marketing

Question 1

What is the strategic role of marketing?

Answer 1

To translate profit maximisation into reality through a marketing plan aimed at increasing sales.

Question 2

Why is a marketing plan important?

Answer 2

It aligns short- and long-term strategies to attract and retain customers.

Question 3

What is meant by “interdependence” in marketing?

Answer 3

Marketing relies on operations, HR, and finance to function effectively.

Question 4

Describe the production approach.

Answer 4

Focused on making goods, assuming they will sell due to quality (1820s–1920s).

Question 5

What was the selling approach?

Answer 5

Emphasised advertising and personal selling due to increased competition (1920s–1960s).

Question 6

Define the marketing approach.

Answer 6

Focus on satisfying customer needs and building relationships (1960s–present).

Question 7

What are three features of the modern marketing approach?

Answer 7

Customer orientation, social responsibility, relationship marketing.

Question 8

Name the six types of markets.

Answer 8

Consumer, resource, industrial, mass, intermediate, niche (CRIMIN).

Question 9

What are the four factors influencing customer choice?

Answer 9

Psychological, sociocultural, economic, government (PEGS).

Question 10

List three psychological factors.

Answer 10

Motivation, perception, personality.

Question 11

Give two sociocultural influences.

Answer 11

Social class and peer groups.

Question 12

What economic factors affect customer choice?

Answer 12

Boom and recession conditions.

Question 13

How do government policies influence marketing?

Answer 13

Through regulations, taxes, interest rates, and laws like the CCA 2010.

Question 14

What does CCA stand for in marketing law?

Answer 14

Competition and Consumer Act 2010.

Question 15

What are the four key consumer laws?

Answer 15

Warranties, implied conditions, price discrimination, deceptive conduct (WIPD).

Question 16

What is sugging?

Answer 16

Selling under the guise of a survey – unethical marketing.

Question 17

Give an example of unethical advertising.

Answer 17

Misleading before/after images or fine print in ads.

Question 18

Name three unethical practices in marketing.

Answer 18

False advertising, exploiting stereotypes, promoting harmful products.

Question 19

What is a situational analysis?

Answer 19

It involves SWOT analysis and product life cycle assessment.

Question 20

Define SWOT.

Answer 20

Strengths, Weaknesses, Opportunities, Threats.

Question 21

What happens in the product introduction stage?

Answer 21

High promotion, low profits, selective distribution.

Question 22

What are common strategies in the growth stage?

Answer 22

Differentiation, intensive distribution, customer loyalty.

Question 23

What signals the maturity stage of a product?

Answer 23

Sales plateau and heavy competition.

Question 24

What happens in the decline stage?

Answer 24

Sales fall, products may be deleted or heavily discounted.

Question 25

What is market research used for?

Answer 25

To gather and analyse data to solve marketing problems.

Question 26

Name the three steps in market research.

Answer 26

Information needs, data collection, data analysis.

Question 27

What is the difference between primary and secondary data?

Answer 27

Primary is first-hand (e.g. surveys); secondary is previously collected data.

Question 28

What makes a good marketing objective?

Answer 28

SMART – Specific, Measurable, Achievable, Relevant, Time-bound.

Question 29

What is market segmentation?

Answer 29

Dividing a market into smaller segments with similar needs.

Question 30

Name four types of segmentation.

Answer 30

Demographic, geographic, psychographic, behavioural.

Question 31

What is the final stage in the marketing process?

Answer 31

Implementation, monitoring and controlling.

Question 32

What are KPIs in monitoring marketing plans?

Answer 32

Sales analysis, market share analysis, and marketing profitability.

Question 33

What is market positioning?

Answer 33

How a product is perceived compared to competitors.

Question 34

What is product/service differentiation?

Answer 34

Creating differences in your product to attract customers.

Question 35

What are the 4Ps of marketing mix?

Answer 35

Product, Price, Promotion, Place.

Question 36

Name 2 types of branding.

Answer 36

Manufacturer’s brand and generic brand.

Question 37

What does packaging do in marketing?

Answer 37

Protects the product and attracts consumers.

Question 38

What are three pricing methods?

Answer 38

Cost-based, market-based, competition-based (CMC).

Question 39

What is penetration pricing?

Answer 39

Setting a low price to gain quick market share.

Question 40

Define skimming pricing.

Answer 40

High initial price for new products to maximise profit.

Question 41

What is the purpose of loss leader pricing?

Answer 41

Attract customers with low prices to sell other products.

Question 42

Name four promotional tools.

Answer 42

Personal selling, advertising, publicity, sales promotions.

Question 43

What does PR stand for?

Answer 43

Public Relations – shaping a business's public image.

Question 44

What is the role of opinion leaders?

Answer 44

Influential figures who shape consumer decisions.

Question 45

What is word-of-mouth marketing?

Answer 45

Customers share their experiences, influencing others.

Question 46

What are three distribution strategies?

Answer 46

Intensive, selective, exclusive.

Question 47

What is a direct distribution channel?

Answer 47

Producer sells directly to the customer.

Question 48

What are physical distribution issues?

Answer 48

Warehousing, inventory, transport (WIT).

Question 49

What are the 3 additional Ps in services marketing?

Answer 49

People, Process, Physical evidence.

Question 50

Give an example of physical evidence in services.

Answer 50

Brochures, signage, or uniforms.

Question 51

What is e-marketing?

Answer 51

Using digital channels to promote and sell products.

Question 52

Name three tools used in e-marketing.

Answer 52

Social media, blogs, web pages.

Question 53

What is global branding?

Answer 53

Using the same brand identity across global markets.

Question 54

What is product standardisation?

Answer 54

Selling the same product the same way across markets.

Question 55

What is product customisation?

Answer 55

Tailoring a product to suit different countries' needs.

Question 56

Define market-customised pricing.

Answer 56

Pricing based on local market conditions.

Question 57

What is a standard worldwide price?

Answer 57

One global price regardless of market.

Question 58

What is competitive positioning?

Answer 58

Differentiating a brand globally to gain market advantage.

Question 59

Name one benefit of global branding.

Answer 59

Cost-effectiveness and consistent brand image.

Question 60

Why is global pricing challenging?

Answer 60

It must account for currency exchange, taxes, and tariffs.