* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download question paper
Grey market wikipedia , lookup
Product placement wikipedia , lookup
Online shopping wikipedia , lookup
Affiliate marketing wikipedia , lookup
Market analysis wikipedia , lookup
Social media marketing wikipedia , lookup
Service parts pricing wikipedia , lookup
First-mover advantage wikipedia , lookup
Product lifecycle wikipedia , lookup
Market segmentation wikipedia , lookup
Ambush marketing wikipedia , lookup
Consumer behaviour wikipedia , lookup
Food marketing wikipedia , lookup
Marketing communications wikipedia , lookup
Pricing strategies wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Customer engagement wikipedia , lookup
Market penetration wikipedia , lookup
Multi-level marketing wikipedia , lookup
Digital marketing wikipedia , lookup
Viral marketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Target audience wikipedia , lookup
Youth marketing wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Marketing research wikipedia , lookup
Direct marketing wikipedia , lookup
Neuromarketing wikipedia , lookup
Marketing plan wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Street marketing wikipedia , lookup
Multicultural marketing wikipedia , lookup
Target market wikipedia , lookup
Advertising campaign wikipedia , lookup
Marketing channel wikipedia , lookup
Sensory branding wikipedia , lookup
Green marketing wikipedia , lookup
Product planning wikipedia , lookup
College of Business, Hospitality and Tourism Studies SCHOOL OF MANAGEMENT INDUSTRIAL RELATIONS & OHS DEPARTMENT OF MANAGEMENT, INDUSTRIAL RELATION AND OHS MKT501 – INTRODUCTION TO MARKETING FINAL EXAMINATION: TRIMESTER 3, 2015 QUESTION PAPER This examination constitutes 50% of total assessment of this unit and students must score 40/100 in this examination in order to pass this unit. Instructions Read the following instructions before writing; 1. Time Allowed: 3 hours with additional 10 minutes reading time. 2. All answers are to be written in the Answer Booklet provided. 3. Write your ID Number on all the pages in your Answer and any extra sheets that you use. 4. This is a closed book examination. You are not permitted to access any books, notes or other forms of written or electronic materials. 5. Attach the extra sheets securely at appropriate place before handing-in the Answer Booklet to the supervisor. SECTIONS QUESTIONS MARKS Section A: Multiple Choice Questions 20 Questions. Attempt All. 20 Section B: Short Answer Questions Section C: Essay 6 Questions. Attempt All. 3 Essay Questions. Attempt only One [1] 48 16 Section D: Case Study Attempt all questions 16 TOTAL/WEIGHT MKT501: INTRODUCTION TO MARKETING 100/50% T3 2015 PAGE 1 TURN OVER SECTION A MULTIPLE CHOICE QUESTION [20 MARKS] There are TWENTY questions in this section. ALL are compulsory. Write the question number on your answer script and beside it place the letter that carries the best answer to the questions listed below. Each question is worth 1 mark. 1. Marketing must both attract new customers and grow the current customers. Marketing is defined as; a) Creating a need for a product b) Selling a product to a customer c) Advertising and promotion of a product d) Delivering customer value and satisfaction at a profit. 2. The wants that are backed by buying power is known as; a) Needs b) Wants c) Demands d) Desire 3. ___________________ is focusing only on existing wants and losing sight of underlying consumer needs a) Marketing offerings b) Marketing myopia c) Marketing Exchange d) Marketing demands. 4. The idea that consumers will favor products that offers the most quality, performance, and features. This marketing management orientation is known as a) Production Concept b) Selling Concept c) Product Concept d) Marketing concept 5. The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is known as; a) Customer Relationship Management [CRM] b) Customer Loyalty and Retention c) Customer management relationship d) Consumer Generated marketing 6. ___________________ is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. a) Objectives MKT501: INTRODUCTION TO MARKETING T3 2015 PAGE 2 TURN OVER b) c) d) Strategy Mission Strategic Planning 7. The major activity in strategic planning whereby management evaluates the products and businesses that make up the company is known as; a) Business portfolio b) Portfolio analysis c) Swot analysis d) Strategic Analysis 8. Figure 1; Company strategic planning The sign that shows the low-growth, high-share businesses or products that are established and successful SBUs requiring less investment to maintain market share is known as; a) Stars b) Cash cow c) Questions Mark d) Dogs 9. Product/market expansion grid is a tool for identifying company growth opportunities through market penetration, market development, product development, or diversification. Which of the following is referring to Market Penetration? a) is a growth strategy increasing sales to current market segments without changing the product b) is a growth strategy that identifies and develops new market