MKTG1501 - Final Exam Revision || Actual Exam
Questions with Accurate Answers.
7 Ps of Marketing correct answers Product
Price
Promotion
Placement (Distribution)
People
Process
Physical Placement
Marketing Definition correct answers A social and managerial process where individuals obtain
what they need through creating and exchanging product and values.
Managers need to... correct answers Identify needs of consumers
Develop appropriate products
Use systematic planning of price, promotion and distribution
Gain for both provider and consumer
Core Marketing Concepts correct answers 1. Markets
2. Needs, wants and demands
3. Products and services
4. Values and satisfaction
5. Exchange, transactions, and relationships
Maslow theory correct answers Needs-states of felt deprivation
Wants- a form taken by human needs
Demand- human wants backed by buying power
Customer Values correct answers Difference between benefits of owning and using and the costs
Customer Satisfaction correct answers Difference between expectations and perceived
performance
Exchange correct answers Underlying theory of marketing and explains why need to work in
order to get things we want.
Market Definition correct answers Actual and potential buys of a product
Markets interrelate with each other through the exchange process.
Marketing Concept (Four Premises) correct answers 1. Consumer Orientation
2. Continuous market research
3. all organisational activities & strategies are integrated
4. Convert satisfied consumers into loyal customers.
,The Selling Concept correct answers Factor-> Existing Products->Selling & Promoting-> Profits
through sales volume
The Marketing Concept correct answers Market-> Customer Needs-> Integrated Marketing->
Profits through customer satisfaction
Business Philosophies correct answers Production
Product
Selling
Market-Oriented Culture Reflected by: correct answers 1. Understanding of customers
2. Awareness and knowledge of competitors
3. Collaboration across firm functions
4. Leadership actions focusing on customer
Value Maximisers correct answers Highest customer delivered value
Only consider features important to them
Perceptions of value
Strong indicator of purchase
Experience will influence future choice
Measuring customer satisfaction and loyalty correct answers - Customer satisfaction and loyalty
surveys
- Complaint and suggestion systems
- Mystery shopper and customer interviews
- Lost customer analysis
Types of Relationships correct answers Basic
Reactive
Accountable
Proactive
Partnership
Financial Benefits of Relationship Ties correct answers One method that can assist closer
relationships between business and consumer (Loyalty programs)
Social Benefits of Relationship Ties correct answers Learns choices of consumer and offers
(learning customer needs and offering them)
Structural Benefits of Relationship Ties correct answers Refer to the links that an organisation
may provide a consumer to assist its own business (inventory or orders software)
Customer Lifetime Value correct answers Amount by which revenues from a given customer
over time will exceed company's cost of attracting, selling and servicing.
Strategic Planning correct answers Helps firms know how to compete for the future
, Steps in strategic planning correct answers Corporate Level
1. Describe what the company wants to accomplish
2. Defining company objectives and goals
3. Designing the business portfolio
Business Level
1. Planning, marketing and other functional strategies
Setting company missions and objectives correct answers Missions leads to a hierarchy of
objectives
Market strategies support the objectives
Marketing plays a key role in strategic planning correct answers Identifies attractive market
opportunities by assessing the company's potential to take advantage of them
Business Portfolio correct answers A collection of businesses and products that make up the
product
Analyzing the current business portfolio correct answers Portfolio analysis helps managers
evaluate the various business that make up a company
Two dimensions:
- Attractiveness of the SBU's market
- Strength of the SBU's position
The GE Planning Matrix correct answers Strong High, Average High, Strong Medium= Invest
and grow
Strong Low, Average medium, Weak High= Maintain
Weak Medium, Average low, Weak Low= Consider future
Strategic Branding correct answers Recognized brands are easier to shop connection is learnt
from
- consumer experiences
- market activities
Ansoff's Growth Vector Matrix correct answers
Achieving Brand Familiarity correct answers Brand familiarity= customer recognition and
acceptance
i. Rejection
ii. Non-recognition
iii. Brand- recognition
iv. Brand preference
v. Brand Insistence
Brand Equity correct answers Value of the brand
Achieve high brand loyalty
Questions with Accurate Answers.
