ASSIGNMENT MEMORANDUM

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1 Page 1 of 5 ASSIGNMENT MEMORANDUM SUBJECT : PRINCIPLES OF MARKETING (M1) ASSIGNMENT : 1 st SEMESTER 2010 NOTE TO MARKERS: The following specific instructions were given to all candidates as part of the assignment paper, together with the examiners advisory note: This first year subject forms the very foundation for your future studies in a course with the specific outcome of preparing you to become a successful marketing practitioner. As you have probably discovered by now, marketing is the blending of the scientific disciplines with the artistic field of creativity. With this in mind, this assignment is based on your textbook theory, but is extended to incorporate marketing in the world we live in by asking you to refer your knowledge to marketing activities which are encountered in our everyday lives. This is so that you start, at this early stage, to find practical uses for the theory you are learning, so please give this aspect of the question paper the attention it deserves. Please note, also, that answers which are simply extracts from the textbook are NOT ACCEPTABLE as this does not contribute to YOUR understanding of the topics. Apart from the essay-type questions, the paper includes short-answer questions. These are especially selected to broaden the spectrum of topics examined. As the multiple choice questions WILL be included in your final exam, you are advised to pay serious attention to them. Furthermore, it is in your own interest to work through these questions without any outside assistance if you are to gain the optimum benefit. (In past assignments, some students have collaborated to gain maximum marks in these areas, only to be very disappointed when similar marks are not obtained in the critical final exam.) As a final tip, please remember that the multiple choice questions call for the MOST correct alternative. This is not necessarily the first possibly correct solution, so give each alternative careful consideration before making your decision.

2 Page 2 of 5 QUESTION 1 (Multiple Choice) [20] 1. B 6. C 2. D 7. A 3. C 8. C 4. A 9. C 5. B 10. D QUESTION 2 [20] 2.1 Ideally the student should introduce the marketing concept and identify that in marketing oriented companies, implementation of the concept is built around customer satisfaction total company effort profit/return/reward. Total company effort is required in order to satisfy consumers at a profit implying need satisfaction, efficient and effective operations geared to providing target markets with appropriate marketing mix. Marketing provides information and direction coordination and integration of company efforts. Production/Operations is/are guided by marketing in manufacturing the in the form(s) required by consumers, in suitable packaging, and correct volumes, etc. Distribution is guided by marketing and sales teams in terms of making s available in the right places and right quantities, through warehousing and transporting. Sales teams ensure the s are available in wholesale and retail outlets. Finance arranges finance and efficient systems for collections and payment, and provides for research developments and marketing expenditures. All functions need to work together, using marketing s research and sales estimates. (12) 2.2 Students are required to explain what is meant by micro and macro marketing (4 marks); and then provide a discussion/their viewpoint on the dilemma (4 marks). (8)

3 Page 3 of 5 QUESTION 3 [20] 3.1 Awareness the stage in which the consumer is first exposed to the Interest the stage in which consumers start realising that they have a need for the that they are exposed to Evaluation the stage during which consumers start comparing competitive s and alternatives. Consumers make use of criteria to ensure they make the right choice Trial during this stage consumers have the opportunity to use the for a trial period, such as samples, test driving a car, etc. Decision this stage entails the consumer s decision to purchase the Confirmation entails positive affirmation of the purchasing decision. Two marks should be awarded for each step. (12) 3.2 Consumerism Is a movement designed to protect the interests of consumers Gives the consumer the right to be heard. (3) Economic environment Is the state of the economy in which the firm intends to operate Includes such factors as unemployment rate, interest rates, income tax, fuel pricing, price controls, and other factors which might affect operations Usually controlled by the government Has a direct effect on certain marketing decisions e.g. transport regulations will probably influence logistical decisions, G.D.P and interest rates could affect consumer spending. (5) QUESTION 4 [20] 4.1 Marketing can be defined on 2 levels: Macro marketing is the economic overview of marketing which relates to the economy s flow of goods and services from producers to consumers that regulates supply and demand and also accomplishes the objectives of the firm. Micro marketing these are the activities within a firm that anticipate current or latent consumer needs and then direct activities which are the focus of the total firm in order to meet those consumer needs within the overall objectives of the firm. Marketing is oriented to achieving profit through customer focus and customer satisfaction in the short, medium, and long term, and requires full company effort to achieve this (4)

4 Page 4 of Product Physical goods the actual appearance and content construction of the goods being offered Service the support given to the actual or service being offered Features the physical attributes or distinguishing elements of the offering Quality level the prestige or economic value given to the offering Warranty the assurance of the delivery of the meeting expectations Product lines the variety or depth of variation in the range of s Packaging the presentation, appearance and convenience of the Branding the identification and distinguishing mark carried on the and packaging. Place Channel selection the identification of the type of channel members required to deliver the required level of exposure and service for the Outlet location the locality of distributor by type and venue Transportation methods selection of the most appropriate distribution method Service levels the determination of frequency and quality of service to channel members and consumers. Promotion Advertising the type of advertisement and message to be communicated to the consumer Advertising media the vehicles to be utilised to reach identified target market Sales promotion the methods used to stimulate sales, notably at store level (point of purchase) to promote trial and testing of the Personal selling the selection, training and motivation of sales personnel Public relations the promotion of the organisation though unpaid for communication such as editorials, etc. Price The identification and establishment of the appropriate value/price level which would give optimum benefit to both the consumer and the firm The determination of discount % allowances this should be appropriate to channel members, geographic considerations and other distribution considerations. One mark each for (10) of the correctly identified elements (10) 4.3 Select (two) of the marketing mix elements from your list and write a short description to show your understanding of each As above, and dependent on whichever mix elements students select for their answer (6)

5 Page 5 of 5 QUESTION 5 [20] Complete the following: 5.1 A single target market approach segments the market and picks one of the homogeneous markets as the firm s target market. 5.2 Mass marketing aims at everyone with the same marketing mix. 5.3 A channel of distribution is any series of firms that participate in the flow of goods from producer to consumer. 5.4 Market penetration means trying to increase sales of present s in present markets through more aggressive marketing mix. 5.5 Segmenters try to satisfy very well and develop a specific marketing mix for each segment. 5.6 A marketing plan is a written statement of a marketing strategy and the time related details for carrying out the strategy. 5.7 Clustering techniques try to find similar patterns within sets of data. 5.8 A strategic business unit (SBU) is an organisational unit that focuses on some markets and is treated as a separate profit centre. 5.9 The marketing management process is the process of: (Students to provide 2 of the answers below) planning the marketing strategies directing the implementation controlling the plans S.W.O.T stands for > Strengths > Weaknesses > Opportunities > Threats. (10 x 2 = 20)

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