mms final selection answer

8/13/2019 MMS Final Selection Answer

1/7

1. What image comes to mind when you hear the word marketing?

?

2. How do changes in the marketing environment generate opportunities

and threats for marketers?

3. Describe the importance of understanding consumer behavior. How

does this understanding relate to the identification of target markets?

? ?


2/7

4. What is benefit segmentation? How does demographic segmentation

differ from psychographic segmentation ? ?

?

5. What are the major differences between the growth and maturity

stages of the product life cycle?

?

6. Why are pricing decisions so important? What are the effects of setting prices

too low? Too high?

Because you want the price to match the 'Perceived Value' of the product/service.If you price too high, people will think it is not a good value.


3/7

If you price too low, people will often assume it is of low quality.Perceived Value is the single most important factor in price setting, and most advertising is

designed to influence the customers perception of the product value.

7. What are the key activities performed in a marketing channel?

A marketing channelis a set of practices or activities necessary to transfer the ownership of

goods, and to move goods, from the point ofproductionto the point ofconsumptionand, as such,

which consists of all theinstitutionsand all themarketingactivities in the marketing process. A

marketing channel is a useful tool for management.[1]

Roles of marketing channel in marketing strategies

Links producers to buyers.

Performs sales, advertising and promotion.

Influences the firm's pricing strategy.

Affecting product strategy through branding, policies, willingness to stock.

Customizes profits, install, maintain, offer credit, etc.

11. How marketing affects your life?

Every product or service that we buy (or don't buy but that is offered) is

marketed in some form or another. Marketing involves market

segmentation; target marketing; industry analysis; competitive analysis;

product - differentiation, life-cycle, positioning; price; promotion; price and

more.

Some businesses use very little marketing techniques, others are very

sophisticated at it. But as all of us are consumers and/or customers, we are all

affected by marketing.
http://en.wikipedia.org/wiki/Production_(economics)http://en.wikipedia.org/wiki/Production_(economics)http://en.wikipedia.org/wiki/Production_(economics)http://en.wikipedia.org/wiki/Consumption_(economics)http://en.wikipedia.org/wiki/Consumption_(economics)http://en.wikipedia.org/wiki/Consumption_(economics)http://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Marketing_channel#cite_note-1http://en.wikipedia.org/wiki/Marketing_channel#cite_note-1http://en.wikipedia.org/wiki/Marketing_channel#cite_note-1http://en.wikipedia.org/wiki/Marketing_channel#cite_note-1http://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Consumption_(economics)http://en.wikipedia.org/wiki/Production_(economics)


4/7

15. Explain what the 4Ps of the Marketing Mix are, and how they are

inter-related?)

The 4 P's of the Marketing Mix

The original 4 P's of marketing (although they have been renamed a bit over

the years) that were the elements of a marketing mix are:

Product The products or services offered to your customer: Their physical

attributes, what they do, how they differ from your competitors and what

benefits they provide.

Price How you price your product or service so that your price remains

competitive but allows you to make a good profit.

Place (Also referred to as Distribution) Where your business sells its

products or services and how it gets those products or services to your

customers.

Promotion The methods used to communicate the features and benefits of

your products or services to your target customers

16. What is difference between business market and consumer market?

Business to business marketing is facilitating the sale of one business's products

or services to other companies or organizations that in turn resell them, use

them as components in products or services they offer, or use them to support

their operations.


5/7

Consumer marketingis selling directly to the customer.

- YOU know the difference between business to consumer marketing (B2C

Marketing) and business to business marketing (B2B marketing?B2C marketing is product driven whereas B2B marketing concentrates on

building business relationships.

17. What is an example of barter as a marketing exchange?

- Barter System is a way of exchanging things for things. Nowadays we

exchange things for money but in olden days, when money was not

invented, people exchanged things that they do not need to others and

got what they need.

Suppose one family had a dog and the other had a cow. If each would

want the other, they would exchange it among them but the problem

was, there was no measuring or weighing so, even a person in need of a

loaf of bread could get it for an exchange of a calf.

After some time, people felt that this was not a proper system as it did

not equal to the goods given and received so, they found out that there

needs to be a weighing scale for this exchange where small silver coins

were developed and later due to modern developments, money was

made the official exchange system for goods.

18. What are the relationships between marketing as a societal process

and the economic and political systems in a country?

- The societal marketing concept is an enlightenedmarketing concept that

holds that a company should make good marketing decisions by

considering consumers' wants, the company's requirements, and

society's long-term interests. It is closely linked with the principles of

corporate social responsibility and ofsustainable development.

- A political system is a system of politics and government. It is usually

compared to the legal system, economic system, cultural system, and
http://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Corporate_social_responsibilityhttp://en.wikipedia.org/wiki/Sustainable_developmenthttp://en.wikipedia.org/wiki/Systemhttp://en.wikipedia.org/wiki/Politicshttp://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Legal_systemhttp://en.wikipedia.org/wiki/Economic_systemhttp://en.wikipedia.org/wiki/Cultural_systemhttp://en.wikipedia.org/wiki/Cultural_systemhttp://en.wikipedia.org/wiki/Economic_systemhttp://en.wikipedia.org/wiki/Legal_systemhttp://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Politicshttp://en.wikipedia.org/wiki/Systemhttp://en.wikipedia.org/wiki/Sustainable_developmenthttp://en.wikipedia.org/wiki/Corporate_social_responsibilityhttp://en.wikipedia.org/wiki/Marketing


6/7

other social systems.However, this is a very simplified view of a much

more complex system of categories involving the views: who should

have authority, how religious questions should be handled, and what the

government's influence on its people and economy should be.

