Marketing Management Units I & II
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Questions and Answers

The evolution of marketing has been a revolutionary process, not an evolutionary one.

False (B)

In what stage of marketing orientation are customers primarily considered the means to dispose of goods?

Marketing orientation

Which stage is most closely associated with the concept of 'consumer satisfaction?'

  • Production orientation
  • Sales orientation
  • Consumer orientation (correct)
  • Management orientation

    • Match the following terms with their correct meanings:

    <p>Market = The exchange of goods or services intended to satisfy human needs or wants. Barter system = The exchange of goods for goods. Micro-marketing = Marketing efforts focused on a specific firm's strategies and activities. Macro-marketing = The overall system of organizations and processes that distribute a nation's resources. Need for markets = Enabling exchange, adjusting supply and demand, improving quality of life, introducing new modes of life, and encouraging production.</p> Signup and view all the answers

    What are the two primary aspects revealed by the concept of micro-marketing?

    <p>Ensuring need-satisfying goods and services, and focusing on marketing starting with the customer rather than production.</p> Signup and view all the answers

    Macro-marketing emphasizes the impact of a nation's resources on meeting the needs and wants of its citizens.

    <p>True (A)</p> Signup and view all the answers

    What is the driving force behind all marketing activities according to Barker and Anshen?

    <p>The satisfaction of human wants.</p> Signup and view all the answers

    What are the four Ps included in the '4 Ps' of marketing?

    <p>Product, Price, Place, Promotion</p> Signup and view all the answers

    What does 'Product' represent within the 4 Ps?

    <p>The physical product, product services, brand, and packaging.</p> Signup and view all the answers

    What is the purpose of 'Promotion' within the 4 Ps?

    <p>To inform, persuade, and induce consumers.</p> Signup and view all the answers

    What is the third P in the 4Ps of marketing and what does it include?

    <p>The third P is Place, which refers to physical distribution, including marketing channels, inventory control, location, transportation, and warehousing.</p> Signup and view all the answers

    The concept of 'marketing mix' focuses on the integration of four key elements that contribute to a firm's overall success: product, price, physical distribution, and promotion.

    <p>True (A)</p> Signup and view all the answers

    According to Borden, what are the two key components of the marketing mix?

    <p>The list of elements or ingredients that make up the marketing program, and the list of forces that influence the marketing operation.</p> Signup and view all the answers

    Marketing mix variables are also referred to as marketing decision variables.

    <p>True (A)</p> Signup and view all the answers

    From the perspective of a manufacturer, what is the purpose of 'market segmentation?'

    <p>To identify and target specific groups of customers who will be most receptive to the manufacturer's products and services.</p> Signup and view all the answers

    What are the three steps involved in target marketing?

    <p>Market segmentation, Market Targeting, and Market Positioning</p> Signup and view all the answers

    One of the key benefits of micro-marketing is the creation of a customer-centric approach that prioritizes meeting individual needs on a local level.

    <p>True (A)</p> Signup and view all the answers

    What does 'niche marketing' involve?

    <p>Targeting a narrowly defined group of customers whose needs are not well served by existing products and services.</p> Signup and view all the answers

    The concept of 'mass marketing' assumes that all consumers have similar needs and wants and will respond favorably to the same marketing approach.

    <p>True (A)</p> Signup and view all the answers

    What is the primary purpose of product planning?

    <p>To create and manage a product mix that aligns with market needs and the long-term goals of the business.</p> Signup and view all the answers

    What is the definition of a 'product line?'

    <p>A product line is a group of closely related products intended for essentially similar uses and possessing similar physical characteristics.</p> Signup and view all the answers

    Factors that influence the composition and changes in a product line include consumer preferences, competitor strategies, market demand, and company goals and objectives.

    <p>True (A)</p> Signup and view all the answers

    What are the four characteristics of a product mix?

    <p>Length, width, depth, and consistency</p> Signup and view all the answers

    When a company decides to 'expand' its product mix, it is essentially adding more items to its product line, potentially introducing new product lines.

    <p>True (A)</p> Signup and view all the answers

    A core principle of product 'positioning' is to create a unique image for the product in the minds of consumers, highlighting its key benefits and strengths.

