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Marketing theory and practice (MKF1120)100% Correct!!
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Marketing - ANSWERA human activity directed at satisfying needs and wants through exchange processes Customer value - ANSWERFrom a customer's perspective, customer value is what they 'get' (benefits) relative to what they 'give up' (costs) Types of customer value - ANSWERFunctional/instrumental...

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  • October 10, 2024
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  • 2024/2025
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  • marketing theory and practice mkf1120100 correc

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Marketing theory and practice
(MKF1120)100% Correct!!

Marketing - ANSWERA human activity directed at satisfying

needs and wants through exchange processes

Customer value - ANSWERFrom a customer's perspective, customer value is

what they 'get' (benefits) relative to what they 'give up' (costs)

Types of customer value - ANSWERFunctional/instrumental, experiential/hedonic,
symbolic/expressive, cost/sacrifice

Needs - ANSWERInnate states of felt deprivation (physical, social, self expression)

Wants - ANSWERThe form taken by needs as they are shaped by

culture and individual personality

Demand - ANSWERWants that are backed by buying power

Product - ANSWERThe thing that is available for exchange

Exchange - ANSWERThe act of obtaining a desired object from someone by offering something in
return (restricted, generalised, complex)

Market - ANSWERThe set of all actual and potential buyers of a product. They share a particular need
or want that can be satisfied through exchange

Micro-environment - ANSWERAll those other organisations and individuals that, directly or indirectly,
affect the activities of the organisation (customers, competitors, shareholders, community, suppliers,
intermediaries)

Macro-environment - ANSWERThose conditions and influences impingeing or

potentially impingeing on marketing. Must be continuously monitored in order for an

organisation to plan ahead. (political/legal, economic, social, technological, natural: PESTN)

Internal environment - ANSWERComponents of an organisation, such as the employees, physical
tools and communication methods, which affect corporate culture.

Environmental scanning - ANSWERAn early warning system for the environmental forces which may
impact a company's products and markets in the future. Scanning enables a company to act rather
than react to opportunities and/or threats.

SWOT analysis - ANSWERA framework for assessing an organisation and its marketing environment
(strengths, weaknesses, opportunities, threats)

Buying roles - ANSWERInitiator, influencer, decider, buyer, user, payer

Buyer decision process - ANSWER1. Problem (need) recognition

, 2. Information search

3. Evaluation of alternatives

4. Purchase

5. Post purchase evaluation

Internal influences - ANSWERPerception, motivation, learning, attitudes, personality, age groups,
lifestyle

Social influences - ANSWERCulture, subculture, social class, group memberships

Situational influences - ANSWERPhysical environment, time

Market research - ANSWERSystematic and objective identification, collection, analysis, dissemination
and use of information that is undertaken to improve decision making and solve problems.

Market research process - ANSWER1. Define problem

2. Develop approach to problem

3. Develop a research design

4. Do fieldwork/collect data

5. Analyse data

6. Prepare report

Competitive intelligence - ANSWERThe systematic collection and analysis of publicly available
information about competitors and developments in the marketing environment

Marketing information system (MkIS) - ANSWERA formalised set of procedures for generating,
analysing, storing, and distributing pertinent information to marketing decision makers on an
ongoing basis

Marketing segmentation - ANSWERThe process by which a market is divided into distinct customer
subsets of people with similar needs and characteristics that lead them to respond in similar ways to
a particular product offering and strategic marketing programme

Mass marketing - ANSWEROne marketing approach for all customers

One-to-one marketing - ANSWERCustomised approach for each customer

Characteristics of segments - ANSWERAdequate size, measurability, accessibility, responsiveness,
compatibility

Steps in segmentation - ANSWER1. Define market

2. Segmentation

3. Targeting

4. Positioning

Segmentation variables - ANSWERDemographic/social, psychographic, behavioural, benefits sought

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