Marketing refers to a range of activities, which taken together, are designed to achieve the goals of an organisation
100
How many stages are there in the PLC?
Five
100
Marketing involves
a) Advertising
b) Identifying customer needs
c) Setting the price for the product
d) All of the above
d) All of the above
100
For the UCMF, what does the Place 'P' refer to?
The distribution channels for ticket sales
100
What is the final (and arguably most important) step of the planning process in developing a strategic marketing plan?
Evaluating progress (measuring success)
200
Name the four P's
Product, price, promotion and place
200
Describe the differences between fixed and variable costs, and give an example of each
Fixed costs are those that do not change as the quantity produced or sold increases. An example is rent of premises
Variable costs are those that change as the quantity produced or sold increases. An example is transportation of goods
200
The main purpose of a company's marketing plan is to:
Meet the company's goals and objectives
200
Running festivals is one of Moreton Bay Regional Council's core competencies. True or False?
False
200
In the SWOT analysis, Opportunities and Threats exist in which environment?
The external business environment
300
Which term is used to describe a group of consumers who react in similar ways to a company's marketing mix
Market segment
300
Describe why a knowledge of demographics is useful when deciding on a business location
To understand if your business will be targeting the correct market segment, and to understand the area profile
300
Name two factors that will influence marketing decisions
Operating environment - Customers, Suppliers & creditors, Competitors, Special interest groups
Macro environment - Social & cultural, Technological, Economic, Political & legal
300
Name the primary tarket market for the UCMF
45-60 year olds. 25-45 year olds are their secondary target market
300
Name two ways in which a company may get information about their target market
Market research, using Australian Bureau of Statistics, analysing data from previous product sales etc...
400
Provide a definition AND example of the total product concept
Total product concept includes the tangible and intangible aspects of the product. For example, buying a new car with a warranty and after sale services.
Name the term used to describe the act of concentrating all marketing efforts on a small but specific and well defined segment of the population.
Niche marketing
400
Explain one indicator of the success of the UCMF event
Ticket sales, survey responses, social media interest, etc...
400
An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition is known as what?
Competitive advantage
500
Which term is used to describe the company identifying & clarifying customer needs / market trends in order to make more informed decisions about the marketing mix
Market research
500
Outline how the AIDA model is used in the marketing mix
Getting Attention (stop & look at an ad) |
Holding Interest (read about the product’s features) |
Arousing Desire (imagine what it’ll be like having the product) |
Getting Action (visit a stockist to try out the product & subsequently buy it)
500
What is meant by the term 'core competencies'?
The skills, characteristics and assets that set a business apart from its competitors
500
The fact that the UCMF is a council sponsored and subsidised event means that the ticket prices can remain lower that their competitors is an example of what?
Competitive advantage
500
A term which describes the process of identifying how effectively a business is spending its marketing dollars