    <p>True (A)</p> Signup and view all the answers

    What is the primary difference between 'product differentiation' and 'market segmentation?'

    <p>Product differentiation focuses on distinguishing a product's unique features, while market segmentation targets specific segments of the market based on their needs and preferences.</p> Signup and view all the answers

    What is the primary goal of 'Trading Up' as a product strategy?

    <p>Adding higher priced and more prestigious products to a product line, often in the hope of boosting sales of lower priced items.</p> Signup and view all the answers

    What are the main elements involved in product differentiation?

    <p>The characteristics of the product, the extent of appreciation for the product's unique features by customers, the price premium customers are willing to pay, and how well the product is differentiated from competitors.</p> Signup and view all the answers

    Product innovation, a key driver of a successful product strategy, is often seen as simply adding new features to an existing product.

    <p>False (B)</p> Signup and view all the answers

    What are the three categories of new products identified by Stanton?

    <p>Truly unique and innovative products, replacements for existing products, and imitative products that are new to the company but not to the market.</p> Signup and view all the answers

    What is the most common reason for product failure?

    <p>The failure to satisfy consumer needs and preferences.</p> Signup and view all the answers

    The product life cycle is a model that depicts how a product moves through five distinct stages: Introduction, Growth, Maturity, Saturation, and Decline.

    <p>True (A)</p> Signup and view all the answers

    Generally, what are the two core components of the product life cycle management?

    <p>Product and market management</p> Signup and view all the answers

    Match the following product life cycle stages with their respective characteristics

    <p>Introduction = Sales increase rapidly, intense competition, creative selling becomes essential. Growth = Profit decreases and creative selling is needed to stimulate sales. Maturity = Sales peak and potentially plateau, but further increases are unlikely. Saturation = Heavy advertising and promotion may be needed to stimulate demand. Decline = Sales begin to decline, new substitutes may emerge, and cost control becomes crucial.</p> Signup and view all the answers

    What are the key product management strategies used in the 'introduction' stage of the product life cycle?

    <p>Heavy advertising and sales promotion to stimulate demand, create awareness, and build market acceptance.</p> Signup and view all the answers

    What are the key challenges faced by companies during the 'growth' stage of the product life cycle?

    <p>Meeting increased demand, managing competitive pressures, and developing strategies to maximize profit during this period of rapid growth.</p> Signup and view all the answers

    What are the key characteristics observed during the 'maturity' stage of the product life cycle?

    <p>Sales plateau or slow down, intense competition, and a focus on maximizing marketing efficiency.</p> Signup and view all the answers

    What are the key strategies used by companies during the decline stage?

    <p>Cost control, managing sales decline, and potentially repositioning or discontinuing the product.</p> Signup and view all the answers

    A company can introduce new products through either acquisition or development.

    <p>True (A)</p> Signup and view all the answers

    What are the six categories of new products?

    <p>New-to-the-world products, new product lines, additions to existing product lines, improvements and revisions of existing products, repositioning, and cost reductions.</p> Signup and view all the answers

    The product planning process is typically the responsibility of a single individual, such as a product manager, who solely manages all aspects of product development.

    <p>False (B)</p> Signup and view all the answers

    The primary purpose of 'social marketing' is to increase the adoption of profitable products and services to create immediate revenue generation for companies.

    <p>False (B)</p> Signup and view all the answers

    What are the key concepts that social marketing utilizes to achieve its goals?

    <p>Market segmentation, consumer research, idea configuration, communication, facilitation, incentives, and exchange theory.</p> Signup and view all the answers

    The primary objective of a 'regulated market' is to eliminate competition to ensure stability and maximize profits for established companies.

    <p>False (B)</p> Signup and view all the answers

    What is the key difference between a 'regulated market' and an 'unregulated market?'

    <p>A regulated market has imposed rules and controls on various aspects, such as pricing and quality, while an unregulated market is generally subject to the forces of supply and demand.</p> Signup and view all the answers

    The ultimate goal of a 'spot market' is to facilitate transactions for goods that will be delivered at a future date.

    <p>False (B)</p> Signup and view all the answers

    What is the primary purpose of a 'future market?'

    <p>To negotiate contracts for goods that will be delivered at a future date, with the price being determined today, rather than at the time of delivery.</p> Signup and view all the answers

    The primary function of 'distribution' is to ensure the physical movement of goods from producers to consumers.

