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
This is a method of delivering products to customers depending on their loyalty towards the products, the manner in which they use the products and their buying response towards specific commodities in the market. Example, Apple Inc. sells its products to customers depending on their loyalty (Govoni, 2004).
This is defined as the process of dividing market according to countries, cities or other location of the customers. As such the price, product, and promotion are designed for the customers according to their location. An example, Coca-Cola Company sells its products according to geographical location of its customers (Govoni, 2004).
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:
These are products sold by a firm to another firm. Such products are not sold to end users and in most cases they are exchanged between companies with the main aim of adding value.
A commodity is an item of trade. A commodity refers to goods and services meant for exchange with money or other goods or services.
A brand is the name that is used to represent a product, an organization or any other thing that are of value to customers.
Q17. What is the purpose of packaging in regards to Product?
Packages inform: they provide information about how to use the product, the company that manufactures such products, warnings, and explain the contents of the product.
Packages are used to contain products, for example toothpaste is contained a plastic tube.
Protect: the package prevents the contents from spoilage, leaking, breaking, change in temperatures and any other thing that may spoil the product.
Transport: packages are used when moving products from one place to another
Display: packages are used display how to use the product, provide information about the size, price, and other aspects of the product (Heimlich, 2010).
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?
Internal marketing is the process by which the management promotes the strategies of the firm to the employees to enhance acceptance for effective implementation of policies. It is the duty of the employees to implement the policies of the company and this can be enhanced by internal marketing. Internal marketing motivates employees to work towards achieving the goals of the firm. Internal marketing is important for service marketing because it improves customer satisfaction. Employees become motivated to satisfy the needs of customers when top management involves them in implementing policies (Cahill, 1996).
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
Cahill, D. J. (1996). Internal marketing: your company’s next stage of growth. New York, NY: Routledge.
Ferrell, O. C. and Hartline, M. D. (2008). Marketing Strategy. New York, NY: Cengage Learning.
Govoni, N. A. (2004). Dictionary of marketing communications. California, Sage.
Heimlich, J. F. (2010). Purposes of Packaging. Ohio State University Fact Sheet. Retrieved February 23, 2010 from; http://ohioline.osu.edu/cd-fact/0134.html