MARKETING

Question 1

What are the marketing process?

Answer 1

1. THE SITUATION ANALYSIS
2. MARKETING STRATEGY FORMULATION
3. MARKETING MIX DECISION
4. IMPLEMAENTATION AND CONTROL

Question 2

What are the three product level?

Answer 2

CORE PRODUCT,
ACTUAL PRODUCT, AND
AUGMENTED PRODUCT

Question 3

• Not tangible physical product
• It is the Benefit of the product that makes it valuable to you.

Answer 3

CORE PRODUCT

Question 4

• A tangible physical product
• You can get some use out of it.
• Is what the average person would think of under the generic banner of product

Answer 4

ACTUAL PRODUCT

Question 4

• The non-physical part of the product
• Consists of lots of added value
• Warranty and any after-sale service

Answer 4

AUGEMENTED PRODUCT

Question 5

What are the classification of Products/Goods?

Answer 5

• ACCORDING TO USE
• ACCORDING TO DIFFERENTATION
• ACCORDING TO DURABILITY
• ACCORDING TO TYPES

Question 6

Two classification of products/goods according to use

Answer 6

CONSUMER GOODS AND INDUSTRIAL GOODS

Question 7

Goods that are purchased for personal consumption and/or household use.

Answer 7

CONSUMER GOODS

Question 8

Examples of Consumer goods

Answer 8

NOODLES, BISCUITS, MILK, DETERGENT SOAP, SHAMPOO and other similar items

Question 9

• Purchased in order to make other goods.
• To serve as raw material or input in the production of other goods.

Answer 9

INDUSTRIAL GOODS

Question 10

Examples of industrial goods

Answer 10

ALUMINUM AND ELECTRONIC AND CABLE WIRES

Question 11

Two types of products/goods according to differentation

Answer 11

UNDIFFERENTIATED AND DIFFERENTIATED GOODS

Question 12

Goods whose physical characteristics are so identical, that it would be difficult to distinguished one purchased from one person to another.

Answer 12

UNDIFFERENTIATED GOODS

Question 13

Example of undifferentiated goods

Answer 13

ROCK SALT, FLOUR, FRUITS AND VEGETABLES

Question 14

Goods varied in their characteristics and features that make them distinguishable from one another.

Answer 14

DIFFERENTIATED GOODS

Question 15

The ability of manufacturers to successfully distinguish their products from other competitors is called ______.

Answer 15

BRANDING

Question 16

Provides a product or service a unique distinguishing name, logo, symbol or image which is used to differentiate it from other similar products and services.

Answer 16

BRANDING

Question 17

The brand appreciation in a brand’s value from the point of view of customers.

Answer 17

BRAND EQUITY

Question 18

What are the three types of classification of products/goods according to Durability?

Answer 18

CONSUMABLE, SEMI-DURABLE, AND DURABLE GOODS

Question 19

A product whose benefit can only be used by a consumer for a short period of time, sometimes only few minutes.

Answer 19

CONSUMABLE

Question 20

Provide benefits to the consumer for a longer period of time, usually, spanning several months.

Answer 20

SEMI-DURABLE

Question 21

Products that are manufactured to last a long time. They are capable of providing consumer years of beneficial use.

Answer 21

DURABLES

Question 22

What are the classification of products/goods according to type

Answer 22

CONVENIENCE GOODS, SHOPPING GOODS, SPECIALTY GOODS, UNSOUGHT GOODS

Question 23

Are products that are purchased frequently, are usually inexpensive, and do not require much purchase effort and evaluation.

Answer 23

CONVENIENCE GOODS

Question 24

Are purchased less frequently than convenience goods, are relatively more expensive, and require some amount of information search and evaluation prior to purchase.

Answer 24

SHOPPING GOODS

Question 24

Are goods that require an unusually large effort on the part of consumers to acquire. Consumers are usually willing to travel great distances to where these goods can be purchased.

Answer 24

SPECIALTY GOODS

Question 25

Examples of specialty goods

Answer 25

BRANDED LUXURY MERCHANDISE, WORKS OF ART, AUTOMOBILES, AND HOMES

Question 26

Are goods that consumers seldom actively look for, and are usually purchased for extraordinary reasons, such as fear or diversity, rather than desire

Answer 26

UNSOUGHT GOODS

Question 27

Is a form of marketing developed from direct response marketing campaigns that emphasizes customer retention and satisfaction rather than sales transactions

Answer 27

RELATIONSHIP MARKETING

Question 27

Is a person or organization that transacts with a businessperson or business organization to buy goods or services for monetary or other valuable considerations

Answer 27

CUSTOMER

Question 28

Is the process of ensuring customer satisfaction with a product or service

Answer 28

CUSTOMER SERVICE

Question 29

is all of the activities, strategies and technologies that companies use to manage their interactions with their current and potential customers

Answer 29

CUSTOMER RELATIOSHIP MANAGEMENT (CRM)

Question 30

Is the forecasted sales or profits that a company can derive from the entire span of its future relationship with a particular customer.

