Principles of marketing questions
CHAPTER 1 :
List and the compare the five marketing management philosophies. Be sure to indicate the key components of each philosophy.
1- Production concept - The idea that consumers will favor products that are available or highly affordable.
2- Product concept - The idea that consumers will favor products that are of high quality, performance and features.
3- Selling concept - The idea that consumers will not buy enough of a firm’s products unless it is known on a large scale from its selling and promotion effort.
4- Marketing concept - The idea that reaching organizational goals is attached to knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors in the same markets
5- Societal marketing concept - The idea that a company should consider consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests in making marketing decisions.
CHAPTER 2 :
Define marketing control. Next identify what are the differences between operating control and strategic control.
Marketing control is the measurement and evaluation of results obtained from the market and responding to these results by taking corrective action if necessary. There are two types: Operating control and Strategic control. Operating control is the day to day control taken to ensure that actions are consistent with established planes and objectives. Strategic control focuses on monitoring, tracking and evaluating effectiveness of the implemented strategies and make adjustments accordingly if necessary.
CHAPTER 3:
Discuss THREE (3) reasons that business legislation has been enacted. Give illustration of each reason.
The three reasons that business legislation has been enacted are namely: jointly, concurrent and simple resolution.
1- Jointly resolution is a legal measure that demands agreement of two parties and forwarded to a higher rank of authority of law (president) for evaluation
List and the compare the five marketing management philosophies. Be sure to indicate the key components of each philosophy.
1- Production concept - The idea that consumers will favor products that are available or highly affordable.
2- Product concept - The idea that consumers will favor products that are of high quality, performance and features.
3- Selling concept - The idea that consumers will not buy enough of a firm’s products unless it is known on a large scale from its selling and promotion effort.
4- Marketing concept - The idea that reaching organizational goals is attached to knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors in the same markets
5- Societal marketing concept - The idea that a company should consider consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests in making marketing decisions.
CHAPTER 2 :
Define marketing control. Next identify what are the differences between operating control and strategic control.
Marketing control is the measurement and evaluation of results obtained from the market and responding to these results by taking corrective action if necessary. There are two types: Operating control and Strategic control. Operating control is the day to day control taken to ensure that actions are consistent with established planes and objectives. Strategic control focuses on monitoring, tracking and evaluating effectiveness of the implemented strategies and make adjustments accordingly if necessary.
CHAPTER 3:
Discuss THREE (3) reasons that business legislation has been enacted. Give illustration of each reason.
The three reasons that business legislation has been enacted are namely: jointly, concurrent and simple resolution.
1- Jointly resolution is a legal measure that demands agreement of two parties and forwarded to a higher rank of authority of law (president) for evaluation