Topic 1: Assessing the Marketplace

Question 1

What are the four P’s of marketing? / The marketing mix.

Answer 1

• Promotion: Communicating value.
• Product: Creating value.
• Place: Delivering value.
• Price: Capturing value.

Question 2

What are the keys to promotion?

Answer 2

• Informing.
• Persuading.
• Reminding.

Question 3

What are the three types of digital consumers?

Answer 3

• Dominant digital - internet is integral force.
• Hybrid - users who use good tech solutions when avaliable.
• Reluctant - users who use it but not actively.

Question 4

What are the digital channels?

Answer 4

• Websites.
• Search Engines.
• Email.
• Mobile Phones.

Question 5

What is the 4E framework?

Answer 5

A framework for social media.

Question 6

What kinds of Customer Engagement are there?

Answer 6

• Listening and responding.
• Involving.
• Empowerment.

Question 7

What factors can create an ethical climate in the workplace?

Answer 7

• Values.
• Rules.
• Controls.

Question 8

What is corporate social responsibility?

Answer 8

Setting the companies actions and operating in a way which balances it’s short term profits with societies long term needs. This ensures the companies survival in the long run.

Note that a firm can be unethical but still CSR, by ‘giving a lot to the community’.

Question 9

What is the framework for ethical decision making?

Answer 9

1. Identify issues.
2. Gather information and identify stakeholders.
3. Brainstorm and evaluate alternatives.
4. Choose a course of action.

Question 10

How can ethics be integrated into the marketing strategy?

Answer 10

1. Planning phase. Establish a mission statement with a clear ethical tone.
2. Implementation phase: Guide decisions in mind with ethical values.
3. Control phase: React to change.

Question 11

What are the types of objects in the environment analysis framework?

Answer 11

• Consumers.
  Immediate Environment.
• Macroenvironment.

Question 12

What are the elements of the Immediate Environment?

Answer 12

• The Company.
• Competition.
• Corporate Parners.

Question 13

What are the elements of the macroenvironment?

Answer 13

• Culture.
• Demographics.
• Politics/Legal.
• Technology.
• Economic.
• Social

Question 14

What are the ethical stakeholders to a firm?

Answer 14

• Employees; Themselves and families.
• Customers; Current and potentual.
• Marketplace; Competitors, partners.
• Society; Community and environment.

Question 15

What are the elements of culture?

Answer 15

• Shared values.
• Country coulter - visable nuances, artefacts, behaviour etc.
• Regional Culture - specific only to a region.

Question 16

What are the four generational cohorts?

Answer 16

• Gen Z
• Gen Y
• Gen X
• Baby Boomers

Question 17

What are some social trends?

Answer 17

• Thrift.
• Health and Wellness Concerns.
• Greener Consumers.
• Privacy Concerns.
• Time-poor Society.
• Technology Advances.
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