Finals 3 - Marketing

FALSE

In order to survive, companies must continuously generate income.

TRUE or FALSE. In order to survive, companies must stop generating income. To be able to do so, they must be able to sell enough quantity of their products or services.

Marketing

This refers to a group of activities designed to facilitate and expedite the selling of goods and services.

Marketing concept

This concept states that the Engineer MUST try to satisfy the needs of his clients by means of a set of coordinated activities.

TRUE

TRUE or FALSE. When clients are satisfied with what the company offers, they continually provide business.

• Product

• Price

• Place

• Promotion

Enumerate the Four (4) P’s of Marketing

Product

The term “__________“ includes the tangible or intangible item and its capacity to satisfy a specific need.

FALSE

When a competitor comes into the picture and sells the same type of service, the pressure to improve the quality of services sold will be felt.

TRUE or FALSE. When a competitor comes into the picture and sells a different type of service, the pressure to improve the quality of services sold will be felt.

Extras or Bonuses

These are given to clients when improvements to products are not possible.

Price

This refers to the money or other considerations exchanged for the purchase or use of the product idea or service

TRUE

TRUE or FALSE.

When products are similar in quality and other characteristics, price will be a strong factor on whether or not a sale will be made.

FALSE

When products are similar in quality and other characteristics, price will be a strong factor on whether or not a sale will be made. This does not hold true however, in the selling of services and ideas.

TRUE or FALSE.

When products are similar in quality and other characteristics, price will be a strong factor on whether or not a sale will be made. This is also true in selling of services and ideas.

Place

“If every factor is equal, customers would prefer to buy from firms easily accessible to them. If time is of the essence, the nearest firm will be patronized.“ This refers to what P in marketing?

• Hiring sales agents to cover specific areas

• Selling to dealers in particular areas

• Establishing branches where customers are located

• Establishing franchises in selected areas

Enumerate the means to eliminate or minimize the problem of location (4)

Promotion

Before the buyer makes the purchasing decision, the buyer must first be informed, persuaded, and influenced. This activity is called __________.

Promotion

This is defined as communicating information between seller and potential buyer to influence attitudes and behaviour.

McCarthy and Perreault

_________ and _________ define promotion as communicating information between seller and potential buyer to influence attitudes and behaviour. (2 names of people)

• Advertising

• Publicity

• Personal selling

• Sales promotion

Enumerate some examples of Promotional Tools (4)

Advertising

Identify what Promotional Tool is being described:

A paid message that appears in the mass media for the purpose of informing or persuading people about particular products, services, beliefs, or action.

Publicity

Identify what Promotional Tool is being described:

The promotional tool that publishes news or information about a product, service, or idea on behalf of a sponsor, but is not paid for by the sponsor.

Personal selling

Identify what Promotional Tool is being described:

Refers to the oral presentation in a conversation with one or more prospective purchasers for the purpose of making a sale.

Sales promotion

Identify what Promotional Tool is being described:

Any paid attempt to communicate with the customers other than advertising, publicity, and personal selling. This includes displays, contests, coupons, demonstrations, referral gifts, etc.

• Displays

• Contests

• Coupons

• Demonstrations

• Referral gifts

Give some examples of Sales Promotion (5)

1. Selecting a target market

2. Developing a marketing mix

Enumerate the Steps in Strategic Marketing (2 and in order)

Selecting Target Market

Identify what Step in Strategic Marketing is being described:

A market consists of individuals or organizations, or both with the desire and ability to buy a specific product or service.

• Divide the total market into groups of people who have relatively similar product or service needs.

• Determine the profit potentials of each segment.

• Make a decision on which segment or segments will be served by the company

Enumerate the three (3) necessary steps in selecting a target market

• The size of the market

• The number of competitors serving the market

Enumerate the Factors used in Selecting a Target Market (2)

Familiarize

Figure 11.6 Total Demand and Net Demand as a Guide for Determining Target Market

Developing a Marketing Mix

Identify what Step in Strategic Marketing is being described:

After the target market has been identified, a marketing mix must be created and maintained.

• Product

• Price

• Place

• Promotion

Enumerate the Four (4) Variables of Marketing Mix

FALSE

Depending on the marketing environment, the Engineer Manager can manipulate any or all variables to achieve the company’s goals.

TRUE or FALSE.

Depending on the marketing environment, the Engineer Manager cannot manipulate any or all variables to achieve the company’s goals.

familiarize

Figure 11.7 The Company, The Marketing Mix and the Target Market