Exam (elaborations)
MNM2602 Exam Pack with questions & answers
- Institution
- University Of South Africa (Unisa)
MNM2602 Exam Pack with questions & answers will really help with those unforeseen questions and multiple choice type problems.
[Show more]
1 review
By: phathukhwashaba • 4 year ago
Content preview
ForwardThis document contains example answers for nine past exam papers.
This is not a memo and there’s absolutely no guarantee that any of my answers are correct. I’m just another student trying to
pass the module and I answered these past papers as a way to study.
You can check my work because every answer has a page number to show where I got the theory I am basing the answer on.
Question marks anywhere mean that I am unsure of that answer.
Note: Exams from 2016 back all have 15 MCQ questions worth 2 marks each. All exams after that have 30 MCQ questions worth
1 mark each.
Past exams covered in this document (these are all the ones I had access to)
• May / June 2019
• May / June 2019 Paper 2
• October / November 2018
• May / June 2018
• October / November 2017
• May / June 2017
• October / November 2016
• May / June 2016
• October / November 2015
Theory that you should memorise for the MCQ sections (Comes up often across exams)
• 6.12 Product positioning Page 157
• All of Page 27
• 1.2.1 Gaps between production and consumption Page 3 - 4
• 6.7 Prerequisites for market segmentation Page 138 - 139
• 6.12.4 Common positioning errors. Page 162
• 1.2.1 Gaps between production and consumption. Page 3 - 4
• 6.11.2 Targeting market segments. Pages 156 - 157. Must also know the advantages and disadvantages of all types of
targeting.
• Example: Types of data in survey research. page 88
• 5.2.1.1. Maslow’s hierarchical classification of needs. Page 115
• Table 4.2 Characteristics of various types of survey research. Page 92 – 93
Theory that you should memorise for the theory sections (Comes up often across exams) / Notes about theory
• The four elements of learning. 5.2.3.1 / Page 119
• Reference groups. 5.3.4 / Page 129
• Criteria for effective market segmentation. 6.7 / Page 138.
• The Four Ps / Marketing Mix (explained in many parts of the book)
• It cannot be understated how important the diagram on page 27 is. You need to know it off by heart as well as ALL the
theory which goes into it. The past exams pull many questions from here.
• It makes sense to go over the past exams and see what has not been covered yet.
• Most if not all of the theory questions here basically require you to memorise a long list. Try memorise the main
headings of the lists and then a small bit of theory to explain it. That should allow you to extrapolate further and then
apply it to the case study.
• The examples here don’t apply the theory to the case study, as that’s less important than the theory itself. Learn the
theory as much as you can and application to case studies should be easy.
• You may notice that I included most if not all of the theory, even for questions worth a few marks. This is so you can get
a better understanding of it. Remember to boil this down into shorter answers in the exam.
,May / June 2019
1. 1 Page 7
2. 2 Page 28
3. 4 Page 34
4. 1 Page 36
5. 2 Page 41
6. 1 Page 70
7. 4 Page 82???
8. 1 Page 90
9. 3 Page 92
10. 1 Page 75
11. 4 Page 101
12. 2 Page 114
13. 2 Page 126
14. 4 Page 129
15. 2 Page 30?
16. 2 Page 30
17. 3 Page 131
18. 3 Page 140
19. 1 Page 4
20. ??? None seem correct Page 139
21. 2 Page 156?
22. 1 Page 160
23. 2 Page 5/6
24. 4 Page 162
25. 1 Page 163
26. 3 Page 194
27. 1 Guess
28. 2 Page 191
29. 4 Guess
30. 4 Guess
,Section B
Question 1
a) Five gaps between production and consumption. 1.2.1 / Page 3 – 4
• Space gap. This is a geological space that exists between a consumer and manufacturer. For
example, maize is grown in certain geographical areas, but consumed locally and internationally.
o Can be overcome by, for example, investing in local production.
• Time gap. This is the gap between the time of production and the time of consumption. Bananas
for example, are only grown at specific times of the year, but kept by distributors in cold storage to
be distributed throughout the year.
o Can be overcome by, for example, by marketing goods which are more readily available year
round.
• Information gap. For the market to be able to use or buy a product, they need to be informed of
the product or service. If a new hotel was to open in a town, it will be of no use if the market is not
informed about it, where it is located, its tariffs and so forth.
o Can be overcome by, for example, investing in advertising.
