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,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 When choosing how to present a product, several factors must be taken into account.
products/services. 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 Product/service management involves any activities that focus on obtaining, developing,
management function. 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.
STUDY GUIDE AND EXAM PREP | 100%
VERIFIED | A+ GUARANTEE
Updated Questions and Answers | 100% Verified Exam Prep
,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 When choosing how to present a product, several factors must be taken into account.
products/services. 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 Product/service management involves any activities that focus on obtaining, developing,
management function. 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.
