Marketing test

Marketing test

  • Submitted By: asknas
  • Date Submitted: 08/03/2013 3:40 PM
  • Category: Business
  • Words: 4469
  • Page: 18
  • Views: 1

1.1: Define marketing and explain the elements of the marketing process.

The management process through which goods and services move from concept to the customers.
It includes the coordination of four elements called the 4 P’s of marketing:

Identification, selection and development of a Product.
Determination of its Price.
Selection of a distribution channel to reach the customer’s Place.
Development and implementation of a Promotional strategy.

For example, new Apple products are developed to include improved application and systems,
Are set at different prices depending on how much capability the customer desires,
And are sold in places where other Apple products are sold.

1.2: Evaluate the benefits and costs of a marketing orientation for a selected organisation.
Explain customer and competitor orientation and competitive advantage.
Highlight the importance of customer satisfaction, customer care and relationship marketing.

The benefits of marketing orientations are: The chances of newly developed products failing in the market are much reduced but not eliminated if effective market research has been under taken first. With the huge cost of developing new products, such as cars or computers, this is a convincing argument for most businesses to use the market oriented approach. If consumer needs are being met with appropriate products then they are likely to survive longer and make higher profits than those that are being sold following a product led approach. Constant feedback from consumer’s market research never actually ends. This will allow the product and how it is marketed to be adapted to changing tastes before it is too late and before competitors get there first.

2.1: Show macro and micro environmental factors which influence marketing decision. Explain the
Importance of stakeholder: describe the competitive environment (Porter’s 5 forces analysis)

The Micro environment includes all factors which impact directly on a...

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