1. Explain what is marketing, discuss its purpose. What is the responsibilities
ID: 374781 • Letter: 1
Question
1. Explain what is marketing, discuss its purpose. What is the responsibilities of the marketing manager? 2. Define an organization's business mission, vision, and goals 3. What is an Offering Portfolio? Explain the key elements. 4. Explain the difference between Brand and Brand Equity, give examples 5. Describe the practice and framework of integrated marketing communications 6. Identify and explain the factors that determine price 7. Define the concept of strategic control 8. Identify and explain the reasons organizations chose to market their offerings outside their home country.Explanation / Answer
1) Marketing is a need satisfying process,marketing is creations of demand and building brand value .
Purpose of marketing to create demand , creating awareness and producing demands.
Responsibilities of a marketing manager to positioning the brand in the mind of customers, arranging proper marketing communications , developing brand awareness in target market place .
2) Organization business Vision- Big pictures what Organization business want to achieve.
Organization business mission- Basically Organization business mission statement explain how Organization achieve it's vision.
Organization business goals- Organization business goals are a general statement that explaining what need to accomplish to implement a strategy.
3) These are the key elements of offerings portfolio.
A) Tangible products and services
B) Complete details of products and services
C) Price , guarantee and warranty of products
D) Installation,field support and technical supports
E) Packaging
4) Difference between brand and Brand equity
A) Branding is the process of brand building and brand equity is a long terms benefits that a brand getting from regular branding efforts.
B) Branding need long term investment in developing brand and brand equity are emotional mind share that a brand carry-out in its life.
C) Brand is basically a mindset of customers towards a company products and brand equity is a mathematical calculation of brand existing value .
5) Integrated marketing communication is a strategies to increase the communication among the the stakeholders by use of different channels.
Framework -
Context analysis
Promotional goals
Promotional strategy
Coordinated marketing mix
Implementation
Controls and evaluation
6) Factors determine price
A) Cost of production B) Demand of products C) Price of competing firms D) Purchasing power of customers E) Government rules and regulations F) Objectives G) Marketing methods .
7) Strategic control - Strategic control is describe the process that organization using to controlling formation and execution of Strategic plan.
8) Basically Organization chose to market their offerings outside their home country due to these reasons.
A) Market are more attractive than home country .
B) Market of outside are attracting business group by giving tax holiday .
C) Market of outside are not much investment required for doing business.
D) Products are more deserving to outside country .
E) Home country market saturated and needs to expand in outside country.
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