MART112 - Exam Revision Questions
And Actual Answers.
Marketing - Answer 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
Customer Value - Answer The difference between the benefits the customer gains from
owning and using a product and the costs of obtaining the product
Marketing involves 4 main activities: - Answer 1. Analysis
2. Planning
3. Implementing
4. Control
4 Business Concepts: - Answer 1. Production concepts
2. Product concept
3. Selling concept
4. Marketing concept
Environment Scanning - Answer Process of continually acquiring information on events
occurring outside the organisation to identify and interpret potential trends
Macro-environment (external to organisation) - Answer - Demographic shifts
- Economic conditions
- Competition
- Social/Cultural
- Political/Legal
- Technological changes
Micro-environment (linked to organisation) - Answer - Suppliers
- Customers
,Internal Environment (within the organisation) - Answer - Other functions (e.g. Finance,
production)
- Location
- Identity
Key Demographic Trends - Answer - Eduction
- Geographic shifts
- Growing ethnic diversity
- Age structures
- Changing family structures
Positioning - Answer The place a product occupies in consumers minds. Based on important
attributes relative to competing products.
Head to head - Answer Competing directly with rivals on simlar products attributes in the
same target market
Differentiation - Answer Finding a less-competitive, smaller market niche to locate the
offering/brand
Marketing Mix Influences - Answer - Product
- Price
- Promotion
- Place
Sociocultural influences - Answer - Personal influence
- Reference groups
- Family
- Social class
- Culture and subculture
Situational influences - Answer - Purchase task
, Psychological influences - Answer - Motivations and personality
- Perception
- Learning
- Values, beliefs, and attitudes
- Lifestyle
Consumer purchase decision process - Answer 1. Problem recognition
2. Information search
3. Alternative evaluation
4. Purchase decision
5. Post purchase behaviour
Motivation - Answer "...is the energizing force that stimulates behavior to satisfy a need"
...causes people to behave as they do involves needs and goals
Maslow's Hierarchy of needs - Answer 1. Self-actualisation needs
2. Personal needs
3. Social needs
4. Safety needs
5. Physiological needs
Personality - Answer "...a person's consistent behaviours or responses to recurring situation"
e.g. assertiveness, extraversion, complicanance, dominance, aggression
Perception - Answer "...the process by which individuals select, organize and interpret
information to create a meaningful picture of the world"
Attention - Answer ...processing activity is devoted to a particular stimulus
Cognitive Learning - Answer Through thinking, reasoning and mental problem solving
And Actual Answers.
Marketing - Answer 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
Customer Value - Answer The difference between the benefits the customer gains from
owning and using a product and the costs of obtaining the product
Marketing involves 4 main activities: - Answer 1. Analysis
2. Planning
3. Implementing
4. Control
4 Business Concepts: - Answer 1. Production concepts
2. Product concept
3. Selling concept
4. Marketing concept
Environment Scanning - Answer Process of continually acquiring information on events
occurring outside the organisation to identify and interpret potential trends
Macro-environment (external to organisation) - Answer - Demographic shifts
- Economic conditions
- Competition
- Social/Cultural
- Political/Legal
- Technological changes
Micro-environment (linked to organisation) - Answer - Suppliers
- Customers
,Internal Environment (within the organisation) - Answer - Other functions (e.g. Finance,
production)
- Location
- Identity
Key Demographic Trends - Answer - Eduction
- Geographic shifts
- Growing ethnic diversity
- Age structures
- Changing family structures
Positioning - Answer The place a product occupies in consumers minds. Based on important
attributes relative to competing products.
Head to head - Answer Competing directly with rivals on simlar products attributes in the
same target market
Differentiation - Answer Finding a less-competitive, smaller market niche to locate the
offering/brand
Marketing Mix Influences - Answer - Product
- Price
- Promotion
- Place
Sociocultural influences - Answer - Personal influence
- Reference groups
- Family
- Social class
- Culture and subculture
Situational influences - Answer - Purchase task
, Psychological influences - Answer - Motivations and personality
- Perception
- Learning
- Values, beliefs, and attitudes
- Lifestyle
Consumer purchase decision process - Answer 1. Problem recognition
2. Information search
3. Alternative evaluation
4. Purchase decision
5. Post purchase behaviour
Motivation - Answer "...is the energizing force that stimulates behavior to satisfy a need"
...causes people to behave as they do involves needs and goals
Maslow's Hierarchy of needs - Answer 1. Self-actualisation needs
2. Personal needs
3. Social needs
4. Safety needs
5. Physiological needs
Personality - Answer "...a person's consistent behaviours or responses to recurring situation"
e.g. assertiveness, extraversion, complicanance, dominance, aggression
Perception - Answer "...the process by which individuals select, organize and interpret
information to create a meaningful picture of the world"
Attention - Answer ...processing activity is devoted to a particular stimulus
Cognitive Learning - Answer Through thinking, reasoning and mental problem solving
