Unit BSBMKG502B – Establish and adjust the marketing mix
Unit BSBMKG514A – Implement and monitor marketing activities
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Q1.Briefly describe how do stakeholders participate in the marketing planning process?
Q2. Briefly explain the process of developing a marketing mix.
Q3. Briefly explain the relationship between a business strategy and a marketing strategy
Business strategy refers to the policies that a company establishes top attain a competitive position in the market. It entails optimal utilization of all resources available for an organization to make the maximum profit possible by reducing costs. Marketing strategy focuses on establishing strategies of attracting and retaining customers and the overall competitiveness of the company in the market. Business strategy is related to marketing strategy in that the overall goal of the two strategies is to improve the competitiveness of the company while maximizing the profits generated. Business strategy contains all the strategies involved in maintaining the performance of a company while marketing strategy is a subset of business strategy (Ferrell & Hartline, 2008).
Q4. List the stages in organizing a learning activity for non-marketing personnel about the marketing plan implementation.
Q5.Define monitoring & list five methods of monitoring the success of a marketing campaign
Q6. Explain why is it important to evaluate a marketing campaign and list the process / steps for improving a marketing campaign?
Q7.List five ways to communicate changes to relevant stakeholders in marketing objectives and targets
Q8. Explain the difference between differentiated and undifferentiated markets.
Differentiated markets are defined as markets which focus on specific needs of the customers. The marketers aim at building customer loyalty by concentrating on particular needs of the customers. Market specialization is a common feature of differentiated markets and the competition among firms is very high. Each organization makes an effort to capture the demand of as many customers as possible. On the other hand, undifferentiated markets are those markets with general characteristics such that the marketer focuses on the general needs of the customers. The specific needs of the customers are not focused but the common needs are satisfied by the marketers. In such markets the level of competition is low and companies can operate in the market successfully without focusing on individual needs of the customers. Mass advertising is applied to reduce the costs of promoting to individual customers (Bull and Passewitz, 2010).
Q9.Define with examples
Q10.Give examples of how discount department stores such as Big W and Kmart segment their customers by product group location within their stores.
Q11. Explain how the product mix (range of products stocked) of an electrical appliance store might vary between the following residential areas:http://tutor2u.net/business/presentations/marketing/productmix/default.html
suburb with mainly family group residents
Inner suburb with apartment and townhouse living
Medium-sized outback or country store
Area where many students and singles live in flats and units
Q12. Explain the steps in the market segmentation process. Then, using a well-known organisation as an example, describe how they have successfully undertaken this market segmentation process.
Q13. How do you think each component of the marketing mix interrelates?
Q14. What is the difference between a value offer or value proposition and a value acquisition?
Q15.Can service be a product?
Q16.Define the term:
Q17. What is the purpose of packaging in regards to Product?
Q18. Why is labelinga product important? How does a brand provide value to customers? Use examples to illustrate.
Q19. What is a “product-service continuum”? List 3 products that have no service component and explain why?
Q20. What is internal marketing? Why is it important for services marketing?
Q21.Explain each of the following in relation to services marketing:
The strategy of standardization
The strategy of customization
List of references
Bull, N. H. and Passewitz G. R. (2010). Finding Customers: Market Segmentation. Ohio State University Fact Sheet. Retrieved February 23, 2011 from http://ohioline.osu.edu/cd-fact/1253.html
Ferrell, O. C. and Hartline, M. D. (2008). Marketing Strategy. New York, NY: Cengage Learning.
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