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MNM1503 INTRODUCTION TO MARKETING EXAM WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+$13.99
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FREIGHT-ABSORPTION PRICING - ANSWERS-A price tactic in which the seller pays
all or part of the actual freight charges and does not pass them on to the buyer.
UNIFORM REGIONAL PRICING - ANSWERS-
BASE-POINT PRICING - ANSWERS-Geographic pricing that combines factory price
and freight charges from the base point nearest the buyer.
,COST INFLATION - ANSWERS-Rising costs squeeze profit margins and lead
organisations to implement regular rounds of price increases.
EXCESSIVE DEMAND - ANSWERS-When an organisation cannot fulfill all its
customer's needs. It can raise its prices or ration products to customers
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.
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.
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.
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