Define Marketing?
Marketing is the process and activities a business performs to promote the selling or buying of a commodity or service. It comprises selling, advertising, and delivery of products to buyers or other businesses. Marketing is a process through which firms create value for their buyers and create strong customer relations for capturing value from clients in return. It is an organization function and a set of processes for creating, communicating and delivering value to clients and form managing customer relations in ways which benefit the company and the stakeholders.
Define what an exchange is and list the five conditions of an exchange?
It is the act of obtaining a desired product from a person by offering something in return. For instance, obtaining a bread by paying money is a form of exchange.
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Conditions for exchange:
There must be at least two parties.
Each party should have something which can be of value to the other party.
Each party is able to communicate and deliver.
Each party thinks it is desirable to deal with the other party.
Each is free to reject or accept the exchange offer.
List and define the Four Marketing Management Philosophies?
Production concept: it expresses that consumers will prefer products which are generally accessible and not very costly. That is, customers prefer a product that is widely available and inexpensive.
Selling Concept: It focuses on making all possible sales of the product, irrespective of the product quality or the customer need. It underscores the attraction and persuasion of buyers to purchase the product through making aggressive promotional and selling efforts. The key focus is to make money.
Marketing concept: It is based on assumption that customers purchase products that meet their needs. The satisfaction of customer is the key to business success. It presumes that a company can attain its profit-maximization goal in the long term only by identifying and satisfying the needs of existing and prospective customers effectively.
Product concept: Emphasizes on “quality of production” instead of “quantity of production.” It emphasis on the affordability and availability of a product. It assumes that consumers will prefer products which have better quality, attributes and performance rather than ordinary products. Availability and price does not influence their buying decision.
What is a Marketing Plan and what is the purpose of a marketing plan?
It is a blueprint for activities associated with communicating the messages about a product to service or the business as general to the customers and prospective customers. A marketing plan allows a business to implement an integrated approach to its customers and its sales goals. Its purpose is to coordinate business goals, define the market, define the marketing mix, and organize activities about selected marketing strategies. It simply provides the direction for the company.
List and define the four elements of the marketing mix “Four Ps.”
Price: It is what the consumer pays for the product.
Product: A tangible commodity of an intangible service which meets the customers’ needs or wants.
Promotion: It is the advertising or different ways of communicating the product to the customers.
Place: It is the location where the product is marketed.
Explain what the two types of products are and provide an example of each
Tangible product: It is a physical product that can be touched, felt or seen. A car is a tangible product.
Intangible product: An intangible product is not physical, but it can be easily understood or perceived. An example is education, advice, and financial services.
List the seven steps in the New Product Development Process.
Idea generation
Idea evaluation or screening
Concept development and testing
Business analytics
Product creation
Testing marketing
Launch or commercialization.
Discuss briefly the four major stages of the Product Life Cycle.
Introduction stage: The product is launched in the market.
Growth stage: The product goes through a strong growth in sales and profits. The company starts benefiting from economies of scale in production. There is an increase in profit margin, and overall profit.
Maturity stage: The product is already established and the goal for the producer is not to maintain the market share already created.
Decline stage: The product’s market starts shrinking due to market saturation, or consumers switching to other products and brands.
Explain what Supply Chain and Supply Chain Management are.
Supply chain: it is a network between a business and its suppliers for producing and distributing a particular product to the end user.
Supply chain management: It refers to managing the flow of products and services and comprises all processes which transform raw materials into final products. It involves actively managing the supply chain activities for maximizing customer values and attaining a sustainable competitive edge.
Discuss the Benefits of Supply Chain Management.
It enhances the supply chain network
It reduces delays in the supply chain processes
It boosts the corporation level in the supply chain processes
Increases output
Results in greater efficiency rate.
Increases the company’s profit level.
Better cost management
What are the two channel intermediaries and briefly discuss the most prominent difference separating the two channel intermediaries.
Merchants: They purchase products and resell them. They act on their own right purchasing and selling products at a profit.
Functional middlemen: They carry our different marketing functions in the distribution process of commodities without having ownership rights.
Merchants have ownership rights to the products, functional middlemen do not have ownership rights.
List the three types of Channel Relationships.
Transaction specific relationship
Discrete relationship
Rational exchange relationship
List and explain what the Four Tasks of Promotion are.
Persuading: effort to persuade buyers to purchase the product
Informing: Letting customers know about the product existence.
Convincing: convincing buyers of the product benefits.
Instituting: starting sales promotions.
Briefly discuss the two types of Advertising and their purpose.
Brand advertising: to create awareness of the brand.
Direct sales advertising: promote sales.
Explain what the Role of Public Relations is.
It shapes the organizational image. Public relations builds the brand, spreads the organization’s message, and minimizes the impact of negative publicity.
