MKW1120 exam practice question and answer
2012 Exam Question Answer
Q1. Marketing can be defined as an organization function and a set of process foe creating, communicating and delivering value to the customer and for managing customer relationship in a way that it benefits the organization and its stakeholders. In order to understand the marketplace and customer needs and wants, marketers need to identify the needs of the consumer, which is defined as the state of felt deprivation, such as hunger and self-actualization needs. Next, it advanced into wants, which is defined as the form of human need that is shaped by culture and individual personality. To satisfy ones hunger, they may opt to eat either rice or noodles depending on their preference. Demand, the human wants that are backed by buying power indicates a person’s financial ability to buy their wants.
Organizations need to identify its microenvironment and macroenvironment to identify forces or actors in the business environment that can have effect on the organization’s marketing and business activities.
Microenvironment of a company is made up of the company itself, its competitors, the suppliers, customers, marketing intermediaries and the publics. The publics are those people or organization that affect the operations of the organization. There are seven publics in total, which is made up of financial publics, media publics, citizen-action publics, government publics, local publics, general publics and internal publics that affects the marketing operation of an organization. Financial publics are banks and insurance companies that affect the company success in obtaining loan.
Macroenvironment is the larger societal force that affects the whole environment. In an organizations macroenvironment, it consist of demographic environment, economic environment, natural environment, technological environment, political environment and cultural environment. Demographic environment is mainly made up of the changing age structure in
Q1. Marketing can be defined as an organization function and a set of process foe creating, communicating and delivering value to the customer and for managing customer relationship in a way that it benefits the organization and its stakeholders. In order to understand the marketplace and customer needs and wants, marketers need to identify the needs of the consumer, which is defined as the state of felt deprivation, such as hunger and self-actualization needs. Next, it advanced into wants, which is defined as the form of human need that is shaped by culture and individual personality. To satisfy ones hunger, they may opt to eat either rice or noodles depending on their preference. Demand, the human wants that are backed by buying power indicates a person’s financial ability to buy their wants.
Organizations need to identify its microenvironment and macroenvironment to identify forces or actors in the business environment that can have effect on the organization’s marketing and business activities.
Microenvironment of a company is made up of the company itself, its competitors, the suppliers, customers, marketing intermediaries and the publics. The publics are those people or organization that affect the operations of the organization. There are seven publics in total, which is made up of financial publics, media publics, citizen-action publics, government publics, local publics, general publics and internal publics that affects the marketing operation of an organization. Financial publics are banks and insurance companies that affect the company success in obtaining loan.
Macroenvironment is the larger societal force that affects the whole environment. In an organizations macroenvironment, it consist of demographic environment, economic environment, natural environment, technological environment, political environment and cultural environment. Demographic environment is mainly made up of the changing age structure in