Chapter 5

Question 1

What is the strategic role of marketing

Answer 1

• to contribute to the strategic goal of profit maximisation by maximising sales revenue
• Expand market share
• Enhance the image of the business

Sample: the strategic role of marketing is to generate and execute a marketing plan that sets out strategies that satisfy consumer needs and increases sales revenue as a means of achieving the business’ objectives of maximising profits

Question 2

What are the 4Ps

Answer 2

product
promotion
place
price

Question 3

List the three features of a marketing plan

Answer 3

• Helps to build and maintain a customer base
• Details the strategies required to achieve marketing objectives and strategic business goals
• Is flexible and adaptable in response to changes in the business environment

Question 4

Operations + marketing

Answer 4

Product - types, volumes and variety of products operations has the capacity to produce
Price - Pricing decisions are influenced by the ability of operations to minimise production costs
Promotion - Easier to persuade if products are high quality and well-priced
Place - Retailers are more likely to stock quality products from reliable suppliers

Question 5

Operations reliesn