1 | P a g e

BLUE SET Question1

1)Marketingisanactivity,setofinstitutionsandprocessesforcreating,communicating,deliveringandexchangingofferingsthathave____________forcustomers,clients,partnersandsocietyatlarge.

Answer:value

2)ThesectionofthemarketingplanthatdealswiththeSWOTanalysisdefinesorganisational_________,weaknesses,opportunitiesandthreats.

Answer:strength

3)Inthecontextofmarketingresearch__________recordscanusuallybeobtainedmorequicklyandcheaplythanotherinformationsources.

Answer:Internal/Company

4)Strategicplanningreferstothe_____________ofselectinganoverallcompanystrategyforlong‐runsurvivalandgrowth.

Answer:task (Not process)

5)________refertostronginternalstimulusthatcallsforaction.

Answer:drives (Not Cues)

6)Marketing___________istheprocessthatturnsmarketingstrategiesandplansintomarketingactionsinordertoaccomplishstrategicmarketingobjectives.

Answer:implementation

7)Needrecognitionbyitselfisnotenoughtotriggeranactionbyaconsumer‐___________isneededtodrivetheconsumerintoaction.

Answer:motivationQuestion2Marketing Philosophy Corresponding marketing conceptAllan is a young marketing manager who promotes the idea of developing new products that are environmentally friendly. He seems to be a believer in ……

The societal marketing concept

Boris is the plant manager at AllTech and believes that the efficiency of his operation created value for his customers. Boris is most closely aligned to ….

The production concept Cordelia is plant manager at DressRight and believes her constant improvements in clothing quality created value. Her perspective fits best with …….

The product concept Dora is the manager with Toys Town and advocates an "outside-in" approach to meeting customer needs. Dora practises ….

The marketing concept Emma is campaign manager for a Green candidate in the parliamentary election and pushed hard to get people to vote. Emma's marketing management philosophy is most closely aligned to ……

The selling concept.

MODEL ANSWERS TO QUIZ 1: ALL SETS

2 | P a g e

Question3:AnswertheFOURquestionsbelowinthespacesprovided(13marks)a. Whatarethemajoraspectshighlightedinagoodmarketingdefinition?(3marks)

1. Value creation for customer 2. Value exchange 3. Customer Relationship 4. Value capture from customers

To provide value to stakeholders.b. Whatarethecommonareasinwhichmarketingorganisationsturnitsmissioninto

detailedobjectives? (3marks)

The common areas in which marketing organisations turn its mission into detailed objectives are (i) Sales, (ii) Profitability, (iii) Market standing (market share); (iv) ROI; (v) Customer Satisfaction.

c. Distinguishbetweensyndicatedresearchandcustomresearch. (4marks)

Syndicated research refers to data collected and compiled by commercial research agencies on a regular basis and sold to several interested firms. Custom research refers to collection of primary data by an organization to provide answers to specific questions faced by the company.

d. Listthestagesofaconsumer’sdecisionmakingprocess. (3marks)

1. Problem (or Need) Recognition 2. Information Search 3. Alternative Evaluation and Selection 4. Outlet Selection and Purchase 5. Post-purchase Dissonance

1 | P a g e

GREENSETQuestion1

1)Customer‐perceived___________isthedifferencebetweenthevaluesthecustomergainsfromowningandusingaproductandthecostsofobtainingtheproduct.

Answer: value

2)WhenconsideringtheSWOTanalysissectionofthemarketingplan,the______environmentisanalysedwhenconsideringopportunitiesandthreats.

Answer: macro- (or external)

3)Marketing__________isthesystematiccollectionandanalysisofpubliclyavailableinformationaboutcompetitorsanddevelopmentsinthemarketingenvironment.

Answer: intelligence

4)Strategicplanningreferstothe________ofdevelopingandmaintainingastrategicfitbetweentheorganisation’sgoalsandcapabilitiesanditschangingmarketingopportunities.

Answer: Process (Not task)

5)._________refertominorstimulideterminingwhen,whereandhowoneresponds

Answer: cues (Not drives)

6)Theprocessthatturnsmarketingstrategiesandplansintomarketingactionsinordertoaccomplishstrategicmarketingobjectivesisknownasmarketing___________.

Answer: implementation

7)Theprocessbywhichpeopleselect,organiseandinterpretinformationtoformameaningfulpictureoftheworldisknownas__________.

