Exam (elaborations)
OTE2601 Examination Questions
- Institution
- University Of South Africa (Unisa)
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STUDENT NUMBER: 62191411OCT/NOV EXAMINATION
LECTURER: PROF. MW LUMADI
OTE2601
ORIENTATION TO TEACHING ECONOMIC
AND MANAGEMENT SCIENCES
DATE: 11 OCTOBER 2023
, QUESTION 1:
In a proposed marketing plan, everything is included that must be done to convey the
product or service to the consumer and/or the target market. Elaborate on the 4 P
instruments or steppingstones that are necessary to make the plan functional. (20)
1. Product
- A product’s main goal is to fulfil the consumer’s needs or wants.
- It can either be tangible or intangible.
- It can be an item or a service.
- Products can be categorised as: Convenience, Selective or Specialty.
- Products can be durable (e.g., furniture.) or non-durable (e.g., food).
There are certain aspects that customers consider when deciding on purchasing a product:
- Trademarks
- Packaging
- Convenience
- Availability
There must be a clear concept of what the product stands for and how it can be
distinguished from the competition before a product can be marketed successfully.
Therefore, it is essential that marketers fully understand the product that they are selling,
how it meets the demands of the target consumer and what distinguishes the product from
its counterparts.
2. Price
The price may be defined as the amount of money (or alternative method of payment in
specific circumstances) that the consumer hands over in exchange for the product. The price
is closely related to the value and the use that the consumer obtains in exchange for the
money sacrificed.
The price of the product is determined by considering the following factors:
- The cost price of the product
- The running cost of the business
- A reasonable profit
- Competitors’ prices
- Supply and demand
The cost price of a product is the price that the entrepreneur pays in order to make or create
the product. The supply price is the price that the consumer must pay for the product. The
difference between cost price and supply price is the profit that the entrepreneur makes off
the product.
3. Place
The place is where the business is situated. Consumers are more likely to prefer purchasing
the products that would fulfil their needs and wants at a place that is situated close to their
STUDENT NUMBER: 62191411 | OTE2601: OCT/NOV EXAMINATION 2023
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