Reference no: EM133096144
BSBMKG542 Establish and monitor the marketing mix - Rhodes College
Assessment 1:
Questions
1 Define the following marketing terminology.
1. Brand
2. Buyer Behaviour
3. Competitor
4. Competitive Advantage
5. Consumer
6. Customer
7. Customer satisfaction
8. Demand
9. Differentiation
10. Exchange
11. Market
12. Market Penetration
13. Market segment
14. Marketing
15. Marketing Environment
16. Marketing Mix
17. Marketing Objectives
18. Marketing Opportunities
19. Marketing Plan
20. Market Segment
21. Marketing Strategy
22. Needs
23. Organisational Policy
24. Organisational Procedure
25. Products
26. Product Life Cycle
27. Promotion
28. Services
29. Statistical Analysis
30. Situation Analysis
31. Transaction
32. Target Audience
33. Target Market
34. Wants
2 Explain in your own words what the marketing concept is.
3 Outline the factors that have influenced and changed the focus of marketing over the past 60 years.
4 For each of the following Marketing Management concepts, explain how each reflect the different philosophies about the role of marketing activities within an organisation.
Production Concept
Product Concept
Selling Concept
Marketing Concept
Societal Marketing Concept
5 Select an industry with which you are familiar and list at least three (3) of the typical PRODUCTS that it offers to sell to customers.
6 Select an industry with which you are familiar and list at least three (3) of the typical SERVICES that it offers to sell to customers.
7 Describe each of the following marketing mix concepts outlined below, provide an example of each element and then outline the key differences between each of the concepts.
4P'S
5P's
7P's
Key differences between each of the concepts
8 Define the term ‘Actual product' and list its 5 core characteristics.
9 "In seeking to develop marketing strategies for their products and services, marketers have developed several product classification schemes. First, marketers divide products and services into two broad classes based on the types of consumers that use
them" List and outline below what each of these classes are.
10 Marketers further classify products based on how consumers go about buying them. Provide an explanation for each of the following product types, using an example where appropriate.
Convenience products
Shopping products
Specialty or Luxury products
Unsought products
11A Explain what Product Positioning is. Provide an example to help illustrate your response.
11B Provide an explanation and example for each of the following THREE (3) main forms of product positioning strategy.
Consumer Positioning
Competitive Positioning
Majority Fallacy Strategy
12 Using the Australian and New Zealand Standard Industrial Classification (ANZSIC) as a reference, list at least five (5) of the industries that make up the Australian services
sector.
13 "Several factors are cited as distinguishing ‘almost pure' services from ‘almost pure' goods". For each of the service based characteristics listed below, outline what they
mean and use an example to illustrate your point.
Intangibility of services
High involvement and personal nature of services
Variability of service encounters
Real time (synchronous) conversion, delivery and consumption
Perishability of services
14 Outline the key elements to be included in an organisational Pricing policy.
15 When developing a Pricing strategy, there are many variables to consider. List and describe below at least five (5) of the typical pricing variables marketers must take into account.
16 Explain each of the following pricing strategies:
Premium Pricing
Penetration Pricing
Cost Plus Pricing
Promotional Pricing
Price Skimming
Perceived Value Pricing
Standard Cost Pricing
17 What steps can you take as a marketer when setting pricing and monitoring the results of pricing strategies and tactics?
18 For each of the following forms of marketing communications, describe their function and provide at least two (2) examples for each from.
Mass Communication
Target Communication
In-store Communication
One-to-one Communication
19 Mach each of the following forms of Marketing promotion with their correct definition.
Promotional Method Answer Definition
Advertising 1. Is the building of good relations with the company's various publics by obtaining favourable publicity, building up a good ‘corporate image', and handling or heading off unfavourable rumours, stories and events
Direct Marketing 2. Is personal communication about a product between target buyers and neighbours, friends, family members and associates
Online marketing 3. Is the short-term incentives to encourage purchase of a product or service
Personal Selling 4. A form of one-to-one communication, as well as a step beyond mere marketing communication
Public Relations 5. Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor
Sales Promotion 6. Refers to direct, person-to-person communication with prospective customers the process which may take place in a sequential manner, with sales being the end objectives
Word of Mouth Influence 7. Is an interactive system of marketing which uses one or more advertising media to effect a measurable response and/or transaction at any location
20 List and describe the two (2) main forms of Distribution channels.
21 Outline the 3 main functions that Distribution channels may perform.
22 For each of the following channels of distribution explain their relative significance in terms of their marketing outcomes
Retail
Wholesale
Dealer
Distributor
Digital Networks
Franchisee
Re-Seller
Mail-Order
23 List and describe the three (3) main elements of customer service provision.
24 Explain in your own words why it important for organisations to have strong customer service policies and procedures.
25A Explain the concept of Buyer Behaviour.
