MKTG1501 Study Questions with Correct Answers 100% Verified 2024/2025

MKTG1501 Study Questions with Correct Answers 100% Verified 2024/2025 Marketing - Correct Answer Social and managerial..... Identifying the needs of consumers and developing appropriate products, the offering this to specific groups of consumers using a systematic plan (marketing mix) The marketing process - Correct Answer 1. Understand the market place and customer needs, wants and demands. 2. Design a customer driven market strategy 3. Construct an integrated marketing program that deliver superior value 4. Build profitable relationships and create customer delight 5. Capture value from consumers to create profits and customer equity Four premise of marketing concepts - Correct Answer Consumer orientation Continuous marketing research All organisational activities and strategies are interrelated Aims to convert satisfied consumers into loyal consumers Marketing concepts (MECCM) - Correct Answer 1. Market offerings - marketing mystopia 2. Exchanges and relationships 3. Customer value and satisfaction 4. Customer needs, wants, demands 5. Markets Marketing management - Correct Answer Analysis, planning and implementation and control of programs designed to build and maintain beneficial exchanges with target buyers to achieve organisational goals Demarketing - Correct Answer Marketing in which the aim is to temporarily or permanently reduce demand. Seeks to affect level, timing and nature of demand to achieve organisational goals. Marketing mystopis - Correct Answer Mistake of paying more attention to the specific product rather than to the benefits and experiences produced by these products Customer value - Correct Answer Difference between the benefit the customer gains from buying product and the costs of obtaining it Value proposition - Correct Answer an organisation's set of benefits or values it promises to deliver to consumers Production concept - Correct Answer Consumer will favour products that are available and highly affordable. Org should hence focus on improving production and distribution