Answer: perception

Question2

Marketing Philosophy Corresponding marketing concept

Frederickbelievesthatconsumerswillfavourproductsthatareavailableandhighlyaffordable.Frederickseemstobeabelieverin…..

The production concept Gillianthinksthatconsumerswillfavourproductsthatofferthemostquality,performanceandinnovativefeatures.Gillianismostcloselyalignedwith….

The product concept Hannasubscribestotheideathatconsumerswon’tbuyenoughofhiscompany’sproductunlessitundertakesalarge‐scalesellingeffort.Hanna’sperspectivefitsbestwith…….

The selling concept

Ianbelievesthatsuccessinmarketingdependsondeterminingtheneedsandwantsoftargetmarketsanddeliveringthedesiredsatisfactionmoreeffectivelythancompetitors.Iansubscribesto…..

The marketing concept

Juliepromotestheideathatgoodmarketingmeansbalancingbetweenshort‐runconsumerwantsandlong‐runconsumerwelfare.Shepromotes…..

The societal marketing concept.

2 | P a g e

Question3:AnswertheFOURquestionsbelowinthespacesprovided.(13marks)a. WhatisthefocusofMARK1012:micro‐ormacro‐marketing?Definethefocus.

(3marks)

The focus of MARK1012 is micro-marketing, which is defined as “How an individual organization directs its marketing activities and allocates its resources to benefit its customers.

b. Whatarethecharacteristicsofgoodmarketingobjectivesthatcompaniessetin

developingtheirstrategies? (3marks)

Objectives that companies set in developing their strategies should be SMART: Specific (S); Measureable(M); Attainable (A); Realistic ( R) and Timely (T)

c. Distinguishbetweenexploratoryanddescriptiveresearch. (4marks)

Exploratory Research involves gathering preliminary information to define the problem and suggest hypotheses. Descriptive Research is conducted to describe aspects of marketing (or markets), such as the market potential for a product.

d. Listthetypesofconsumerbuyingdecisions. (3marks)

1. Routine response behaviour 2. Limited decision making 3. Extensive decision making

3 | P a g e

YELLOWSET1)Amarketingorganisation’s______propositionisthesetofbenefitsorvaluesitpromisestodelivertoconsumerstosatisfytheirneeds.

Answer: value

2)WhenconsideringtheSWOTanalysissectionofthemarketingplan,the______environmentisanalysedwhenconsideringstrengthsandweaknesses.

Answer: micro- (or internal)

3)Marketing__________isthefunctionthatlinksconsumer,customerandpublictothemarketerthroughinformationthatisusedtoidentifyanddefinemarketingopportunitiesandproblems.

Answer: research

4)Strategyfollowsahierarchy;thefirstlevelinthathierarchyisthe__________level.

Answer: corporate (or functional, if considered from bottom up)

5)Asconsumers,ouractionsareinfluencedbyour________ofthesituation.

Answer: perception. 6)Marketingimplementationaddressesthewho,where,whenandhow;whilemarketing_______addressesthewhatandwhyofmarketingactivities;

Answer: planning 7)Anindividual’sconsumerbehaviourisinfluencedby__________,personal,culturalandsocialinfluences.

Answer: psychological Question2Marketing Philosophy Corresponding marketing conceptPaulthinksthatconsumerswillfavourproductsthatofferthemostquality,performanceandinnovativefeatures.Paulismostcloselyalignedwith….

The product concept Queenymaintainsthatconsumerswon’tbuyenoughofhiscompany’sproductunlessitundertakesalarge‐scalesellingeffort.Queeny’sperspectivefitsbestwith…….

The selling concept Reginabelievesthatconsumerswillfavourproductsthatareavailableandhighlyaffordable.Reginaseemstobeabelieverin…..

The production concept Stanthinksthatsuccessfulmarketinginvolvesdeterminingtheneedsandwantsoftargetmarketsanddeliveringthedesiredsatisfactionmoreeffectivelythancompetitors.Stansubscribesto…..

The marketing concept

Tracypromotestheideathatgoodmarketingmeansbalancingbetweenshort‐runconsumerwantsandlong‐runconsumerwelfare.Shepromotes…..

The societal marketing concept.

