Sure! Below are the answers to the worksheet questions based on your course material. Please note that the answers provided are intended for study purposes only.
MP A - U1L1
-
What are the 4 P’s of marketing?
- Product, Price, Place, Promotion
-
What is marketing?
- Marketing is the process of creating, promoting, and delivering products or services to meet the needs and wants of consumers. It involves understanding the target market, developing product offerings, communicating value, and maintaining customer relationships.
-
Which of the 4 P’s involves product distribution?
- Place
-
What is a company’s market position?
- A company's market position refers to its standing or rank in relation to competitors within the market, determined by factors like market share, product differentiation, and perceived value by consumers.
-
What are the 7 functions of marketing?
- Marketing Information Management, Market Planning, Product/Service Management, Pricing, Promotion, Selling, and Distribution.
-
Where can selling occur?
- Selling can occur in various environments, including in-store, online, through direct sales, at events, and via telemarketing.
-
What are some examples of promotion?
- Advertising, public relations, social media marketing, sales promotions, and direct marketing.
-
What are some benefits of marketing?
- Drives sales, creates awareness, builds brand loyalty, helps understand consumer needs, and facilitates customer engagement.
-
Why is marketing so important?
- Marketing is important because it helps businesses communicate their message, reach potential customers, understand market needs, and enhance sales and profitability.
MP A - U1L2
-
What is a SWOT Analysis?
- A SWOT analysis is a strategic planning tool used to identify the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.
-
What is a PEST Analysis?
- A PEST analysis examines the Political, Economic, Social, and Technological factors that may affect an organization’s performance and strategic planning.
MP A - U2L1
-
What are business ethics?
- Business ethics refers to the principles and standards that guide behavior in the world of business, ensuring that actions are conducted honestly and responsibly.
-
What is CSR?
- CSR, or Corporate Social Responsibility, is a business model in which companies integrate social and environmental concerns in their operations and interactions with stakeholders.
-
What are the 4 main areas that make up CSR?
- Economic, Legal, Ethical, and Philanthropic responsibilities.
-
What are the forms of business ownership and what makes them different from one another?
- Sole Proprietorship, Partnership, Corporation, and Limited Liability Company (LLC). The differences lie in liability, taxation, and ownership structure.
-
What is a marketer's role in anticipating trends?
- A marketer’s role in anticipating trends involves conducting market research, analyzing consumer behavior, and staying informed on industry developments to predict shifts and adapt strategies accordingly.
-
What forms of mobile marketing are used?
- SMS marketing, mobile apps, mobile websites, location-based marketing, and social media marketing on mobile platforms.
-
What is utility?
- Utility refers to the value or benefit a consumer derives from a product or service, often categorized into forms like form utility, place utility, time utility, and possession utility.
MP A - U4L1
-
What is an income statement and what type of information will you find in it?
- An income statement, also known as a profit and loss statement, shows a company's revenues and expenses during a specific period, revealing net profit or loss.
-
What is included on a balance sheet?
- A balance sheet includes assets, liabilities, and equity at a specific point in time, providing a snapshot of a company's financial condition.
-
What is included on a cash flow statement?
- A cash flow statement includes operating activities, investing activities, and financing activities, showing how cash moves in and out of a business over a period.
MP A - U4L2
- What are the 3 reasons why businesses borrow money?
- To finance operations, to invest in growth opportunities, and to manage cash flow or cover expenses.
MP A - U5L1
-
What is primary and secondary research?
- Primary research involves collecting new data directly from sources (e.g., surveys, interviews). Secondary research uses existing data collected by others (e.g., reports, studies).
-
What is the difference between internal and external sources?
- Internal sources are data and information that come from within the organization (e.g., sales records), while external sources are information obtained from outside the organization (e.g., market reports).
-
What are the advantages and disadvantages of marketing research?
- Advantages: Provides valuable insights, reduces risks, guides decision-making. Disadvantages: Can be expensive, time-consuming, and may not always produce accurate results.
-
What is marketing research?
- Marketing research is the process of gathering, analyzing, and interpreting information about a market, including information about the target audience and competition.
-
What is the difference between qualitative and quantitative research?
- Qualitative research focuses on understanding opinions, motivations, and feelings through interviews and focus groups. Quantitative research involves numerical data and statistical analysis, typically through surveys.
-
What are the steps in the marketing research process?
- Define the problem, conduct exploratory research, design the research plan, collect data, analyze data, and present findings.
-
What factors are considered when designing a survey?
- Target audience, clarity of questions, length of the survey, type of questions (open-ended vs. closed-ended), and method of distribution.
I hope this helps you prepare for your final exam! Good luck!
5 answers