2. [LO1] How is the Customer Value Framework useful? Answer: The CVF represents consumer behavior theory, which illustrates factors shaping consumption-related behaviors and ultimately determines the value associated with consumption. Thus, the CVF provides potential explanations for behavior. 3.
Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________. • market valuation • market estimation • brand association • market partitioning 1. Which of the following is a strategy that uses the manufacturer’s sales force, trade promotion money, or other means to induce intermediaries to carry, promote, and sell the product to end users? • Strategic plan • Lock strategy • Push strategy • Pull strategy 1.
Explain why change happens in a business environment. You should include at least three reasons in your answer. Economy is a big factor in change in a business, some reasons for this are as follows: • Competitors behaviour, performance and trends. • Tax and Interest rates • International competitors' behaviour, economy, economic trends, tax, interest rates, exchange rates and trade issues • Product changes Section 2 – Understand the purpose of supporting change in a business environment 1. Identify the main reasons for reviewing working methods, products and / or services in a business environment.
How do marketers obtain primary data? Q. By using trend analysis, exponential smoothing, and the Delphi technique R. By using observation, survey, and controlled experiments S. Cy using private data, government data, and internal data T. By using marketing information systems and business intelligence 7. Which of the following consists of factors that influence consumer buying power and marketing strategies? U.
These steps are marketing research, types of media, the target market, and internet marketing. Marketing Research Consumer Market research will provide the information McBride Financial needs to study the purchasing habits of individuals. This will give them the data needed to market certain products in certain areas that they are more likely to make a purchase rather than
This also includes educating staff about the responsibilities of maintaining costs. What are the reports that can be used for financial planning in an organisation? Profit and Loss Balance sheet Revenue and Expenditure report Cash flow statement Debtors and Creditors reports What is the process for preparing budgets or other financial plans? 1. Identify data that needs to be collected.
Human resources 3. Finance 4. Marketing Provide a detailed explanation of why these particular areas of the business have been affected. Your explanations and reasoning will enable you to achieve M2 M2 3 The next part of your report should identify and describe how the following factors have
Political: Government policies or regulations, International conflict or trade policies, Domestic legislation and law. Economic: Domestic competitors and trends, International economy and interest rates. Social: Consumer attitudes and preference, Ethical issues and media views. Technological: Funding for new technologies and development, Installation of new technology and emerging new technologies. These changes are known as a reactive change and occur when a business responds to external pressure.
Q1. - The retailers around the world are facing different issues & challenges. - Debbie Robinson and chief executive of NACS claim that the growth of profit is relate with the population of people, but the operating process is the main key point to sustain the growth. - Sheetz point out the market is all about the people, people build the market, market build the business. Rutter mentions that the technology is one of the skills to attract more the customers and need to be investing more.