Unit 3 - Enterprise Marketing

Question 1

Fundamental Goal of a Business?

Answer 1

To make Profit; which need not always be in terms of money but Improved Customer Relations, Goodwill etc.

Question 2

What is Goal Setting?

Answer 2

“Establishing Short or Long term objectives, usually incorporating deadlines and quantifiable measures”

Question 3

Importance of Goal Setting

Answer 3

PPC

Question 4

The First P in PPC

Answer 4

Performance

Question 5

The Middle P in PPC

Answer 5

Pro-active not Reactive

Question 6

The C in PPC

Answer 6

Clarity of Vision & Purpose

Question 7

What is the First Step to Achievement?

Answer 7

Goal Setting

Question 8

“Without a Goal Setting strategy or a series of actions, whether or not you succeed is just a Matter of Blind Chance” Why?

Answer 8

Because Goals need Action

Question 9

RULES for Goal Setting

Answer 9

Goals need to be
RELEVANT,
ACTIONABLE,
ACHIEVABLE STRETCHES

Question 10

What are SMART goals?

Answer 10

It is a simple tool used by businesses to go beyond the realm of fuzzy goal-setting into an actionable plan for results

Question 11

The S in SMART

Answer 11

Specific

Question 12

The M in SMART

Answer 12

Measurable

Question 13

The A in SMART

Answer 13

Attainable

Question 14

The R in SMART

Answer 14

Relevant

Question 15

The T in SMART

Answer 15

Time-Based

Question 16

What is Marketing Strategy?

According to David Aaker

Answer 16

“It is a process that can allow an organisation to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage”

Question 17

What does the Marketing Strategy of a company include?

Answer 17

BMM

Question 18

The B in BMM

Answer 18

Basic and Long term activities

Question 19

The Middle M in BMM

Answer 19

Market-oriented Strategies

Question 20

The last M in BMM

Answer 20

Marketing Mix

Question 21

Components of the Marketing Mix

Answer 21

The 4P’s

Question 22

What are the 4P’s?

Answer 22

Product, Price, Place, Promotion

Question 23

What is Marketing Mix?

Answer 23

It refers to the combination of 4 inputs which constitute the core of a company’s marketing system; Product, Price, Place and Promotion

Question 24

Components of Product Mix

Answer 24

BRANDING,
LOGO & TAGLINE
LABELLING,
PACKAGING

Question 25

What is a Product?

Answer 25

A product is any tangible or intangible offering that is required to satisfy the needs or wants of a consumer

Question 26

What is Generic Requirement?

Answer 26

It refers to the core benefit, a product offers to the consumer

Question 27

What is Branding?

Answer 27

Branding is a tool whereby a name, sign or symbol is given to a product by the entrepreneur so as to differentiate his/her product from the rival products

Question 28

What is a Brand?

Answer 28

A Brand is a name, sign, symbol or design or a combination of them which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors

Question 29

What are the 3 Components of Brand?

Answer 29

BRAND NAME, BRAND MARK, TRADE MARK

Question 30

What is Brand Name?

Answer 30

It is that part of a Brand that can be spoken or can be vocalised

Question 31

What is Brand Mark?

Answer 31

It is that part of a Brand which can be recognised but cannot be vocalised It appears in the form of a symbol, design or distinct colour scheme

Question 32

What is Trade Mark?

Answer 32

It refers to the legal protection given to a Brand against its use by other firms Thus, it protects the seller's exclusive right to use the Brand Name or Brand Mark

Question 33

Qualities of a Good Brand

Answer 33

SINE

Question 34

The S in SINE

Answer 34

Short and Sweet

Question 35

The I in SINE

Answer 35

Impressive

Question 36

The N in SINE

Answer 36

Noticeable

Question 37

The E in SINE

Answer 37

Ethical

Question 38

Types of Brands/Brand Names

Answer 38

IF CA

Question 39

The I in IF CA

Answer 39

Individual Brand Name

Question 40

The F in IF CA

Answer 40

Family Brand Name

Question 41

The C in IF CA

Answer 41

Corporate Names

Question 42

The A in IF CA

Answer 42

Alpha-Numeric Names

Question 43

What are Individual Brand Names?

Answer 43

Individual Branding refers to the practice of choosing separate or distinct Brand names for each Product or Service

Question 44

What are Family Brand Names? | a.k.a. Umbrella Branding

Answer 44

Family Branding refers to the practice of choosing a common or successful family name for several products

Question 45

What is Umbrella Branding?

Answer 45

Umbrella Branding (or Family Branding) refers to the practice of choosing a common or successful family name for several products

Question 46

What are Corporate Names?

Answer 46

Corporate Naming refers to the practice of choosing to utilise the company's Corporate Name or Logo together with some brand name of individual products

Question 47

What are Alpha-Numeric Names?

Answer 47

Alpha Numeric Naming refers to the practice of creating a distinct identity of a product by including alphabets and numerals to signify the physical characteristics of a product