Intro to Marketing Set 1 Part A Answer All The Questions

1. In New Markets, we tend to talk about sellers markets- the seller has the powerdemand outstrips demand. Explain (20 marks) 2. Marketing Planning is the basis for Strategy and Tactics. Why? (20 marks) Part B 1. One of the following is the correct definition of marketing and the others are incorrect. Which one is correct? a) b) The selling process which results from the identification and anticipation of customer requirements. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. An accounting process of minimizing costs and maximizing revenues. The supply of goods and services to customers in such a way that the company becomes the preferred source of supply for customers. (2 marks) 2. A builder who has a full order book during a period of economic prosperity and leaves his potential customers waiting for work to be completed is most likely showing what type of business orientation? a) b) c) d) Marketing orientation Selling orientation Production orientation Societal orientation (2 marks)

c) d)

3.

How old are the principles and practices of marketing? Which of the following represent the oldest instances of individuals or organizations practising the principles of marketing? a) b) c) d) The traders of ancient Greece. Textile companies in Victoria England. American soap powder manufacturers in the 1930s. Service based companies from the 1960s. (2 marks)

4.

Is marketing an art or a science? Marketing differs from the natural sciences because: a) b) c) d) Marketing tends to deal with open systems whereas the natural sciences tend to deal with closed systems. Marketing tends to deal with closed systems whereas the natural sciences tend to deal with open systems. It is impossible to develop a systems perspective for marketing, unlike the natural sciences. It is impossible to develop a systems perspective for the natural sciences, unlike marketing. (2 marks)

5.

Positivist approaches to marketing are essentially based on which of the following approaches? a) b) c) d) In-depth case studies of consumers. Uncovering the real underlying truth about consumer emotions. Methodologies which are robust and repeatable. Methodologies which seek to uncover positivist and negative attitudes about a product. (2 marks)

6.

Which of the following is true about marketing planning at the bottom of a business cycle? a) b) c) d) This is the worst time to invest because the market is weak. If it is fairly certain that the bottom of the cycle has been reached, this is the time to begin increasing investment. Planning should continue on the basis of no change in the level of national economic activity. There is greater certainty at this stage in the cycle. (2 marks)

7.

A value chain in marketing is: a) b) c) d) an operator of discount stores with many branches. a factory outlet store. a process by which goods gain value as they pass through different levels of intermediaries. a process by which companies target value-conscious customers. (2 marks)

8.

In general, concern with the ecological environment is most closely associated with economies characterized by:

a) b) c) d)

rapid economic growth. high levels of GDP per capita. low levels of GDP per capita. abundant natural resources. (2 marks)

9.

The creation of a marketing department: a) b) c) d) is essential for all businesses. results in universal benefits for firms operating in competitive markets. reduces a firm's costs. can result in a firm as a whole having a reduced level of marketing orientation. (2 marks)

10.

Which of the following is least likely to be associated with a firm's macro-environment? a) b) c) d) Study of the changing birth rate Analysis of household savings ratios A new staff incentive scheme Cultural convergence (2 marks)

Part C 1. Fill in the blank Management Level Top Management Middle Management Supervisory Management (6 marks) 2. State Porters Five Forces: a. _____________________________________________________________ b. _____________________________________________________________ c. _____________________________________________________________ d. _____________________________________________________________ e. _____________________________________________________________ (5 marks) 3. What are the five core marketplace concepts Types of Planning

a. _____________________________________________________________ b. _____________________________________________________________ c. _____________________________________________________________ d. _____________________________________________________________ e. _____________________________________________________________ (5 marks) 4. What is marketing research? (8 marks) 5. Marketing Research is not needed when the: a. _____________________________________________________________ b. _____________________________________________________________ c. _____________________________________________________________ d. _____________________________________________________________ (8 marks) 6. Marketing Strategy requires careful customer analysis. To be successful, organisations must engage in: a. _____________________________________________________________ b. _____________________________________________________________ c. _____________________________________________________________ d. _____________________________________________________________ (8 marks)

Intro to Marketing Set 2 Part A Answer All The Questions 1. Marketing is about building profitable customer relationships. Discuss (20 marks) 2. Every business is subjected by the environment. Explain. (20 marks) Part B 1. Which of the following represents the most directly important reason why firms monitor their demographic environment? a) To explain historical trends b) To predict political change c) To predict the size of market segments d) To predict business cycles (2 marks) 2. In a flexible firm, "core workers" are: a) Numerically flexible b) Functionally flexible c) Both (a) and (b) d) Neither (a) nor (b) (2 marks)

3.

Which of the following is NOT part of an organization's micro-environment? a) Customers b) Suppliers c) Competitors d) Government legislation (2 marks)

4.

Which of the following is an element of an organization's internal environment? a) Competitors b) Employees c) Wholesalers d) Retailers (2 marks)

5.

A method of comparing the internal capabilities of an organization with the demands and challenges of its external environment is referred to as: a) SHOT analysis b) SWOT analysis c) Stakeholder analysis d) Shareholder analysis (2 marks)

6.

Which of the following statements best describes the concept of involvement in the context of buyer behaviour? a) The length of time involved in the buying process. b) The potential impact of a product on an individual's self-identity. c) The number of people involved in the decision making unit. d) The complexity of an order. (2 marks)

7.

Buying decisions generally follow a pattern of overlapping stages. Which of the following best describes the typical stages of the buying process? a) Need recognition> Information search > Evaluation > Decision > Post purchase evaluation b) Need recognition> Evaluation > Information search > Decision > Post purchase evaluation c) Information search >Need recognition> Evaluation > Decision > Post purchase evaluation

d) Need recognition > Information search> Decision > Evaluation > Post purchase evaluation (2 marks)

8.

Needs differ from wants because: a) Wants are a socialized manifestation of underlying needs b) Needs are a socialized manifestation of underlying wants c) Needs are historical; wants are about the future d) Needs and wants are exactly the same (2 marks)

9.

Which of the following levels of Maslow's Hierarchy of Needs is most likely to be associated with consumers' purchase of goods which appeal to their inner sense of peace of mind (e.g. art classes)? a) Self-actualization b) Love c) Security d) Physiological (2 marks)

10.

An individual is considering buying a new microwave cooker and is faced with the possibility of several models. Which of the following describes the widest range of microwave cookers which the buyer considers in some form? a) The choice set b) The awareness set c) The total set d) The pre-evaluation set (2 marks)

Part C

1.

There are 11 steps in the Market Research Process. State the 11 steps. (11 marks)

2.

Briefly explain the following a. b. c. Needs Wants Demands (9 marks)

3.

Give short explaination for the following a. b. c. d. e. SWOT Analysis Segmentation Targeting Differentation Posititioning (4 marks each = 20 marks)

4.