Assignment 1 – Past Year Question
a) Define marketing management.
Marketing management can be define as the analysis, planning, implementation, and control of programmes design to create, build and maintain beneficial exchanges with target buyers for the purpose of archiving organizational objectives.
b) Describe the five(5) marketing management philosophies
The philosophy that consumers will favour products that are available and highly affordable, that management should therefore focus on improving production and distribution efficiency.
The idea that consumers favor products that offer the most quality, performance and features, and that the organisation should therefore devote its energy into making continuous product improvements; a detailed version of the new product idea.
The idea that consumers won’t buy enough of the organisations products unless the organisation undertakes a large-scale selling and promotion effort.
Achieving organisational goals depends on determining the needs and wants of its target market and delivering the desired satisfaction more effectively and efficiently than competitors.
5. Societal Marketing
The idea that the organisation should determine the needs, wants and interests of target markets and deliver the desired satisfaction more effectively and efficiently than competitors in a way that maintains or improves the consumers and society's well being. c) Determine which of the philosophies would be suitable to manage a hypermarket store. State your reasons.
The most suitable philosophies to manage hypermarket store is marketing concept. The Marketing concept holds that the key to archiving organizational goal is for the organizational to determine the needs and want of the target markets and efficiently than its competitors. The reason of marketing concept most suitable because it focus on customer needs well-define market, coordinates all the marketing activities affecting the
customers and make profits by creating long-term customer relationship based on customer values and satisfaction.
a) Identify and list five (5) requirements for an effective segmentation.
The variables used to segment the market must be easily measured.
The market segment should also be easily reached and served.
When dividing the market, the segments should be large enough or profitable enough to serve.
The marketing programs should also be designed to attract and serve the market segments.
Cater to need and want to different customer. For example shampoo Rejoice .
b) Briefly explain four (4) bases for segmentation
The four bases for segmentation are Geographic segmentation, Demographic segmentation, Psychographic segmentation and behavioural segmentation.
1. Geographic segmentation
The process of dividing the market into geographical units.
2. Demographic segmentation
The process of dividing the market into group based on demography such as age, gender, income occupation etc.
3. Psycographic segmentation
The process of dividing the market into different groups based on psychographic Characteristics such as social class, lifestyle and personality characteristic.
4. Behavioral Segmentation.
The process of dividing the market based on either the customer knowledge, activities, uses or responses to a product.
c) Determine the best three (3) segmentation bases combination for a shampoo. State two (2) reasons to illustrate your answer. The best three segmentation are actionability, differentiable and substantiality. The reasons of these are because the product offered...
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