VSP FOUNDATION EXAM TEST
PAPER QUESTIONS SOLUTIONS
GRADED A+
⩥ Why is Marketing Important? Answer: Marketing is the business; it
should permeate the entire organization. Marketing and customer
satisfaction is everyone's responsibility to maintain those relationships
⩥ American Marketing Association. Answer: define marketing as "the
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
⩥ Classical marketing. Answer: is a philosophy which guides the
attitude of everyone in a firm to stimulate and satisfy the needs and
wants of every customer.
⩥ Competitive marketing. Answer: a strategy involves product strategy,
pricing strategy, integrated marketing communications, channels, and
logistics strategy. It needs to offer value to the target market
⩥ 5 C's. Answer: Marketing Framework Part 1
Examining the External Environment
,Customers: Who are they? What are they like? Do we want to draw
different customers?
Company: What are our strengths and weaknesses? What customer
benefits can we provide?
Context: What is happening in our industry that might reshape our future
business?
Collaborators: Can we address our customers' needs while strengthening
our business to business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their
likely actions and reactions?
This helps marketers assess any business problem or opportunity in
terms of a general analysis of the entire business situation. The customer
and company are central players in the marketing exchange. The context
includes the macro-environment: the economy, legal constraints, cultural
differences, and global segments.
⩥ STP. Answer: Marketing Framework Part 2
Strategic Marketing Planning
, Segmentation: Customers aren't all the same; they vary in their
preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than
going after others.
Positioning: Communicate your benefits clearly to your intended
customers.
Refers to the fact that businesses or organizations are unlikely to be all
things to all people, so it is best to identify groups or segments of
customers who share similar needs and wants. When the different
segments' preferences are understood, then the organization can identify
the targeted segments.
⩥ 4 P's. Answer: Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to
produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
PAPER QUESTIONS SOLUTIONS
GRADED A+
⩥ Why is Marketing Important? Answer: Marketing is the business; it
should permeate the entire organization. Marketing and customer
satisfaction is everyone's responsibility to maintain those relationships
⩥ American Marketing Association. Answer: define marketing as "the
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
⩥ Classical marketing. Answer: is a philosophy which guides the
attitude of everyone in a firm to stimulate and satisfy the needs and
wants of every customer.
⩥ Competitive marketing. Answer: a strategy involves product strategy,
pricing strategy, integrated marketing communications, channels, and
logistics strategy. It needs to offer value to the target market
⩥ 5 C's. Answer: Marketing Framework Part 1
Examining the External Environment
,Customers: Who are they? What are they like? Do we want to draw
different customers?
Company: What are our strengths and weaknesses? What customer
benefits can we provide?
Context: What is happening in our industry that might reshape our future
business?
Collaborators: Can we address our customers' needs while strengthening
our business to business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their
likely actions and reactions?
This helps marketers assess any business problem or opportunity in
terms of a general analysis of the entire business situation. The customer
and company are central players in the marketing exchange. The context
includes the macro-environment: the economy, legal constraints, cultural
differences, and global segments.
⩥ STP. Answer: Marketing Framework Part 2
Strategic Marketing Planning
, Segmentation: Customers aren't all the same; they vary in their
preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than
going after others.
Positioning: Communicate your benefits clearly to your intended
customers.
Refers to the fact that businesses or organizations are unlikely to be all
things to all people, so it is best to identify groups or segments of
customers who share similar needs and wants. When the different
segments' preferences are understood, then the organization can identify
the targeted segments.
⩥ 4 P's. Answer: Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to
produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