    <p>True (A)</p> Signup and view all the answers

    The term 'business' emphasizes the element of 'profit' as a goal of commercial activities.

    <p>True (A)</p> Signup and view all the answers

    Match the following types of goods with their respective characteristics:

    <p>Consumer's goods = Items purchased by ultimate consumers for their personal use. Industrial goods = Goods used for production, not for immediate consumption Convenience goods = Purchased frequently with minimal effort. Shopping goods = Purchased after careful consideration, comparison of prices, and qualities. Specialty goods = Highly desirable, requiring a special effort to obtain, often associated with brand recognition and prestige.</p> Signup and view all the answers

    Raw materials are already processed goods that are incorporated into finished products.

    <p>False (B)</p> Signup and view all the answers

    Fabricated materials are goods that have undergone some basic processing but still require further processing before becoming final products.

    <p>True (A)</p> Signup and view all the answers

    Component parts are final components that are visible in the finished product, such as batteries or tires.

    <p>True (A)</p> Signup and view all the answers

    Installation goods like buildings or machinery are considered durable goods because they have an extended lifespan and are meant for production or commercial use.

    <p>True (A)</p> Signup and view all the answers

    What is the main distinction between 'services' and 'goods'?

    <p>Goods are tangible and can be physically possessed, while services are intangible, often requiring a personal interaction.</p> Signup and view all the answers

    Marketing can be categorized as a 'science' because it involves a systematic and structured approach to analyzing and organizing the process of understanding and meeting consumer needs.

    <p>True (A)</p> Signup and view all the answers

    What are the four main approaches to the study of marketing?

    <p>Product / commodity, institutional, functional, and management.</p> Signup and view all the answers

    Match the following marketing approaches with their definitions:

    <p>Product/Commodity approach = Focuses on the flow of a specific good or service from producer to consumer. Institutional approach = Analyzes the functions and roles of intermediaries like wholesalers, retailers, and importers. Functional approach = Examines the marketing functions like buying, selling, pricing, and transportation. Management approach = Emphasizes the marketing processes and decision-making from a manager's perspective.</p> Signup and view all the answers

    The 'management approach' to marketing is considered the most modern and scientific approach, placing an emphasis on understanding the role of decision-making in a company's operations.

    <p>True (A)</p> Signup and view all the answers

    What is the key characteristic of the 'system approach' to marketing?

    <p>Viewing the entire marketing system as interconnected elements, where each part influences the other.</p> Signup and view all the answers

    The 'societal marketing approach' places a primary emphasis on serving consumers' needs and wants, while prioritizing the profits and growth of the business.

    <p>False (B)</p> Signup and view all the answers

    The 'legal approach' to marketing focuses on providing legal counsel to businesses and ensuring compliance with regulations, which is a critical aspect of marketing success.

    <p>False (B)</p> Signup and view all the answers

    The 'economic approach' to marketing primarily examines the cost of production, pricing strategies, and the dynamics of supply and demand.

    <p>True (A)</p> Signup and view all the answers

    What are the key characteristics of 'modern marketing?'

    <p>Consumer orientation, integrated and coordinated marketing, focus on attracting customers, and a commitment to customer satisfaction.</p> Signup and view all the answers

    The concept of 'consumer orientation' emphasizes a focus solely on maximizing sales volume as the key success metric for a business.

    <p>False (B)</p> Signup and view all the answers

    Modern marketing is deeply rooted in the idea that businesses should first understand and prioritize consumer needs before deciding what to produce.

    <p>True (A)</p> Signup and view all the answers

    What is the primary objective of 'relationship marketing?'

    <p>To build strong, long-term relationships with customers, often by creating personalized experiences and exceeding their expectations.</p> Signup and view all the answers

    Modern marketing emphasizes that a company should focus its efforts on creating a diverse array of products, targeting a wide range of consumers, to ensure its success.

    <p>False (B)</p> Signup and view all the answers

    'Consumer satisfaction' is a core concept in modern marketing, emphasizing the importance of consistently delivering on promises made to customers and exceeding their expectations.

    <p>True (A)</p> Signup and view all the answers

    What three factors are essential for creating 'consumer satisfaction' in modern marketing?