25B Provide an explanation for each of the following THREE (3) levels of problem solving during the consumer buying process
Routine problem solving
Limited problem solving
Extended problem solving
26 Explain the concept of Maslow's Hierarchy of needs.
27 Explain how each of the stages of Maslow's Hierarchy of needs relate to determining the needs and wants of a customer.
28 Outline and describe the considerations that should be taken into account when analysing and testing the effects of the following components of the marketing mix in relation to each other
• Customer service variables
• Product/Service variables
• Distribution variables
• Pricing variables
• Promotional variables
29 List the two (2) main types of environmental factors organisations need to be aware of.
30 Identify and describe at least four (4) internal factors which may impact on the marketing mix.
31 Identify and describe the two key external factors which may impact on the marketing mix.
32A What does the Consumer Adoption Process refer to?
32B Provide an explanation for each of the SIX (6)STAGES of the consumer buying process.
Stage 1:
Awareness / Need recognition stage
Stage 2:
Interest / Information gathering or search stage
Stage 3:
Evaluation of alternatives stage
Step 4: Trial
Step 5:
Purchase Decision
Step 6: Confirmation
33A Explain what Market Segmentation is. Provide an example to help illustrate your response.
33B For each of the following steps in the market segmentation process, provide an explanation of how each component is further broken down.
1. Market Segmentation
2. Market Targeting
3. Product Positioning
33C There are many ways a marketer can segment a market. Provide an explanation and example for each of the following THREE (3) methods of Segmentation.
Benefit Segmentation
Usage Segmentation
Behavioural Segmentation
34A Explain what Market Targeting is. Provide an example to help illustrate your response.
34B There are many strategies a marketer can use when selecting a target market. Provide an explanation and example for each of the following THREE (3) strategies for market
targeting.
Undifferentiated Strategy
Concentrated Strategy
Differentiated Strategy
35 Outline at least three (3) ways an organisation can ensure that marketing mix decisions meet organisational, strategic and operational objectives.
36A Explain how marketing controls can be used for the effective monitoring of plans and evaluation of the need for changes.
36B Identify two (2) possible ways of improving marketing performance.
36C What is ROMI and how can it be used when monitoring the marketing mix against marketing performance?
37A Outline at least three (3) aspects that should be taken into account in relation to the marketing mix and any evaluations that are performed.
37B What impacts need to be considered when adjusting components of the marketing mix in response to test results and market response evaluation.
37C Identify three aspects that should be taken into consideration when adjusting the marketing budget.
37D Detail the methods that may be used in order to ensure that the adjusted marketing mix continues to meet organisational, strategic and operational marketing objectives, and desired positioning.
38 For each of the following organisational marketing analysis techniques, outline the
concept, explain its context to the marketing planning process and provide examples of each tool where possible.
A. PEST Analysis
B. SWOT Analysis
39 For each of the following types of legislation and regulations that apply to the marketing, advertising and media industries, describe what they are, what they are used for and their relevance to the marketing process in terms of organisational policy and
procedural development.
A. Australian Competition and Consumer Act 2010
B. Privacy Act 1988
C. Spam Act 2003
40 Outline the key reasons statistics are used in marketing.
41 There are two main types of Marketing Data. List each below and outline their purpose.
42 Outline the TWO (2) main forms of data used in marketing and explain their function by using an example.
43 For each of the following statistical techniques used to gather marketing information, outline what they are and explain how they are used and applied.
Focus Groups
Observation
Interview
Search online
Survey
Non electronic materials
Literature review
44 For each of the following statistical techniques used to analyse marketing information outline what they are and explain how they are used and what potential pitfalls there are in their use.
Mean
Median
Mode
Standard Deviation
Regression
Sample Size Determination
Hypothesis Testing
45 Outline at least FOUR (4) methods that can be used to present Marketing data.
Attachment:- Establish and monitor the marketing mix.rar