MART211 Exam Prep Questions And Already Passed Answers.

what is a marketing channel, and why is it important - Answer the route in which goods, services, communications, information and money flow through the channel to get to the consumer. what are the four flows in marketing channel - Answer goods/services down money up communication down information up how do goods and services move in a channel - Answer direct - sent straight from the manufacturer to the consumer no intermediaries indirect - the product or service is moved down using intermediaries then delivers to consumer 5 ways money can fail to move back up the channel - Answer 1. does not realise value at far end 2. retains an unacceptably large proportion of value 3. retains all value - non payment 4. reduces value - late/partial payment 5. performs ok at first but then under performs due to one of the above what is channel/market power and how does it work - Answer related to the power a company holds in that specific market, for example if they dominate it like frosts dominate the frosts market cause they own it. what does a marketer need to know about market power - Answer there will always be market power it can't be avoided, if you leave a free market unsupervised then they will become a monopoly and the market will collapse What's a monopoly? - Answer Something only you own and only you can sell meaning there is no competition. what is sales and why is it important - Answer sales person has to figure out what the consumer wants or needs, sales it at the end of the marketing process