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MNM1503 INTRODUCTION TO MARKETING EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS $22.99
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MNM1503 INTRODUCTION TO MARKETING EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS
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MNM1503 INTRODUCTION TO MARKETING EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS

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  • December 14, 2024
  • 66
  • 2024/2025
  • Exam (elaborations)
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  • mnm1503 introduction to marketing exam latest 2024

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MNM1503 INTRODUCTION TO MARKETING EXAM
LATEST 2024 ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS|ALREADY GRADED
A+|GUARANTEED TO PASS CONCEPTS
WHOLESALER SPONSORED VOLUNTARY CHAINS - (answers)Organise groups of
independent retailers to better compete with large chains through standardized selling practices
and buying economies.



CONSUMERS - (answers)Individuals with certain needs and wants, and have the ability to
purchase certain products/and or services to satisfy their needs.



EXCHANGE RELATIONSHIP - (answers)Sellers have to offer a certain product or service to
buyers in exchange for money.



MARKETING - (answers)Includes market research, targeting, sales promotion, personal selling,
social media and broadcast, customer relationship management, public relations, publicity,
sponsorship, networking and direct marketing.



MARKETING PROCESS - (answers)Products and services are managed from the production
stage to the consumer.



THE BROAD DEFINITION OF MARKETING - (answers)Where an organisation, in its drive
to meet its organisational goal, focuses on meeting customers' needs and wants, by offering the
right product, the right place, at the right price, and by using the right marketing communication
channels and which, in this process, strives to establish relationships with customers and to
develop and grow these relationships with relevant stakeholders in an ever-changing
environment.



4Ps of MARKETING - (answers)Product, Price, Place, Promotion.

,ADVERTISING - (answers)Involves designing written, verbal or digital messages to reach the
target market. The aim of advertising is to arouse consumer interest through the selected medium
and stimulate the target market to purchase and services of the company.



MARKET RESEARCH - (answers)Refers to an ongoing investigation into the needs/wants of
targeted to prospective and current consumers. Enables the organisation to investigate changing
consumer demands and inform the organisation accordingly in order to produce or render
services that are relevant to the consumer.



PRODUCT MANAGEMENT - (answers)Ensures that the right product is produced to suit
consumer needs.



PROMOTIONS - (answers)Deals with marketing the "end-product", which has already gone
through the production process to consumers. i.e sales promotions, personal selling, sampling,
contests, rebates, usable benefits, coupon, product combinations, quantity gifts, refunds and
discounts.



SALES - (answers)Ensuring that the necessary systems are put in place to enable the company
to sell its products to the end-consumer.



RELATIONSHIP MARKETING - (answers)Every organisation needs to build real and life-long
relationships with all stakeholders.



MARKETING MIX - (answers)The process of putting together a correct combination of the
right product, at the right price, in the right place and with the right promotion.



PRODUCT - (answers)That a company has manufactured to meet the needs and demands of
customers.

,PRICE - (answers)Refers to the amount that the consumer is anticipated to pay when purchasing
a particular product (or service). Affects how the product sells in the market.



PLACE - (answers)Refers to how the product is made available to the end-consumer.
Distribution plays a major role in how the product is transported from the production phase to the
end-consumer.



GAPS BETWEEN PRODUCTION AND CONSUMPTION - (answers)Exist because the place
where the product is produced may differ from the place where the product will be consumed or
sold to the consumer.



TIME GAP - (answers)The difference between the period when the product is produced and the
period when the product is consumed by the customer.



SPACE GAP - (answers)Refers to the geographical/physical distance between the producers and
the consumers that could affect the delivery of products to the end-consumers.



INFORMATION GAP - (answers)Companies have to make information available to consumers
to help them male a decision to purchase a particular product.



OWNERSHIP GAP - (answers)When the consumer has finally managed to pay all that is due
for the product purchased; the consumer can now officially own the product.



VALUE GAP - (answers)The price that the consumer will pay for the product must be aligned
to the value that the consumer believes the product is worth. The seller and the buyer's perceived
value of the product must be equal.



MARKETING ACTIVITIES - (answers)Primary activities; Auxiliary activities; Exchange
activities.

, PRIMARY ACTIVITIES - (answers)All forms of transportation.



AUXILIARY ACTIVITIES - (answers)Sourcing and supplying information; Standardisation
and grading; Storage; Financing; Risk taking.



EXCHANGE ACTIVITIES - (answers)Processes incurred in the buying and selling of products.



SOURCING AND SUPPLYING INFORMATION - (answers)Sellers must have information
about the target market.



STANDARDISATION AND GRADING - (answers)Certain products have to be designed and
produced in a manner that ensures that certain standards are met for quality purposes.



STORAGE - (answers)Storage closes the time gap.



FINANCING - (answers)Includes all the costs. Financed by financial institutions.



RISK TAKING - (answers)Taking out insurance to mitigate risks.



MARKETING ORIENTATIONS - (answers)Referred to as a managerial philosophy that
organisations need to focus on meeting consumer needs. Maintains that all systems and human
resources of the company are directed towards satisfying the needs /wants of consumers.



CUSTOMER ORIENTATION - (answers)Entails all the actions intended to satisfy the
needs/wants of the customer. Companies must ensure that the customer is offered a
product/service that suits the needs/wants of the customer.

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