    <p>Short-run consumer satisfaction, long-run consumer welfare, and a focus on meeting consumer needs and wants.</p> Signup and view all the answers

    The 'integrated marketing' approach focuses on ensuring that all of a company's departments and activities work together in a coordinated and aligned manner to create a consistent and unified customer experience.

    <p>True (A)</p> Signup and view all the answers

    The 'Modern Marketing Concept' emphasizes that businesses should start with what they can easily produce and then try to find customers to buy those products.

    <p>False (B)</p> Signup and view all the answers

    The concept of 'modern marketing' suggests that customers should be considered 'kings' in the marketplace, and businesses should focus on exceeding their expectations and addressing their needs.

    <p>True (A)</p> Signup and view all the answers

    'Customer orientation' is crucial in modern marketing, as it emphasizes that every business decision should be made with the goal of maximizing profits for the company.

    <p>False (B)</p> Signup and view all the answers

    'Modern marketing' emphasizes that businesses should begin their marketing efforts with a clear understanding of their target audience and their needs before making any production decisions.

    <p>True (A)</p> Signup and view all the answers

    The 'marketing mix' comprises a framework that consists of the four Ps: product, price, place (distribution), and people.

    <p>False (B)</p> Signup and view all the answers

    A key advantage of 'concentrated marketing' is that it allows businesses to focus all their resources on a specific niche market, potentially becoming the dominant player in that segment.

    <p>True (A)</p> Signup and view all the answers

    A key advantage of 'differentiated marketing' is that it enables companies to offer a wide range of products and services to appeal to different customer segments while minimizing marketing costs and efforts.

    <p>False (B)</p> Signup and view all the answers

    A marketer needs to have a clear understanding of 'positioning' when creating marketing messages, as it involves establishing a distinctive image or benefit for their brand in the minds of consumers.

    <p>True (A)</p> Signup and view all the answers

    Study Notes

    Marketing Management

    • This study material covers Unit I and II of Marketing Management.
    • Unit I covers fundamental marketing concepts, approaches, the marketing mix, segmentation, and buyer behaviour, along with arguments For and Against pricing policies and strategies.
    • Unit II covers advertising, media, copy effectiveness, consumer rights and protection, and recent trends in advertising.

    Marketing Management - Evolution of Marketing

    • The development of marketing is evolutionary, not revolutionary. Marketing is what a marketer does.
    • Early marketing focused on making goods available where needed.
    • The emphasis shifted from exchange to satisfying human wants.
    • Key stages in the evolution include the barter system, production orientation, sales orientation, marketing orientation, consumer orientation, and management orientation.

    Marketing Management - Definition of Market

    • A market is a place where goods are bought or sold.
    • Market includes both a location and a region where buyers and sellers interact competitively.
    • Needs for markets include the exchange of goods and services, use of price mechanism to adjust supply and demand, improving society's quality of life, and encouraging production.

    Marketing Management - Classification of Markets

    • Markets are classified based on geographical area (family, local, national, and world markets) and commodities/goods (produce exchange market, manufactured goods market, and bullion market).
    • Capital markets are also a type of market, where money is borrowed or lent, involving money markets, foreign exchange markets, and stock exchange markets.

    Marketing Management - Types of Markets

    • Spot markets: immediate exchange of goods.
    • Future markets: contracts for goods to be delivered in the future
    • Regulated markets: those with specific rules and regulations (e.g. Stock Exchanges).
    • Unregulated markets: free markets with no control over price, quality, etc.
    • Short-period markets: dealing in perishable goods
    • Short-period markets: dealing in goods with fluctuating demand
    • Long-period markets: dealing in durable goods

    Marketing Management - Micro and Macro Marketing

    • Micro-marketing focuses on firm strategies for producing and distributing need-satisfying goods and services.
    • Macro-marketing covers the entire system of organizations and processes that distribute resources to satisfy human needs and wants.

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    Marketing Management I & II PDF

    Description

    This quiz covers Units I and II of Marketing Management, focusing on core marketing concepts such as the marketing mix, segmentation, buyer behavior, and advertising trends. It delves into pricing strategies and the definition of markets, highlighting key themes in marketing evolution.

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