ELEMENTS OF MARKETING
QUESTIONS AND ANSWERS
INTERIM ASSESSMENT
ANSWER QUESTION ONE AND ANY OTHER THREE QUESTIONS
BELOW
1.Define marketing according to American Marketing Association (AMA) and briefly
outline what the process entails?
2a. Define strategic planning and list the four steps that leads managers and the firm
through the strategic planning process. (6marks)
b. Explain Business Portfolio and the two steps in portfolio analysis. (4marks)
c. Name and briefly explain the four product/market expansion grid strategies.
(10marks)
3.At the heart of marketing strategy is the company’s ability to identify, select and
position itself appropriately.
Briefly explain the following:
a. Segmentation and the four basis. (12marks)
b. Positioning. (2marks)
c. Give three advantages and disadvantages of market segmentation. (6marks)
4.Product is anything that can be offered to a market for attention, acquisition use or
consumption that might satisfy a want or need.
a. Briefly explain the levels of a product and provide an example for each level.
, b. Explain with examples the four dimensions of a consumer product.
5.Illustrate a product life-cycle stages chart and briefly explain the following product
life-cycle stages:
i. Introduction stage. (4marks)
ii. Growth stage. (4marks)
iii. Maturity stage. (4marks)
iv. Decline stage. (4marks)
6a. Define the company’s marketing environment.
b. Compare and contrast a company’s micro environment with a company’s macro
environment.
ANSWERS
QUESTION ONE
According to the AMA, marketing is an activity set of institutions and processes for
creating, communicating, delivering and exchanging offers that have value for
customers, clients, partners and society at large.
THE MARKETING PROCESS ENTAILS
i. Understanding the marketplace, consumer needs and wants.
ii. Design a customer driven marketing strategy.
iii. Construct an integrated marketing program that delivers superior value.
QUESTIONS AND ANSWERS
INTERIM ASSESSMENT
ANSWER QUESTION ONE AND ANY OTHER THREE QUESTIONS
BELOW
1.Define marketing according to American Marketing Association (AMA) and briefly
outline what the process entails?
2a. Define strategic planning and list the four steps that leads managers and the firm
through the strategic planning process. (6marks)
b. Explain Business Portfolio and the two steps in portfolio analysis. (4marks)
c. Name and briefly explain the four product/market expansion grid strategies.
(10marks)
3.At the heart of marketing strategy is the company’s ability to identify, select and
position itself appropriately.
Briefly explain the following:
a. Segmentation and the four basis. (12marks)
b. Positioning. (2marks)
c. Give three advantages and disadvantages of market segmentation. (6marks)
4.Product is anything that can be offered to a market for attention, acquisition use or
consumption that might satisfy a want or need.
a. Briefly explain the levels of a product and provide an example for each level.
, b. Explain with examples the four dimensions of a consumer product.
5.Illustrate a product life-cycle stages chart and briefly explain the following product
life-cycle stages:
i. Introduction stage. (4marks)
ii. Growth stage. (4marks)
iii. Maturity stage. (4marks)
iv. Decline stage. (4marks)
6a. Define the company’s marketing environment.
b. Compare and contrast a company’s micro environment with a company’s macro
environment.
ANSWERS
QUESTION ONE
According to the AMA, marketing is an activity set of institutions and processes for
creating, communicating, delivering and exchanging offers that have value for
customers, clients, partners and society at large.
THE MARKETING PROCESS ENTAILS
i. Understanding the marketplace, consumer needs and wants.
ii. Design a customer driven marketing strategy.
iii. Construct an integrated marketing program that delivers superior value.