19. Why is building customer equity important?

- Customer Equity is important because it incorporates so many other

measures important to the marketing team and presents it as a point

measure, or better, as a probability distribution*. However, one of the

most important aspects of Customer Equity is that it can be used to

estimate your future marketing ROI, in other words, your future return

on marketing. This is because Customer Equity cannot be properly

assessed unless you not only truly understand what marketing

interventions will be required to drive future value, but also what it will

cost to drive those interventions.

34. Why is brand equity important?

- Brand equity is aphrase used in themarketing industry which describes

the value of having a well-knownbrand name,based on the idea that

the owner of a well-known brand name can generate more money from

products with that brand name than from products with a less well

known name, as consumers believe that a product with a well-known

name is better than products with less well-known names.

35. Explain what product quality is?

- Quality in business, engineering and manufacturing has a pragmatic

interpretation as the non-inferiority or superiority of something; it is also

defined as fitness for purpose. Quality is a perceptual, conditional, and

somewhat subjective attribute and may be understood differently by

different people. Consumers may focus on the specification quality of a

product/service, or how it compares to competitors in the marketplace.

Producers might measure the conformance quality, or degree to which

the product/service was produced correctly. Support personnel may
http://en.wikipedia.org/wiki/Social_systemhttp://en.wikipedia.org/wiki/Phrasehttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Brand_namehttp://en.wikipedia.org/wiki/Pragmatichttp://en.wikipedia.org/wiki/Conformance_testinghttp://en.wikipedia.org/wiki/Conformance_testinghttp://en.wikipedia.org/wiki/Pragmatichttp://en.wikipedia.org/wiki/Brand_namehttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Phrasehttp://en.wikipedia.org/wiki/Social_system


7/7

measure quality in the degree that a product isreliable,maintainable,or

sustainable.Simply put, a quality item (an item that has quality) has the

ability to perform satisfactorily in service and is suitable for its intended

purpose.

44. What is a meaning of price?

Price is avalue that willpurchase a finitequantity,weight,or othermeasure of

a good orservice.

As theconsideration given

inexchange fortransfer ofownership,priceforms the essential basis

ofcommercial transactions.It may be fixed by acontract,left to be determined

by an agreed uponformula at a future date, or discovered or negotiated duringthecourse of dealings between theparties involved.
http://en.wikipedia.org/wiki/Reliabilityhttp://en.wikipedia.org/wiki/Maintainabilityhttp://en.wikipedia.org/wiki/Sustainabilityhttp://www.businessdictionary.com/definition/value.htmlhttp://www.businessdictionary.com/definition/purchase.htmlhttp://www.businessdictionary.com/definition/quantity.htmlhttp://www.businessdictionary.com/definition/weight.htmlhttp://www.businessdictionary.com/definition/measure.htmlhttp://www.businessdictionary.com/definition/final-good-service.htmlhttp://www.businessdictionary.com/definition/consideration.htmlhttp://www.businessdictionary.com/definition/exchange.htmlhttp://www.businessdictionary.com/definition/transfer.htmlhttp://www.businessdictionary.com/definition/ownership.htmlhttp://www.businessdictionary.com/definition/labor-rate-price-variance.htmlhttp://www.businessdictionary.com/definition/form.htmlhttp://www.businessdictionary.com/definition/commercial-transaction.htmlhttp://www.businessdictionary.com/definition/information-technology-IT.htmlhttp://www.businessdictionary.com/definition/contract.htmlhttp://www.businessdictionary.com/definition/formula.htmlhttp://www.businessdictionary.com/definition/course-of-dealing.htmlhttp://www.businessdictionary.com/definition/party.htmlhttp://www.businessdictionary.com/definition/party.htmlhttp://www.businessdictionary.com/definition/course-of-dealing.htmlhttp://www.businessdictionary.com/definition/formula.htmlhttp://www.businessdictionary.com/definition/contract.htmlhttp://www.businessdictionary.com/definition/information-technology-IT.htmlhttp://www.businessdictionary.com/definition/commercial-transaction.htmlhttp://www.businessdictionary.com/definition/form.htmlhttp://www.businessdictionary.com/definition/labor-rate-price-variance.htmlhttp://www.businessdictionary.com/definition/ownership.htmlhttp://www.businessdictionary.com/definition/transfer.htmlhttp://www.businessdictionary.com/definition/exchange.htmlhttp://www.businessdictionary.com/definition/consideration.htmlhttp://www.businessdictionary.com/definition/final-good-service.htmlhttp://www.businessdictionary.com/definition/measure.htmlhttp://www.businessdictionary.com/definition/weight.htmlhttp://www.businessdictionary.com/definition/quantity.htmlhttp://www.businessdictionary.com/definition/purchase.htmlhttp://www.businessdictionary.com/definition/value.htmlhttp://en.wikipedia.org/wiki/Sustainabilityhttp://en.wikipedia.org/wiki/Maintainabilityhttp://en.wikipedia.org/wiki/Reliability

mms final selection answer

Documents