• Ownership gap. When buying a car, the buyer only becomes the owner once the car is registered in
his or her name. This means the ownership is transferred to the buyer of the product.
o Can be overcome by, for example, lead consumers towards products they can outright own
instead of renting (though this would result in less money for any given business)
• Value gap. This is the gap that sellers and buyers must bridge in order to agree on an acceptable
exchange – that is, an exchange that is regarded as offering value to both parties. If a buyer regards
a price of R125 000 for a car to be acceptable, he or she will more than likely purchase the car. This
means that the value the buyer places on the product is the same as that placed by the seller.
o Can be overcome by, for example, positioning your brand as a luxury. People are willing to
pay a lot for products like Apple because of this.
b) Four positioning errors marketers should avoid. 6.12.4 / Page 162
• Under positioning. When customers have only a vague idea of a particular brand, the brand suffers
from under positioning. The brand is perceived as a ‘me too’ brand and customers do not sense
anything special about it.
• Over positioning. Buyers may have a very narrow image of a brand; in this case the brand suffers
from over positioning. The fact that the Blue Train is perceived as being exorbitantly expensive and
for overseas tourists only, means that it suffers from over positioning. The result is that many
consumers who do possess the disposable income to take a trip on the train do not even consider
it.
o Gourmet Kotas is guilty of this error as people believe they have high prices, which they do
not.
• Confused positioning. This occurs when the marketer changes the positioning of the brand too
frequently, or when too many claims are made about the brand. Consumers are, therefore, not
sure what to expect from the brand.
• Doubtful positioning. When the claims made about a brand are hard to believe or too good to be
true, the brand suffers from doubtful positioning. In such cases, consumers will be very reluctant to
buy the brand.
, Question 2
a) Mico environmental variables. The exam asks for four but there are five in the book. 2.3 / Page 28
• Mission of the business. A mission statement defines a company. A mission statement defines the fundamental,
unique purpose of a business and identifies its products or services and customers. It is a declaration of the
‘reason for being’ by a business. For an organisation to be able to set clear and realistic business objectives, it
needs to be certain about its mission and purpose. A business simply cannot survive if it does not know where it is
going and what products or services it will offer.
o E.g. Gourmet Kota wants to provide the most innovative kota experience to commuters. It wants to offer
patrons quality food at an affordable price, including original gourmet kotas as well as more interesting
ones.
• Selection of the target market. In line with the mission and objectives of the company, a target market must be
selected. This target market must be big enough for the company to meet its stated objectives and to ensure the
long-term survival and growth of the business. Sometimes a company will deliberately focus on a smaller segment
of the market (niche market) that shows potential and that the company can exploit profitably with its available
resources. Each market selected has specific characteristics, which the marketer must be aware of in order to
develop his or her marketing strategy to secure the highest possible return
o E.g. Gournmet Kota’s target market is commuters, which is why the business started near a taxi rank. The
company then branched out to delivery for a another market.
• Marketing objectives. The mission and objectives set out the reason for the existence of the business. An
objective can be defined as something the organisation wants to achieve over a set period of time. If there are no
specific and definite objectives to aim for, there is no reason to exist. The objectives of a business are, therefore,
directly linked to the mission statement. The mission leads to a hierarchy of objectives, such as the organisation’s
objectives, marketing objectives, financial objectives and production objectives.
o E.g. The marketing objectives of Gourmet Kota are the same as the stuff mentioned in the “mission of the
business” section (I think)??? Not sure on this one.
• Resources, skills and abilities. The resources, skills and abilities of the organisation are controllable elements of
the micro-environment and are employed to take advantage of external opportunities and to counter threats. The
strategic use of these elements is important, and is the responsibility of management. These resources include
available capital and the skills needed to create an effective organisational structure in which employees are able
to function to the best of their abilities. They also include the marketing skills needed to compete successfully in
the marketplace. Having an efficient marketing information system that supports decision-making, as well as
experience and intuitive foresight, are internal strengths that will put the organisation a step ahead of its
competitors.
o E.g. This is an area where Gourmet Kota are struggling because they do not have anyone on staff who has
marketing skills. They do know how to make food and generate positive word of mouth, however.
• The marketing instruments. The marketing instruments are under the direct control of marketing management.
How these instruments are used, however, depends on the market to be targeted and the expected impact of the
macro-environmental factors on the organisation. Marketing management has to take decisions regarding these
instruments against this background and with other environmental factors in mind. The marketing instruments
are also known as the marketing mix or the four Ps of marketing (Product, Place, Price, Promotion).
o E.g. For Gourmet Kota – Product = the kotas, Place = near taxi ranks (Mamelodi, Soshunguve), Price =
affordable, Promotion = word of mouth and rewards programme.
b) Which two micro environment variables from Gourmet Kota’s case study require attention to become strengths.
• Resources, skills and abilities. Require attention because no one on staff has marketing skills.
• Marketing objectives. Requires attention because nowhere in the case study does it mention these. (???)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ivann. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R160,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now