Answer 30

CUSTOMER LIFETIME VALUE (CVL)

Question 31

CVL formula

Answer 31

CVL = (PV) (RP) (RT)

Question 32

Seeks to establish a clear and concerted direction for all marketing activities of an organization. It includes plans to reach specific goals/objectives

Answer 32

STRATEGIC MARKETING PROCESS

Question 33

What are the steps in Strategic Marketing Process?

Answer 33

1. MISSION IDENTIFICATION 2. SITUATION ANALYSIS 3. OBJECTIVE SETTING 4. MARKETING STRATEGIC DEVELOPMENT

Question 34

This is a strategy primarily for achieving low cost leadership among industry competitors

Answer 34

COST LEADERSHIP

Question 35

Seeks to achieve superior product attributes and features that are different from industry competitors. This results in pronounced consumer preferences for the company’s products.

Answer 35

DIFFERENTATION

Question 36

Efforts are concentrated on a relatively small but profitable market. The development of products and services primarily ensures that the needs and want of this addressed and that satisfaction is provided.

Answer 36

FOCUSED

Question 37

Sub-categories of Strategies

Answer 37

1. FORWARD INTEGRATION 2. BACKWARD INTEGRATION 3. HORIZONTAL INTEGRATION 4. MARKET PENETRATION 5. MARKET DEVELOPMENT 6. PRODUCT DEVELOPMENT 7. RELATED DIVERSIFICATION 8. UNRELATED DIVERSIFICATION 9. RETRENCHMENT 10. DIVESTITURE 11. LIQUIDATION

Question 38

This involves gaining ownership or increased control over distributors or retailers

Answer 38

FORWARD INTEGRATION

Question 39

This involves gaining ownership or increased control over suppliers.

Answer 39

BACKWARD INTEGRATION

Question 40

This involves purchase of or increased control over competitors.

Answer 40

HORIZONTAL INTGRATION

Question 41

To increase market share of current products or services in current markets through greater and more intensive marketing efforts.

Answer 41

MARKET PENETRATION

Question 42

This strategy involves the introduction of existing products or services into a new geographical area or market

Answer 42

MARKET DEVELOPMENT

Question 43

This strategy involves the improvement of current products or services or the development of new products with the purpose of increasing sales.

Answer 43

PRODUCT DEVELOPMENT

Question 44

This involves introducing new but related products or services.

Answer 44

RELATED DIVERSIFICATION

Question 45

This involves introducing new but unrelated products or services.

Answer 45

UNRELATED DIVERSIFICATION

Question 46

This involves halting or reversing declining sales and profits through cost or asset reduction

Answer 46

RETRENCHMENT

Question 47

This involves selling a division or part of an organization.

Answer 47

DIVESTITURE

Question 47

This involves selling all of a company’s assets, in parts or as a whole, for their tangible worth.

Answer 47

LIQUIDATION

Question 47

Determines the means or tactics to implement the strategies

Answer 47

TACTICAL MARKETING PROCESS

Question 48

Includes forces that are internal to the company or those that are relevant to its operation.

Answer 48

MICRO-ENVIRONMENT

Question 49

Marketing may be the “lifeblood” of an organization, but it cannot exist independently of other organizational functions

Answer 49

COMPANY

Question 50

Provide raw materials, utilities, labor, capital, and equipment. The availability and prices of these supplies should be monitored.

Answer 50

SUPPLIERS

Question 51

Are channels that link the organization to its customers. Most products are delivered and distributed to customers through ___

Answer 51

MARKET INTERMEDIARIES

Question 52

Knowing a competitor is critical to the success of the firm

Answer 52

COMPETITION

Question 52

Create the demand for products and services. They can either be customers or end-users, businesses, or organizations

Answer 52

CUSTOMERS

Question 53

May include any individual or entity with an actual or potential interest in company and its products or services

Answer 53

PUBLIC

Question 54

What compose of Micro-environment?

Answer 54

- COMPANY - SUPPLIERS - CUSTOMERS - MARKET INTERMEDIARIES - PUBLIC - COMPETITION

Question 55

includes factors that are external to the organization. Essentially, these can neither be influenced nor threats; which the company must avoid.

Answer 55

MACRO-ENVIRONMENT

Question 56

What are factors of macro-environment?

Answer 56

1. ECONOMIC 2. POLITICO-LEGAL 3. SOCIOCULTURAL 4. DEMOGRAPHIC 5. TECHNOLOGICAL 6. NATURAL