segments for current products c) is a growth strategy that offers new or modified products to existing market segments MKT501: INTRODUCTION TO MARKETING T3 2015 PAGE 3 TURN OVER d) is a growth strategy through starting up or acquiring businesses outside the company’s current products and markets 10. The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer. a) Market segmentation b) Market Segment c) Market Targeting d) Marketing positioning 11. The environment that consists of actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customers is known as; a) Marketing environment b) Micro environment c) Macro environment d) Strategic environment 12. Marketing Intermediaries help the company to promote, sell, and distribute its products to final buyers. The insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods is known as; a) Resellers b) Physical distribution firms c) Financial intermediaries d) Marketing services agencies 13. One type of customer market is Business market. Which of the following best describe this market; a) individuals and households that buy goods and services for personal consumption. b) buy goods and services to resell at a profit. c) buy goods and services for further processing or for use in their production process. d) composed of government agencies that buy goods and services to produce public services. 14. The study of human populations-- size, density, location, age, gender, race, occupation, and other statistics is known as; a) Demography b) Sociology c) Political d) Natural MKT501: INTRODUCTION TO MARKETING T3 2015 PAGE 4 TURN OVER 15. ________________ are persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government. a) Cultural environment b) Core beliefs and values c) Secondary beliefs and values d) People view of organization 16. Customer insights group collect customer and market information from a wide variety of sources. Which one of the following is FALSE about customer Insights; a) Fresh and deep insights into customers’ needs and wants b) Sometimes difficult to obtain c) Better information and more effective use of existing information d) Very easy to obtain 17. In developing marketing information, one of the source of this information is through Competitive Marketing Intelligence. Which one of the following best describe this source; a) are electronic collections of consumer and market information obtained from data sources within the company network b) The systematic collection and analysis of publicly available information about consumers, competitors and developments in the Marketplace. c) is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization d) electronic data bases for consumers 18. The research with the objective of gathering preliminary information that will help define the problem and suggest hypothesis is known as; a) b) c) d) Casual research Descriptive research Exploratory research Informational research 19. A written research plan will be carried out according to this order; a) Research Objectives > Management problem >Information needed> Interpret result for managerial decision making> Budget. b) Management problem> Budget. >Research Objectives>Information needed> Interpret result for managerial decision making c) Management problem> Information needed > Research Objectives > Interpret result for managerial decision making> Budget. MKT501: INTRODUCTION TO MARKETING T3 2015 PAGE 5 TURN OVER d) Management problem>Research Objectives>Information needed> Interpret result for managerial decision making> Budget. 20. ____________involves sending trained observers to watch and interact with consumers in their natural environment. a) b) c) d) Observational research Ethnographic research Survey research Secondary research SECTION B SHORT ANSWER QUESTIONS [48 MARKS] You are required to answer ALL questions from this Section in the Answer Booklet provided. Question 1 Consumer buyer behavior is the buying behavior of final consumers, individuals and households, who buy goods and services for personal consumption. It is understood that many factors or characteristics affect our buying behavior—from cultural, social, personal and psychological influences. a) Choose ONE of the factor or characteristics affecting consumer behavior and under this factor, identify and briefly describe the sub factors that influence the buying behavior. [4 marks] b) Briefly describe the three [3] major components of the Model of consumer behavior namely the Environment, Buyer’s black box and Buyer’s response. [4 marks] Question 2 Buying behavior varies greatly for different types of products. For example, someone buying an expensive new PC might undertake a full information gathering and brand evaluation process. a) Name and briefly describe two [2] types of Buying decision behavior and give an example of each. [4 marks] b) The actual purchase decision is part of a much larger buying process—starting with need recognition through how you feel after making the purchase. Name and briefly describe the five [5] steps in the Buyer Decision Making Process. [4 marks] MKT501: INTRODUCTION TO MARKETING T3 2015 PAGE 6 TURN OVER Question 3 Small companies usually center their product development efforts on meeting the customer's needs. Thus, it stands to reason that a company's marketing strategies should also be customer-driven. Customer-driven marketing strategies can apply to consumer or business customers. a) Briefly describe the four major steps in designing a customer-driven marketing strategy? [4 marks] b) Name and describe the four major sets of variables that might be used in segmenting consumer markets. [4 marks] Question 4 Marketing managers must understand the importance of segmenting a market and the specific criteria for successful segmentation. Before the 1960's, most companies tried to market products to the masses with declining success. a) Identify and briefly explain two [2] requirements for effective segmentation. [4 marks] b) Identify and briefly explain three [3] factors that organizations should consider when evaluating different market segments. [4 marks] Question 5 A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. a) Name and briefly describe the three [3] levels of product. [4 marks] b) Briefly describe the four [4] product classification by consumer. [4 marks] Question 6 An organization with several product lines has a product mix. A product mix or product assortment consists of all the product lines and items that a particular seller offers for sale. MKT501: INTRODUCTION TO MARKETING T3 2015 PAGE 7 TURN OVER a) A company’s product mix has four important dimensions: width, length, depth, and consistency. Briefly describe these four dimensions. [4 marks] b) A service is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Again we can say that a service is a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. Briefly describe the four [4] nature or characteristics of service. [4 marks] SECTION C ESSAY [16 MARKS] You are required to do only ONE [1] Essay questions on the Answer Booklet provided. Each essay is worth 16 marks. 1. In order to achieve a successful new product, and certainly the successful implementation of a new product into a business, it is necessary for managers of organizations to understand the basic idea of new-product development process, therefore providing a clear roadmap for the development of new products. Name and explain, with examples, the major steps in the new-product development process. OR 2. Pricing decisions made hastily without sufficient research, analysis, and strategic evaluation can lead to the marketing organization losing revenue. Prices set too low may mean the company is missing out on additional profits that could be earned if the target market is willing to spend more to acquire the product. Prices set too high can also impact revenue as it prevents interested customers from purchasing the product. Name and briefly describe the various pricing decisions such as Discount or Allowance Pricing, Segmented Pricing, Promotional Pricing, and Deceptive Pricing and give examples of each. OR 3. Sustainable marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. Describe the five sustainable marketing principles and explain how companies benefit from adhering to them. MKT501: INTRODUCTION TO MARKETING T3 2015 PAGE 8 TURN OVER SECTION D CASE STUDY [16 MARKS] There are four questions in this section. ONLINE MARKETING POTENTIAL SMALL-scale tourist accommodation outlets need to be on par with the latest marketing strategies in order to promote their businesses to a wider audience. And one of the ways to do this is through e-marketing. South Pacific Tourism Organization CEO Ilisoni Vuidreketi said local and regional small tourist accommodation operators would be given an opportunity to train with local IT support partners during the Train the Trainer — Local IT Support Partners workshop at the Novotel Hotel in Nadi this week. "Regional information technology partners will update their skills and knowledge at the inaugural workshop. This workshop will complement the e-marketing support project for accommodation providers, which was carried out under the Pacific regional tourism capacity building program and funded by the 10th European Development Fund." He said the fund benefitted more than 165 small medium enterprise hotel outlets in the region. "This is by connecting them to the World Wide Web and allowing visitors to book online. The workshop aims to build on this training and enhance the capacity of these designated local IT support partners," he said. [Source; Fiji Times 21/8/14] Questions You are required to answer ALL questions given below on the Answer Booklet provided. 1. Write down two [2] advantages of having online marketing. [4 marks] 2. Write two [2] disadvantages of having online marketing. [4 marks] 3. Do you think this method of online selling and buying is suitable for supermarkets in Fiji? Give reason for your answer. [4 marks] 4. Do you think small business in Fiji should start using online marketing in Fiji? Give reason for your answer. [4 marks] THE END MKT501: INTRODUCTION TO MARKETING T3 2015 PAGE 9 TURN OVER