4 | P a g e

Question3:AnswertheFOURquestionsbelowinthespacesprovided(13marks)a. Howarevalue,costandsatisfactionrelated?Howconsumersatisfactioncontributes

tocompanyprofit? (3marks)

Value, cost and satisfaction define customers’ product choice set. Their satisfaction is linked to value and translates into increased customer loyalty (more repeat purchase) and positive customer word of mouth (more new customers).

b. InaBCGgrowth‐sharematrixhowthe‘Star’and‘CashCow’categoriesofSBUsare

distinguishedintermsofgrowthrate,marketshareandthestrategythatmarketersadoptforeachofthem. (4marks)

1. Stars are characterised by high market share in a high growth market. To support these SBUs, marketers can invest just enough to hold its share.

2. Cash Cows are SBUS in high market share but low growth market. The company can milk its short-term cash flow, or harvest. With the correct strategy, Cash Cows may upgrade to Stars.

c. Define‘FocusGroup’anddescribehowitisselected. (3marks)

Focus group is a qualitative research technique. It involves a 1-3 hour interview by a trained moderator in a non-structured and natural manner with a small group of 8-12 homogenous, prescreened respondents. Very widely used in marketing.

d. Listtheproductcharacteristicsthatinfluencetherateofnewproductadoption.

(3marks)

1. Relative advantage 2. Compatibility 3. Complexity 4. Divisibility 5. Communicability

WH

Questio

1)Oneoandorie

Answe

2)Thesstrength

Answe

3)Studi_________

Answe

4)Strat

Answe

5) Anintendenc

Answe

6)Markstrategiattained

Answe

7)Rolesbuyera

AnsweQuestio

MarketUshaprbalancinruncon

VeramacompansellingeWilliamareavaibelieverXianbelofferthefeaturesYasinthdetermidelivericompeti

HITESon1

ofthechalleentations.

er: values sectionofthh,weakness

er: threats iesinvolving_research.

er: quantittegyfollows

er: functionndividual’s__ciestowards

er: attitudeketing_______esandpland.

er: control speoplemanduser.

er: decider

on2

ing Philosopromotesthengbetweennsumerwelfa

aintainsthatny’sproducteffort.Vera’smthinksthatilableandhirin…..lievesthatcemostqualis.Xianismohinksthatsuiningtheneingthedesiritors.Yasin

SET

engesfacing

hemarketingses,opportu

galotofpeo

tative ahierarchy

nal (or co_______descrsanobjecto

e ___isthepros,andtaking

ayplayinthe

r

phyideathatgoshort‐runcare.Shepro

tconsumerstunlessitunsperspectivtconsumersighlyafforda

consumerswity,performostcloselyaluccessfulmaedsandwanredsatisfactsubscribest

marketersa

gplanthatdnitiesand__

opleanduti

y;thethirdl

orporate, iribeshisorhoridea.

ocessofmeagcorrective

econsumer

oodmarketionsumerwaomotes…..swon’tbuyndertakesavefitsbestwwillfavourable.Willia

willfavourpmanceandinlignedwitharketinginvntsoftargettionmoreefto…..

aswemove

dealswithth_______.

ilisingstatis

levelinthat

if considerherrelativel

asuringandeactiontoen

buyingproc

ingmeansantsandlon

enoughofhlarge‐scalewith…….rproductsthmseemsto

productsthannovative….volvestmarketsanffectivelytha

eintothefut

heSWOTan

ticaltoolsan

thierarchyi

red bottomlyconsistent

evaluatingtnsurethatm

cessinclude

Cor

ng‐Thcon

hisTh

hatbea That

Th

ndan Th

tureischang

nalysisdefin

ndtechniqu

sthe________

m up) tevaluation

theresultsomarketingob

einitiator,in

rresponding

e societalncept.

e selling c

e product

e product

e market

5

gingcustom

nesorganisat

uesareknow

___level.

ns,feelingsa

ofmarketingbjectivesare

nfluencer,__

g marketing

l marketi

concept

tion conc

t concept

ting conce

| P a g e

mer______

tional

wnas

and

ge

_________,

concept

ing

cept

t

ept

6 | P a g e

Question3:AnswertheFOURshortessayquestionsbelow.(13marks)

a. Achurchhasadvertisedinitsweeklybulletinstoencouragechurchmemberstoparticipateintheservicesbyreading.Jackvolunteeredandreadduringaserviceandfeltsatisfied;hefelthewascontributingtohischurch.Wasthisamarketingexchange?Whyorwhynot? (3marks)

Yes. In this situation there are two parties (Church and Jack) and each of them satisfies all the conditions of exchange. The Church gets service; Jack gets satisfaction in return.

b. InthecontextofaBCGgrowth‐sharematrix,explaintheSBUsidentifiedas

‘Questionmark’intermsofgrowthrate,marketshareandthestrategythatmarketersadopttosupporttheSBU. (3marks)

SBU’s designated as ‘Question Marks’ are characterised by their relatively low market share in a high growth market. To support these SBUs, marketers tend to invest in them to build their share. Each SBU has a life cycle; SBUs change their positions in the growth-share matrix with the passage of time. With the correct strategy, Cash Cows may become ‘Stars’.

c. Distinguishbetween‘population’and‘sample’inthecontextofmarketingresearch.