7 Ps of Marketing correct answers Product
Price
Promotion
Placement (Distribution)
People
Process
Physical Placement
Marketing Definition correct answers A social and managerial process where individuals obtain
what they need through creating and exchanging product and values.
Managers need to... correct answers Identify needs of consumers
Develop appropriate products
Use systematic planning of price, promotion and distribution
Gain for both provider and consumer
Core Marketing Concepts correct answers 1. Markets
2. Needs, wants and demands
3. Products and services
4. Values and satisfaction
5. Exchange, transactions, and relationships
Maslow theory correct answers Needs-states of felt deprivation
Wants- a form taken by human needs
Demand- human wants backed by buying power
Customer Values correct answers Difference between benefits of owning and using and the costs
Customer Satisfaction correct answers Difference between expectations and perceived
performance
Exchange correct answers Underlying theory of marketing and explains why need to work in
order to get things we want.
Market Definition correct answers Actual and potential buys of a product
Markets interrelate with each other through the exchange process.
Marketing Concept (Four Premises) correct answers 1. Consumer Orientation
2. Continuous market research
3. all organisational activities & strategies are integrated
4. Convert satisfied consumers into loyal customers.
,The Selling Concept correct answers Factor-> Existing Products->Selling & Promoting-> Profits
through sales volume
The Marketing Concept correct answers Market-> Customer Needs-> Integrated Marketing->
Profits through customer satisfaction
Business Philosophies correct answers Production
Product
Selling
Market-Oriented Culture Reflected by: correct answers 1. Understanding of customers
2. Awareness and knowledge of competitors
3. Collaboration across firm functions
4. Leadership actions focusing on customer
Value Maximisers correct answers Highest customer delivered value
Only consider features important to them
Perceptions of value
Strong indicator of purchase
Experience will influence future choice
Measuring customer satisfaction and loyalty correct answers - Customer satisfaction and loyalty
surveys
- Complaint and suggestion systems
- Mystery shopper and customer interviews
- Lost customer analysis
Types of Relationships correct answers Basic
Reactive
Accountable
Proactive
Partnership
Financial Benefits of Relationship Ties correct answers One method that can assist closer
relationships between business and consumer (Loyalty programs)
Social Benefits of Relationship Ties correct answers Learns choices of consumer and offers
(learning customer needs and offering them)
Structural Benefits of Relationship Ties correct answers Refer to the links that an organisation
may provide a consumer to assist its own business (inventory or orders software)
Customer Lifetime Value correct answers Amount by which revenues from a given customer
over time will exceed company's cost of attracting, selling and servicing.
Strategic Planning correct answers Helps firms know how to compete for the future
, Steps in strategic planning correct answers Corporate Level
1. Describe what the company wants to accomplish
2. Defining company objectives and goals
3. Designing the business portfolio
Business Level
1. Planning, marketing and other functional strategies
Setting company missions and objectives correct answers Missions leads to a hierarchy of
objectives
Market strategies support the objectives
Marketing plays a key role in strategic planning correct answers Identifies attractive market
opportunities by assessing the company's potential to take advantage of them
Business Portfolio correct answers A collection of businesses and products that make up the
product
Analyzing the current business portfolio correct answers Portfolio analysis helps managers
evaluate the various business that make up a company
Two dimensions:
- Attractiveness of the SBU's market
- Strength of the SBU's position
The GE Planning Matrix correct answers Strong High, Average High, Strong Medium= Invest
and grow
Strong Low, Average medium, Weak High= Maintain
Weak Medium, Average low, Weak Low= Consider future
Strategic Branding correct answers Recognized brands are easier to shop connection is learnt
from
- consumer experiences
- market activities
Ansoff's Growth Vector Matrix correct answers
Achieving Brand Familiarity correct answers Brand familiarity= customer recognition and
acceptance
i. Rejection
ii. Non-recognition
iii. Brand- recognition
iv. Brand preference
v. Brand Insistence
Brand Equity correct answers Value of the brand
Achieve high brand loyalty
