKETING
2. Increase Sales Profit
3. Attainability
4. Not-for-profit organisations
5. Relationship Marketing

Answer 1

1. MARKETING refers to the set of activities, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients partners, and society at large.
2. INCREASE SALES PROFIT is a goal of marketing which targets the segment of the market most likely to purchase the firm’s product or services
3. ATTAINABILITY refers to the goals that must be realistic so that important parties who will be reaching them must see each goal as reasonable
4. NOT FOR PROFIT ORGANIZATIONS are contemporary approaches to marketing and does not earn profits for its owners
5. RELATIONSHIP MARKETING is the umbrella term that covers long-term relationships with larger customers

Question 2

6. Customer Value
7. Consistent customer experience
8. Rewarding good service
9. Strategic Marketing
10. Micro Environment

Answer 2

6. Customer Value refers to the relationship between benefits and the costs including money, stress, and time to sacrifice that is necessary to get those benefits
7. Consistent customer experience are benefit of developing and implementing customer relationship strategies are aligned across all touch points and seamlessly share information and work together to ensure customers’ needs are addressed with minimum effort
8. Rewarding good service is used to ensure that employees receive positive feedback when they exhibit the desired customer service behaviours
9. Strategic Marketing refers to the management process of creating and maintaining a fit between the objectives and resources of the organization and the changing marketing opportunities.
10. Micro Environment mentions the forces that closely influence the company and directly affect the organization’s relationship

Question 3

11. Marketing Research
12. Consumer behaviour
13. Demographic Characteristics
14. Geographic Segmentation
15. Concentrated Targeting

Answer 3

11. Marketing Research Which of the following refers to the function that links the consumer, customer, and public to the marketer through information?
12. Consumer behaviour is the study of how people make decisions about what they buy, want, and need. or act in regard to a product, service, or company?
13. Demographic Characteristics The characteristics of the consumer market is based on the differences of gender, age, ethnic background, income, occupation, education, household size, religion, generation, nationality, and even social class.
14. Geographic Segmentation is a factor which includes segregating markets by region of the country or the world, market size, market density, or climate
15. Concentrated Targeting refers to tailoring a particular product to the specific needs of an individual customer

Question 4

16. Needs
17. Unaided Brand Awareness
18. Specific
19. Cause marketing
20. Relationship Marketing

Answer 4

16. Needs is a basic components underlying marketing that are based on human needs is a state of felt deprivation
17. Unaided Brand Awareness is achieved when consumers think of a particular brand when they need a product
18. Specific are marketing objectives that uses information that is sufficient to pinpoint problems or opportunities and is sufficiently detailed to measure real-world problems and opportunities
19. Cause marketing is a theory which discusses the identification and marketing of a social issue, cause, or idea to selected target markets
20. Relationship Marketing is a strategy designed to foster customer loyalty, interaction, and long-term engagement

Question 5

21. Understanding customer characteristics
22. Cebu Pacific
23. Tactical Planning
24. Macro Environment
25. Systematic and Scientific

Answer 5

21. Understanding customer characteristics is an advantage that helps the company get valuable feedback from its customers.
22. Cebu Pacific is a customer service strategy which is available in the Philippines to offer tickets at a lower price and appeal to the price-sensitive Philippine market
23. Tactical Planning denotes short -range planning that emphasizes the current operations of various parts of the organization
24. Macro Environment takes into account all forces that can influence an organization but are outside its control
25. Systematic and Scientific is a significant features of marketing research are conducted in a step-by-step manner