SECTION V1[MARKETING]

Question 1

What is marketing

Answer 1

Activities or strategies used by firms to make
the public aware of the products they have available to sell.

Question 2

What are examples of marketing

Answer 2

1. Digital Marketing
2. Influencer Marketing.
3. Email marketing
4. Advertising
5. Social media marketing
6. Search engine marketing
   7.Affiliate Marketing

Question 3

What is integrating marketing

Answer 3

A combination of traditional and modern marketing strategies

Question 4

What is a market[buyers]

Answer 4

A place where buyers and sellers exchange goods and services

Question 5

What is a market[sellers]

Answer 5

The persons who businesses try to reach when marketing

Question 6

What is a market[economist]

Answer 6

Any situation where the actions of buyers and sellers help to determine a
product’s price

Question 7

What are the 9 marketing activities

Answer 7

1.Marketing Research
2.Sales Planning and Promotions Devices
3.Branding
4.Packaging
5.Pricing
6.Advertising
7.The Sales Force And Merchandising
8.Public Relations
9.After sales/ customer services

Question 8

What is marketing research

Answer 8

A marketing activity that is done to gather data for the firm to use in its other marketing activities

Question 9

What are some marketing research

Answer 9

1.Product research/sampling
2.Competitor research
3.Market research
4.Consumer research

Question 10

What are Sales Planning and Promotions Devices

Answer 10

Short term incentives given to the public to boost declining sales
e.g Buy one get one free
coupons, banded packs

Question 11

What is branding

Answer 11

A symbol, mark etc. created by the firm and placed on the package or product to make it recognizable

Question 12

What is packaging

Answer 12

Whatever the product is placed into. eg. can, bag, bottle, box

Question 13

What factors affect the type of package a product is put into

Answer 13

1. Shelf life
2. Quantity
3. Product value
4. Fragility of product

Question 14

What is pricing

Answer 14

The monetary value of a product

Question 15

What are the forms of advertising

Answer 15

Direct- aimed at reaching a specific audience e.g.telephone

Indirect-aimed at reaching the largest possible audience e.g: television, newspaper

Question 16

What strategies do firms use to determine price

Answer 16

1.Cost plus pricing
2.Competitor based pricing
3. Penetration pricing: charging a lower price for new products to generate interest by
consumers

Question 17

What are the types of advertisements

Answer 17

Informative-designed to only give data about the product.

Persuasive-designed to give details in a convincing way to encourages a purchase.

Collective-an advertisement jointly paid for by all the firms within the same industry.

Question 18

What is The Sales Force And Merchandising

Answer 18

The persons hired to assist and advise
customers with their purchases
while merchandising is the public display of product on sidewalks to allow passersby to see products the firms sells on the inside to
generate interest.

Question 19

What is Public Relations

Answer 19

Used to give the public information about the firm in order to boost its reputation

such as public sponsorship, beautification exercises.

Question 20

What is After sales/ customer services

Answer 20

Services offered to buyers after the sale was conducted as a means of motivation

such as free delivery, toll free numbers and warranties.

Question 21

What is the Marketing mix

Answer 21

A combination of marketing activities used at the same time

Question 22

What are activities[the 4 p’s] that make up marketing mix

Answer 22

Product- the item/s the business has to sell.

Place- anywhere the product is made available or sold e.g. street, store

Price- the monetary value or worth of the product and the way it is
used by the firm.

Promotion- the various ways the firm makes its products known to the
public e.g. personal selling advertising, sales promotion

Question 23

What are factors that influence consumer behavior

Answer 23

1. Price
   2.Quality
   3.Taste
   4.Brand loyalty
   5.Tradition
   6.Income

Question 24

What is The Terms of Sales

Answer 24

The ways payment for goods and services can be made besides
cash.

Question 25

What are some forms of credit or Terms Of Sales

Answer 25

1. Hire purchase 2. Credit sales 3. Personal credit 4. Layaway plans 5. Consignment

Question 26

What is consumerism

Answer 26

The protection or promotion of the interests of consumers.

Question 27

What are the rights of consumers

Answer 27

To Choose To be Informed To Complain To seek Redress or be compensated for losses suffered To obtain Merchantable goods

Question 28

Which are ways in which businesses exploit consumers

Answer 28

Bait and Switch- a popular brand is advertised at a low price but when consumers go to buy they are told it is sold out however they would be offered a substitute instead. Loss Leader- here, some goods are offered at a low price but at the same time more popular brands price are raised causing consumers to spend more than they planned. Black Marketing- this is the charging of a price that is higher than its fixed price.It occurs usually during periods of disasters and wars. False Advertising_ this involves making untrue claims about what a product can do when in fact it is incapable of doing. Hoarding- the practice or purposefully withholding goods that is in short supply of, force their prices upwards.

Question 29

What are the responsibilities of consumers

Answer 29

Inspect goods properly before buying. Compare prices. Read instructions and directions on labels before using goods. Demand proof of purchase e.g. bills. Check change at counter before leaving. Buy only what is needed and not what you want.

Question 30

What are ways in which Government can attempt protect the consumer

Answer 30

Agencies: these are bodies created to protect and educate the consumer. a. Consumer Affairs- this is usually a Ministry of Government set up to both educate consumers and investigate their complaints so as to obtain redress. b. Bureau of Standards- this body is designed to ensure that all products whether made at home/locally or abroad are of a basic quality for consumption. c. Ombudsman- this office investigates complaints made by the public with a view towards seeking redress. d. Regional Corporations- these are local authorities set up to among other things inspect places where goods is being prepared and sold to ensure it is safe and fit for consumption. Laws: several acts of Parliament have been passed over time to protect consumers. Hire Purchase Act- this Act seeks to protect buyers of goods on credit from being exploited. Trade Description Act- this law tries to ensure that goods are accurately described by its manufacturers. Sale of Goods Act- this Act ensures that goods should always be fit for sale and thus should not be expired or unusable. Misrepresentation Act- this makes it illegal to make false claims about a products abilities and uses.

Question 31

What is the role of customer service

Answer 31

To provide a high level of service to buyers so that a great and lasting relationship is developed between the firm and its customers.

Question 32

What are the Forms of Customer Services

Answer 32

Warranty Guarantee Toll free numbers suggestion box Aftersales services which are provided to customers after the completion of a sale including free product delivery, advice and repairs.

Question 33

What is Intellectual Property

Answer 33

Things created by a person or organization through their own intellectual efforts. They include patents, trademarks and designs.

Question 34

What is Defamation

Answer 34

This is false attack on a person’s reputation or name.

Question 35

What is Libel

Answer 35

This is visual defamation and includes printed lies and photographs.