Questions and Answers Graded A
Explain the concept of market and market identification. ✔✔A market is a group of consumers
who have a common interest, need or want of a given good or service. This group of consumers
also must be able to purchase the product. Identifying a market is an important activity in
marketing as products will not appeal to everyone. Marketers identify markets' common interests
by classifying consumer's demographic, geographic and psychographic information. Examples of
this information include age, income, education, zip code, buying behavior, and leisure activities.
Identify the elements of the promotional mix. ✔✔There are five main elements of the
promotional mix, which can be remembered using the acronym PPADS. Personal selling is when
sales representatives sell products by communicating directly with the consumer. Public relations
involve managing the company's perceived image through non-paid advertising and different
media channels. Advertising is any paid, non-personal activity that serves to promote the
product. Direct marketing is advertising that is targeted at groups of potential consumers, using
market segmentation. Sales promotion involves limited time offers that are used to promote
sales. The elements of the promotion mix are personal selling, advertising, public relations, and
sales promotion. Personal selling is direct contact between a salesperson and customer.
Advertising is a form of nonpersonal promotion. Public relations is the development of a
favorable image for a company, its products or its policies. Sales promotion includes activities
that are used to create purchases and sales not related to the other types of promotion.
,Coordinate activities in the promotional mix. ✔✔For our company, I'd like to propose the
following promotional plan. For personal selling, we will have employees stationed in every
department of our store. For public relations, we will release updates regarding our product lines
in the form of press releases every 6 months. For advertising, we will utilize traditional media
(e.g. TV and radio ads, newspaper, etc.) as well as social media via our Facebook page and
Twitter feed. For direct marketing, we will promote a 30% discount for seniors during the
Monday-Friday 9am-4pm period. Finally, for sales promotion, we will hold a 3-week contest for
a Caribbean cruise, for customers with purchases over $50. By releasing these promotions over a
time period of approximately 4 months, we can regulate the flow of customers and steadily draw
in potential customers for the business.
Explain the types of promotion. ✔✔There are 2 main types of promotion. The first type is trade
promotion, which is focused on building support from intermediaries in the distribution channels.
An example would be setting up a booth at a trade show. The second type is consumer
promotion, which is focused on getting the final consumer to buy the product. An example
would be giving out coupons. Both promotion types are necessary in order to increase the
number of distribution channels and the size of the consumer base.
Describe factors used by marketers to position products/services. ✔✔When choosing how to
present a product, several factors must be taken into account. The first is the price and quality
desired; the low prices or the high quality may be stressed. Another factor is the features and
,benefits of the product; a desirable trait that consumers would believe they would gain from
using the product would be stressed. As well, the product in relation to competing products could
be a key point; if the product is superior due to design, it would help to solidify the company's
advantage. Finally, the connections to other products in the product line could be a factor that
would help to promote more than one product at a time.
Explain the nature and scope of the product/services management function. ✔✔Product/service
management involves any activities that focus on obtaining, developing, maintaining, and
improving products and services based on market research. This includes creating a product mix
and continuously updating it throughout the product life cycle. Product/service management is
very important when ensuring that everything in the product mix is optimal for the target market.
Explain management's role in the achievement of quality. ✔✔Management has 3 main functions
that outline its role in the company. Planning involves developing steps to aid employees with
carrying out their tasks. Organizing involves overseeing all employee tasks and offering help
when needed, to ensure completion of everything. Controlling involves analyzing past
performances and making decisions that will improve future tasks. By carrying out these
functions, management can work towards higher quality from all employees.
Explain the concept of marketing strategies. ✔✔Marketing strategies are plans that identify
target markets and coordinate marketing mix activities in order to effectively sell the
, product/service. The product positioning and key points of difference must be taken into account
when developing these strategies.
Identify communication channels used in sales promotions. ✔✔Sales promotions can be
communicated to consumers in a variety of ways. Word-of-mouth, standard media, and online
websites are all popular choices for sales promotions, as well as more subtle places such as
product placement and point-of-purchase displays.
Explain key factors in building a clientele. ✔✔When building a clientele, there are 3 main
factors that must be considered. The first factor is making the sale, which includes all activities
that sales representatives perform when interacting with consumers during the selling process.
The second factor is after-sales activities, which includes order processing and payment, the
customer's departure from the store, follow-up after the purchase, customer service and tracking,
and evaluation of employee performance. The third factor is customer relationship management,
which involves seeking out customers and keeping them satisfied with the use of technology and
customer loyalty techniques.
Explain the role of customer services as a component of selling relationships. ✔✔Customer
service is the direct link between the business and the consumer. When consumers have
questions, complaints, or comments about the product or their shopping experience, they will
contact customer service and inform them. It is important that employees working in customer