(4 marks)

‘Population’ in the context of research refers to all the people that are of interest to the researcher. Samples, on the other hand, refer to part of the population selected carefully in a particular fashion) to conduct research and from that infer about the population.

d. Listfivecharacteristicsofbusinessmarkets. (3marks)

1. Fewer buyers 2. Larger Buyers 3. Close supplier-customer relationships 4. Geographically concentrated buyers 5. Derived demand 6. Inelastic demand 7. Fluctuating demand

7 | P a g e

PINKSETQuestion1

1)Oneofthechallengesfacingmarketersaswemoveintothefutureischangingcustomer______andorientations.

Answer: values

2)ThesectionofthemarketingplanthatdealswiththeSWOTanalysisdefinesorganisationalstrengths,weaknesses,_______andthreats.

Answer: opportunities

3)Studiesinvolvingasmallnumberofindividuals,suchasfocusgroupsorin‐depthone‐on‐oneinterviews,areknownas_________research.

Answer: qualitative

4)Strategyfollowsahierarchy;thesecondlevelinthathierarchyisthe__________level.

Answer: SBU

5)Anidividual’s_______isadescriptivethoughtorconvictionthathe/shehasaboutsomething,andinvolvesholdinganopinion.

Answer: belief

6)Marketing_______addressesthewhatandwhyofmarketingactivities;implementationaddressesthewho,where,whenandhow.

Answer: planning

7)Thetri‐componentattitudemodelsuggeststhatthreemaincomponentsareinvolved–cognitive,affectiveand_________.

Answer: conative Question2Marketing Philosophy Corresponding marketing conceptKevinisthemarketingmanagerwhoalwaysadvocatesan"outside‐in"approachtomeetingcustomerneeds.Kevinpractises….

The marketing concept

LaraiscampaignmanagerforaLabourcandidateintheparliamentaryelectionandpushedhardtogetpeopletovote.Lara'smarketingmanagementphilosophyismostcloselyalignedto……

The selling concept.

Marthastronglybelievesthathercompanymustfocusondevelopingenvironmentallyfriendlynewproducts.Marthaseemstobeabelieverin……

The societal marketing concept

Norabelievesthatasamarketerscancreatevalueforcustomersonlythroughmassproductionanddistributionandsellingcheap.Norasubscribesto….

The production concept

OlgaisplantmanageratRightDressandbelievesherconstantimprovementsinclothingqualitycreatedvalue.Herperspectivefitsbestwith…….

The product concept

8 | P a g e

Question3:AnswertheFOURquestionsbelowinthespacesprovided.(13marks)

a. Brieflydistinguishbetweenneeds,wantsanddemandswithexamplesofeach.(3marks)

Need: A state of felt deprivation of some basic satisfaction; not created by society or by marketers. (examples: food, clothing, shelter). Want: A desire for specific satisfiers of the deeper needs. Continually shaped and reshaped by social forces such as families, religion, schools, business organizations (Kosher meat, lactogen free milk) Demands: Wants for specific products that are backed by an ability and willingness to buy them. Buying a car that one can afford. b. WhatdoSWOTandPESTstandfor?Howmarketersusethem? (3marks)

SWOT analysis is used to evaluate the company’s strengths (S), weaknesses (W), opportunities (O), and threats (T). PEST analyses refer to the analyses of external environment i.e., Political (P), Economic (E), Social(S) and Technological (T) factors that can affect the company. c. Distinguishbetweenqualitativeandquantitativeresearch. (4marks)

Qualitative Research: Studies involving a small number of individuals. The primary tool is the focus group; includes online focus groups and teleconferences and one-on-one interviews. Quantitative Research: Studies involving many people. Samples of 100 or more are usually considered quantitative. Survey research is the most widely used tool in such research.

d. Listthestagesinthenewproductadoptionprocess. (3marks)

1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption