bus 201 fall 2013 final revision and a sample of final exam 7amed store pdf

Bus 201 Final Revision

+ A Sample Of Final Exam

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:Final Exam-· Bus-201-E- Januru:x:-201~ -==- v -=-----

Part I - Answer only THREE from the t'ollolving questions.

Ql- a-· Define marketing.

b- 'Vhy Packaging is consider as a part of good's

·-' c-What is the different between marketing concept

Q2 -a- What are the objectives of Advertising?

b-Why price is consider important1l

c- Define and explain personal sel-. Q3- a- Explain the inflneucers that affect buyi

·:"l b D -_z:o - etme and expla.in the Advertishg·fin· principal mt-d!a of advertising,

c- Explain the

markets, industrial markets, and reseller

· between :Couvenieuc'· p'ro(bds, Shopping product.; anJ

Specialty

Best of luck · / br.M.Enany

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BUS 201 FINAL EXAM Will Be Included In

1) true or false questions no.2,3,4,7,10,11,14,19

2) page 5 (consumer,industial and reseller only)

3)define (marketing,consumer,industrial and reseller)

4) essay questions no. 4,7,8,12,13,16,19,21,25,28

NOTE:QUESTION 19 (odd pricing and multiple-unit pricing)

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E Jlf- Is marketing function concerned with what is going on outside the organization than

~ with what is happening _internaUy? And why? Ql _ -~ ___ _

A'-~2- That is true, ~se marketing activiti_es.~tre conducted mainly across the external

boundaries of the g izational system. '•,

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·.:. ;::.:·:., "S-!""~~~-. ·l'~',,....i'"''' '=l"<o1~···:7:-<' . ~ ... ~-~-~:::{ .. :.-.,~. •

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?- what is the difference beh'feen. production orientatipp. and product orientation?

A3- The difference between production orientation and product orientation as follows:

a. Production orientation: The organization concentrates its attention-on production

_ e(ficiencv, distributi011 011d cosi in order to attract customers to its products. -

b. Product orientation: The organization stands or falls by the quality of its

products.

~~ ~ J)4- what ~s the different between ~arketing concept ~nd selling concept? 91 ~~ A4- The different between marketmg concept and selhng concept as follows:

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~ .. 5 Selling Concept .

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T~e selling concept(or sales concept) is coJIIlnton ,;r m3r.k~t.

J The-selling concept holds that consumers, i .

The concept assumes that coJilstBJ.cmt

have to be.coaxed into buying more;

array of effective selling aml

inertia or resistance and

-has available a whole:

Titus the focus ofattentioll is more 011 the skills ofselli~tg; tlran on tlte needs of the bu)'er.

JUarketiizg concept:'

This approach to marke'$:g is called the "Market orientatiou ", which focuses on· th~

needs of its customers. Its prifu!rif\tl>ln':ern is to find out what its customer's needs aud _

wauts are so as to meet them with tlreltigllest level of customer satisfaction. Examples of

market-orieniedattitudes can be found in supermarket chains and in nu1Jlbers of P( .· . ~~-... _, ~-- '-

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travel agency operations and in motorcar manufacturing: ('everything we do is driven

by you'.)- ("you are the boss")

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Marketing concept concentrate on PRODUCE \VHAT YOU CAN SELL

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*3. Customers /

A company links itself to suppliers and middlemen in .order to efficiently supply products

and services to its target market. Its target market can be one (or more) of the following

five types of customer markets:

3.1 Consumer markets. Individuals and households that buy goods and services for personal·

consumption.

3;2 Industrial markets. Organizations that buy goods and services needed for producing other

products and services for the purpose of making profits and/or achieving other objectives.

3.3 Reseller markets. Organizations that buy goods and . them at a

profit. ·

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or service. first suggests or thinks of the idea of buying the particular product

InfluenCer: is a person whose views or advice carries same weight in making the final decision.

Decider: is a person who ultimat 1 d . . . e Y etermmes any part of 0 . th . b .

whether to bu · . ' r e entire uymg decision: . . y, what to buy, how to buy, or where to buy.

_B~ yer: is the person who. mak th . . . . . . - ·· --- -------::- ------- ------~~---~.'!g~l_p_urc_h1ls.e. ___

. User: is the person(s) who conswnes or uses the·p.,od· u· ct.· ·. . . . . . · · . · ". · or service. ,A. ,.- . .


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--,~ Explain "The ffigh Cost of Losing a CustOmer"

J"' A:-8: According to a study have been made the following are the findings:

' . . ·A .. In. the average b,.siness, for every customer who bothers to complain, there .are 26: others . ~$ .• . . who remain silent.

• The average "wronged" customer willteU8 to 16 people• (Over 10 percenttell more than · 20 P.eople.)

• 91 percent of unhappy customers will never purchase goods or serVices from you again •.

• If you make an effort to remedy customers' complaints, 82 to 95 percent of them will sta:y · \ on with you.

• It costs 5 times as much to attract a new customer as it costs to keep an old one.

And what is the

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benefits .

. ~.;t .· k • Y ~-Wba~ do we mean by branding products? . 9

. A 11- One Important method used to sell benefits is by branding products. This means

applying the organization's 'signature' to its product by the use of special names, signs or

symbols. Branding has grown enormously during this century, and there is hardly a

product in the Western world which does not have a brand name or designation of some kind.·


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f:_ . . '-. · -~ - E~plain 'product lifecycle'. · . . . · · . ·. . .. · ·. _.

\: . J" Al3 -st .. dies bav~ shown that. most produc;ts pass through a series of stages-- their lif~ ·

·_~_r.·;;··._.~·;;-.-.·~-_ . _3_ •_ . ..;_ '-·:_·.. cyde- from the time they ar~ introduced until the time they are .withdrawn.• A product . · ~ ~ .will tYpically pass through five major stages in its life. Introduction, Growth. Maturj~.

r; Saturation. Decline. ~: ~· ( -~- The consequencesofthese stages of the product lifecycle are as follows:

Introduction: Costs are high (because they include the development costs), sales and -

·Growth: _

Mpturitv: .

Saturation:

Decline:

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profits are low. Fe~ competitors. Price relatively high.

Sales rise rapidly. Profits. at peak level. Price softens. Increasing

competition. Unit costs.decllne.l\'lass market appears.

Sates continue to rise, but more slowly. Profits level off~ Competition at

its. peak. Prices soften further. Mass market.

Sales stagnate. Profits shrink. tul~asun..,

competition. Prices fiercelY' comp to

·evaporate.· .. ·sales decline permanently~ Profi.w is

withdrawn fromthetl.rket. . ..


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~ ~ . . 10 A" · - .·- \Vhat are the "Consumer Product Classifications''? Ql

)('tf'( .-\-14 -the "Cons~mer Product" can be classified as follows:

The traditional and most widely accepted system of

of three categories: conver_lience, shopping, and

based primarily on characteristics of buyers'

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convenience item or in comparing available

[lbo;ing productlis an item for

groupings are

effort on planning and making the purchase. Buyers allocate ample time for comparing

~~~~~~1..!1.~~!:2.2..~~~ and perhaps

.men!~ . .suits,bicycles, and cellularvhones-are -·

" ....... ·_,,., are expected to last for a fairly long time.

~~U~~L!illl~_!!.!l!!g~..£!!!!~tmlm£!· for which a·

is willing to expend considerable purchasing effort. Buyers

of a specialty product; they know exactly what they want and . .

will not accept a substit~ In searching for specialty products, purchasers do not c~mpare

alternatives. Examples include unique sports cars, a special type of antique dining table.


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2~ Pricing . .

<. s4-:l Qlt Why price is CODSidtr important? ... · . . ... .. -- · ...•. ·· .. ·. ·• .· . . . . . .. ··.··• . S· --- ~'--.Al6-_ Price is-important because itts·the only ele111en19fthe mix which produces revenue;

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the others all represent costs. Sellers have to ge_ar pric~s to a number·of·key factors,:su~h . . . .. : .. ·. ·· ...

as:

a. the costs of production (and development),· _, .

_ , b. the ability to generate sufficient revenue and/or profits,_

c. the desired mark~t share for the pro(luct,

d. thf! prices being offered by the competition.

Price is especially important at certain times~ For example:

a. when introducing new products

b. when placing existing products into new

c. during periods of rising costs of productio.

d. when competitors change their price stru&-e

e. when competitors change otlr.lements in

quality or adding features w~Ju f. when balancing prices between a product line.

·The activities. of competitors have ·an important bearing on pricing decisions. If a-

competitor of rising_.c6sts, it may- be possible. to hold yours

steady, provided you can contain your own rising· costs. Prichig is a very flexible element

_ in the marketing mix ;md enables firms to react swiftly to competitive behavior.

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If price is the dominant is~ue for buyers, then they will prefer lower price to slightly higher

quality or improved distribution arrangements. If price is not the major factor in the

buyer's analysis, then marginal e~tra quality and delivery terms may prove the more

attractive. Finally, price is important in.determining the relative standing of one product or

product line vis-a-vis another withill the product mix.


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'i: . ~ 4lo-..,Q 19-· Explain the "Psychological PriclDg Strategies" . . .

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pr~ducts rather than industrial products. . .·

Qdd Pricing: Many retailers believe that consumers respond . more positively to odd;.

· n:A'P.Jber prices like $4.99 than to whole-dollar prices like $5. Odd pricing is the strategy of . -~-- . . .

·settlng prices at odd amounts slightly below a whole number of dollars.

Nine and five are the most popular ending figures for prices, accounting for nearly 80

percent of the marketplace. These odd prices were started by retailers in the 1890s as clerks

had to make change and customers were encouraged to make impulse purchases.

Multiple-Unit Pricing: Many retailers(and

pricing, setting a single.price for two or

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) practic~ multiple-ul)it

. as.o cans Jor 99 cents rather


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increase sales. Customers who see the single price, and who expect eventually to use more

than· one unit of the product, regularly purchase multiple units to save money.

Prestige Pricing: Prestige priCing is the strategy of setting a high price to project an aura of

quality and status. Because high .. qualitv items are generally .more expensive than those of I .

average quality, many buyers believe that high price means high quality for certain types of

Rro~ucts such as cosmetics, perfumes, and jewelry. High-priced products such as Rolex

watches tend to attract quality- and prestige-conscious

Price lining is. selling goods only that reflect

for customer:s and for .

purchasing managers. whobuy.mercharidise

• Geographic' Pricing: Geographic piicing strategies deal with delivery costs. The seller may ~ . . .

a~me all.del · the buyer is located. This practice is sometimes

calledJ!m.~~t!!!!JYll!fti/llK.~

buyer's location.

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buyer to pay the delivery costs is called FOB point of

on board at the point of origin,'' which .means that the

costs from the seller's warehouse to the buyer's place of

·indicates that the seller will pay the transportation costs to the

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!:1-\ Q2l - Define and explain the Advertising five principal media of advertising. .

\. ~ All - . Advertising is the proceSs of communicating persuasive information about a product

to target markets by means of the written and spoken word, and by visual material. By

definition the process excludes personal selling~

There.are five principal media of advertising as follows:

a. the press- newspapers, magazines, journals etc

b. commercial television

c. directmail

d. commercial radio

l e .. · outdoor- hoardings, transport advertisements etc

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I Q25 - \Vhat are the obJectives of Advertising?

· A25 -,-Advertising aims to achieve on or more of the following:· . . . ·

(. !/'J a. increase cu · . falllili . . , ct (or variations of it e.g. brand, product~ 1-1 range etc) · ·

b. inform customers about specific features of a product

c. inform customers about the key benefits of a product

d. indicate distinctive features and/or benefits of a product (implicitly or explicitly by

comparison with cpmpeting product).

e. establish·the credibility of a product

f. . encourage potential customers to buy the product

g. maintains loyalty of existing customers.


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Q28- Define and explain p~rsonal selling.

A28.,. Personal seiii11g is face-to-face meetin,g between the buyer and the seller or his \ ... ~ ..

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• representative. Advertising creat~s the interelt.nd

clinches the deal. In industrial m .. ets, pers

role. For the moment, let us con&r ·

understood to mean: ·

a. establishing customer contact .

b. arousing interest in the product

c.

d. makinga

e.

al selling

even more extensive

a much less important role in industrial markets,

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is dominated by personal selling. Personal selling is the most


bus 201 fall 2013 final revision and a sample of final exam 7amed store pdf

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