Essay about MKW1120 exam practice question and answer

2107 Words Mar 9th, 2014 9 Pages
2012 Exam Question Answer

Q1. Marketing can be defined as an organization function and a set of process foe creating, communicating and delivering value to the customer and for managing customer relationship in a way that it benefits the organization and its stakeholders. In order to understand the marketplace and customer needs and wants, marketers need to identify the needs of the consumer, which is defined as the state of felt deprivation, such as hunger and self-actualization needs. Next, it advanced into wants, which is defined as the form of human need that is shaped by culture and individual personality. To satisfy ones hunger, they may opt to eat either rice or noodles depending on their preference. Demand, the human
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Organizations need to have its own marketing offering in order to deliver value to customers. Marketing offering is a combination of product, service, information and experience that is offered to a market to satisfy a need or wants. Product is anything that can be offered into a market for attention, acquisition, use or consumption that might satisfy a need of wants. Products are classified into three different levels, which consist of core products, actual product and augmented products. Next, marketer will determine whether the product falls into the different categories of the consumer markets such as convenience goods, shopping goods, specialty goods and unsought goods. Or if it is industrial goods, the category of materials and parts, capital items and supplies and services. In service, its characteristic is intangible, inseparable, perishable and variable.

Price is sum of value that the customer exchanges for the benefits from using or having a product or services. The internal factors that affect pricing are the marketing objectives, the marketing mix strategy, cost and organizational consideration while the external factors are market and demand, competitors price and offer and other factors such as economic conditions and government regulations. Some of the approaches in pricing are cost-based pricing, value-based pricing and competition-based

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