Marketing Exam Preparation for Monash Diploma 2 Students
9529 words 39 pagesExam Preparation
MCD 2050 Marketing
Section A – Long Essay (4o marks)
It will have a quite from Phillip Kotler – don’t even read the friggin’ quote
Read the bit below the quote, it will have something like this: A. What customer value is (3.5 marks) – page 7 in the textbook B. How marketing creates and deliver values (3o marks) * Start with market research the idea of giving data about consumer behavior * Why do we need marketing research * 3 main sources of information * 3 methods of collecting data * Continue with consumer behavior * Why do we study consumer behavior (why relevant, why important) * Influences (internal, external + examples each) * Then move on to STP the idea of when we …show more content…
A product can be anything: a person, place, good, service, idea or even experience. Most products these days are combination of tangible and intangible elements. It becomes the center of marketing mix, as without product there will be no need for price, place and promotion. The product will then be branded, which is the combination of name, term, sign, symbol or design to identify the product and differentiate it from competitors’. It is about getting the prospects to see the company as the only one that provides solution to their problem.
Then we move onto price.
And then we decide where to place the product, the distribution process through marketing logistics. Marketing logistics start with raw materials, to production, transportation, retailing and finally customers. It is the most complicated, most difficult to change and most important but at the same time most likely to be neglected. Firms are faced with choice to either do the marketing logistics themselves or outsource it. Firms can outsource almost everything, starting from information, promotion, contact, matching, negotiating, and physical distribution until financing.
After this, we move on to promotion. In promotion, we usually use the term Integrated Marketing Communication as we use different method of communications with our customers, instead of just one. Communication can be divided into verbal – spoken use of words, discussions, speeches, and areas of interpersonal communication;