Basic Marketing CAT 2 MARIA

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MUA University *

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2023

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Business

Date

Nov 24, 2024

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pdf

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Uploaded by BarristerUniverse4167

STUDENT’S NAME: LOSIRKAT MARIA NAMELOK ADMISSION NUMBER: NOI/NK/14844/2023 UNIT TITLE: BASIC MARKETING CAT UNIT CODE: MAK 001 TASK: BASIC MARKETING TAKE AWAY CAT 2 MODE OF LEARNING: DISTANCE LEARNING SEMESTER: SEPT-DEC 2023

1. Define Consumer Behavior. (1 mark) Consumer behavior refers to the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy their needs and desires. It involves understanding how consumers make decisions, what influences their choices, and the factors that impact their purchasing behavior. 2. List and explain three factors influencing customer behavior. (3 marks) a. Cultural Factors: Culture plays a crucial role in shaping consumer behavior. It encompasses the values, beliefs, customs, and lifestyles of a society. Marketers need to understand cultural nuances to tailor their products and marketing strategies to align with the cultural preferences of their target audience. b. Social Factors: Social influences, such as family, friends, and social networks, significantly impact consumer behavior. Reference groups, opinion leaders, and social norms can affect purchasing decisions. For example, individuals may be influenced by the preferences and opinions of their peers or seek approval from their social circles. c. Psychological Factors: Psychological factors include perceptions, attitudes, motivations, and learning. Understanding how consumers perceive a product, their attitudes towards it, and the motivations driving their purchases is essential. Marketers often leverage psychological insights to design advertising, promotions, and product features that resonate with their target audience. 3. Explain the importance of customer behavior modeling and analysis in marketing. (2 marks) Customer behavior modeling and analysis are crucial in marketing for several reasons. Firstly, it helps businesses understand the needs, preferences, and decision-making processes of their target audience.

This knowledge allows marketers to create more effective and targeted marketing campaigns, leading to better customer engagement and satisfaction. Additionally, understanding customer behavior aids in product development and innovation. By identifying patterns and trends in consumer preferences, companies can adapt their products and services to meet evolving demands, gaining a competitive edge in the market. 4. Name and briefly explain one type of pricing. (1 marks) Penetration Pricing: This strategy involves setting a relatively low initial price for a product or service to quickly gain market share. The goal is to attract a large customer base and potentially increase prices later. Penetration pricing is often used to enter a new market or to compete aggressively with existing competitors. 5. Discuss the importance of pricing in the marketing mix. (2 marks) Pricing is a critical element of the marketing mix with significant implications for a company's success. It directly influences customer perception of value and can impact sales and profitability. The right pricing strategy aligns with the overall marketing objectives, positioning the product or service effectively in the market. Pricing decisions also consider factors such as production costs, competitor pricing, and perceived customer value. 6. Name and briefly explain two types of products. (2 marks) a. Consumer Products : These are products intended for personal use and satisfaction. Consumer products can be categorized into convenience products (purchased frequently with minimal effort), shopping products (purchased after comparison shopping), specialty products (unique items with specific characteristics), and unsought products (products consumers are not actively seeking). b. Industrial Products: These are products used by businesses in their operations. Industrial products include raw materials, components, and equipment. Unlike consumer products,

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industrial products are often purchased based on the functional and economic benefits they provide rather than personal preferences. 7. Name and discuss two factors to consider when choosing a place for distribution. (2 marks) a. Accessibility: Accessibility refers to the ease with which customers can reach a product. The location of distribution points, such as stores or warehouses, should be strategically chosen to ensure that the target market can easily access the products or services. b. Channel Length: Channel length refers to the number of intermediaries involved in the distribution process. Choosing the right channel length is crucial; a longer channel may offer more reach but could increase costs and complexity, while a shorter channel may provide more control but limit distribution. 8. Discuss two ethical issues related to distribution decisions and highlight the importance of ethical considerations in distribution. (3 marks) a. Channel Conflict : Channel conflict can arise when there is disagreement or discord among members of the distribution channel, such as manufacturers, wholesalers, and retailers. Ethical considerations involve fair business practices and ensuring that all channel members are treated equitably. b. Gray Market Activities: Gray market activities involve the unauthorized sale of products through unofficial channels. This can lead to issues such as warranty disputes and undermines the integrity of authorized distribution channels. Ethical distribution decisions involve taking measures to prevent and address gray market activities.

9. Explain the importance of conducting marketing research in decision-making. (2 marks) Marketing research is essential in decision-making as it provides valuable insights into market trends, customer preferences, and competitive landscapes. By collecting and analyzing data, businesses can make informed decisions about product development, pricing strategies, promotional activities, and distribution channels. Marketing research minimizes uncertainty, enhances strategic planning, and improves the likelihood of success in the marketplace. 10. Discuss the significance of customer experience in current marketing trends. (2 marks) In current marketing trends, customer experience has become a focal point. Customer experience encompasses all interactions a customer has with a brand, from initial awareness to post- purchase support. In today's competitive landscape, providing a positive and seamless customer experience is crucial for building brand loyalty and attracting repeat business. Social media and online reviews amplify the impact of customer experiences, making it essential for businesses to prioritize customer satisfaction as a core element of their marketing strategy. Positive customer experiences not only lead to customer retention but also contribute to positive word-of-mouth marketing, which can significantly impact a brand's reputation and success in the long run.

REFERENCES Schiffman, L. G., & Kanuk, L. L. (2010). Consumer Behavior. Pearson. Kotler, P., & Armstrong, G. (2017). Principles of Marketing. Pearson. Solomon, M. R. (2016). Consumer Behavior: Buying, Having, and Being. Pearson. Kotler, P., Keller, K. L., Brady, M., Goodman, M., & Hansen, T. (2009). Marketing Management. Pearson. McCarthy, J. E., & Perreault, W. D. (2005). Basic Marketing: A Global-Managerial Approach. McGraw-Hill.

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