Marketing Fundamentals Online Mid-Term Assessment

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Marketing Fundamentals Online Mid-term Assessment Note: Deadline for submission by Fri the 17th of February 2012 at 4pm Answer all of the following questions: 1. Name and explain the 4 elements of the marketing mix. (4 marks) 2. What is a target market? How do you define a target maket? (4 marks) 3. Define a market size of an industry of your choice then calculate the market share of one of your selected company in that industry. (4 marks) 4. Problem definition is the first step to start researching the market. Describe the steps on how you define a problem? (4 marks) 5. How symptoms differed to problems? Use examples to backup your explanations. (4marks) 1) Product, price, place, promotion, • The right product • Sold at the right price • In the right place • Using the most suitable promotion. 2)- A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. - A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables are the elements of a marketing mix strategy that determine the success of a product in the marketplace. 3)- Market Share = (Total Company Sales / Total Industry Sales) x 100 . Coopers Market Share = (Coopers Beer Company Sales / Australia’s Beer Sales) x 100 Coopers Market Share = (62,900 litres /1,572,563 litres) x 100 Coopers Market Share = 4 % 4)- Majority of research we considering, revolves around our customers or potential customers: • Current customers • Prospective customers • Lost customers • Members • Community • Employees (internal customers) • Stakeholders (for example, investors, suppliers) Defining a Problem: • Management have recognized the problem

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