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MNM1503 INTRODUCTION TO MARKETING EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS €21,41
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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 - ANSWER-Organise groups of
independent retailers to better compete with large chains through
standardized selling practices and buying economies.
CONSUMERS - ANSWER-Individuals with certain needs and wants, and have the
ability to purchase certain products/and or services to satisfy their needs.
EXCHANGE RELATIONSHIP - ANSWER-Sellers have to offer a certain product or
service to buyers in exchange for money.
MARKETING - ANSWER-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 - ANSWER-Products and services are managed from the
production stage to the consumer.
,THE BROAD DEFINITION OF MARKETING - ANSWER-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 - ANSWER-Product, Price, Place, Promotion.
ADVERTISING - ANSWER-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 - ANSWER-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 - ANSWER-Ensures that the right product is
produced to suit consumer needs.
PROMOTIONS - ANSWER-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 - ANSWER-Ensuring that the necessary systems are put in place to
enable the company to sell its products to the end-consumer.
,RELATIONSHIP MARKETING - ANSWER-Every organisation needs to build real
and life-long relationships with all stakeholders.
MARKETING MIX - ANSWER-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 - ANSWER-That a company has manufactured to meet the needs and
demands of customers.
PRICE - ANSWER-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 - ANSWER-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 - ANSWER-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 - ANSWER-The difference between the period when the product is
produced and the period when the product is consumed by the customer.
SPACE GAP - ANSWER-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 - ANSWER-Companies have to make information available
to consumers to help them male a decision to purchase a particular product.
OWNERSHIP GAP - ANSWER-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 - ANSWER-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.
PRIMARY ACTIVITIES - ANSWER-All forms of transportation.
AUXILIARY ACTIVITIES - ANSWER-Sourcing and supplying information;
Standardisation and grading; Storage; Financing; Risk taking.
EXCHANGE ACTIVITIES - ANSWER-Processes incurred in the buying and selling
of products.
SOURCING AND SUPPLYING INFORMATION - ANSWER-Sellers must have
information about the target market.
STANDARDISATION AND GRADING - ANSWER-Certain products have to be
designed and produced in a manner that ensures that certain standards are
met for quality purposes.
STORAGE - ANSWER-Storage closes the time gap.
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