Question 1
Question
What is segmentation?
Answer
-
Segmentation is the grouping of potential buyers that will respond similarly to marketing actions
-
it is the sorting of potential buyers into groups that have common needs and will respond similarly to marketing actions.
Question 2
Question
What variables are used to segment consumer markets?
Answer
-
1. potential for increased profit
2. simplicity and cost of segmenting a market
3. Potential for a marketing action to reach a segment
4.
-
Variables such as customer characteristics - demographic, psychographic and geographic - and buying characteristics - behavioural.
Question 3
Question
what are the conditions that are required for a segment to be effective or desirable?
Answer
-
1. potential for increased profit
2. potential for a marketing action to reach a segment
3. simplicity and cost of segmenting a market
-
1. potential for increased profit
2. similarity of needs amongst potential buyers
3. difference of needs among segments
4. potential of a marketing action to reach a segment.
5. simplicity and cost of assignment potential buyers to segments.
Question 4
Question
What is targeting?
Answer
-
Targeting, in reference with marketing, is when an organisation aims their promotional mix towards a certain target market.
-
is when an organisation directs its marketing program towards a specific group of potential buyers.
Question 5
Question
What is positioning?
Answer
-
Positioning, in reference to marketing, is the space a product holds in a consumers mind on important attributes in relation to competing products.
-
it is the space a product occupies in a consumers mind on important features in relation to competing products.
Question 6
Question
what is the marketing mix?
Answer
-
it is the four P's. promotion, product, place and price.
-
it is a marketing managers controllable factors that can be taken to solve a marketing problem
Question 7
Question
Discuss, using examples, the four I's of service.
Answer
-
Intangibility - cannot be touched, held or seen
Inconsistency - services and the people serving them change everyday
Inseparability - the issue that people have separating the deliverer of the service from the service itself.
Inventory - you cannot store a service.
-
all the same ---- but
inconsistency - changes in services everyday effects the consistency of a service.
Question 8
Question
what are three ways to classify services?
Question 9
Question
What is public relations?
Question 10
Question
what is marketing?
Answer
-
marketing is the process of developing, pricing, promoting and distributing goods, services and ideas to satisfy the needs of consumers.
-
aj;dijdfdijljaaljldaslijddsflijdsfiljdsfajil
Question 11
Question
How is Marketing and PR different?
Question 12
Question
What are typical pricing objectives?
Answer
-
Typical pricing objectives are: make profit, market share, investment
-
profit, market share, unit volume, survival and social responsibility,
Question 13
Question
What are the four broad approaches to pricing?
Question 14
Question
What is penetration pricing?
Answer
-
it is when a product is priced low on entry into the market to attract mass customers and then once interest is sparked the price rises
-
is when you set a low initial price on a new product to appeal immediately to the mass market.
Question 15
Question
What is skimming pricing?
Question 16
Question
What is skimming pricing?
Question 17
Question
what is price elasticity of demand?
Answer
-
it is the responsiveness that consumer demand, and businesses have to the changes in a products price
-
is the sensitivity consumer demand and firms revenue are to changes in a products price
Question 18
Question
what is elastic demand?
Question 19
Question
What is inelastic demand?
Question 20
Question
What factors influence price elasticity of demand?
Answer
-
whether the consumers are aware of substitutes
whether there is a large comparison between substitutes
-
whether consumers are aware of substitutes
what proportion of consumer spending is devoted to the product
is it difficult to compare choices.
Question 21
Question
What is captive product pricing?
Question 22
Question
what is loss leader pricing?
Question 23
Question
what are the stages in strategic and market planning - and why are they the same?
Answer
-
it is the same because advances in strategic market planning have been so great and is now so important it is shortened to 'market planning'
It is
planning - situation analysis, market product focus, goal setting and marketing program
implementing and control
-
ahdh;djdf
Question 24
Question
give examples of the tools used for
situation analysis
BCG matrix
Four market product strategies.
Answer
-
Situation analysis - SWOT
strengths
weaknesses
opportunities
threats
BCG matrix
is a matrix of where a company sits in reference to competitors with the reference to question marks, dogs, cash cows and Stars
Four market product strategies
developing market
developing product
diversification
Market penetration
-
mjkkj
Question 25
Question
What are the four market product strategies? and what do each mean?
Answer
-
market penetration - same market, same product
developmental product
developmental market
diversification
-
Market development
Product development
Market penetration
diversification
Question 26
Answer
-
a good, service or idea that satisfies the needs of the customer
-
a good, service, or idea consisting of tangible and intangible features that satisfies a consumers needs and is received in return for money or unit of value
Question 27
Question
what are the marketing channel functions performed by intermediaries?
Question 28
Question
what is franchising?
Answer
-
it is a contractual agreement between and organisation and an individual or firm to operate a specific type of business under an already established name with certain rules.
-
it is a contractual agreement between a parent company and an individual or firm allowing them to operate a certain type of business under an already established name and following particular rules