1. a) Define price elasticity of demand and explain why some products are price-elastic and other products are price-inelastic.
b) Outline the factors which may influence an organisation's pricing policy.
(Marks available: 10)
Answer
2. a) What is meant by a random sample.
b) A marketing manager's experience has been that between 10% and 20% of women purchase a new brand of cosmetics within one month of its introduction.
She wishes to estimate, by sampling, the percentage of women who will purchase a particular new Brand X, within one month of its introduction.
How large a random sample should be taken if she wants the estimate to be at 95% confidence level.
(Marks available: 10)
Answer
3. a) What is the product offered by a lottery firm such as Camelot?
b) How might a lottery firm optimise its marketing mix?
(Marks available: 20)
Answer
A question asked to discuss the important features of a marketing planning for a successful launch of a product. How should I answer it?
ReplyDeleteRefer 9707/32/O/N/09, Question #5.
Hi Valiant Lady,
ReplyDeleteIn order to gain the highest mark, you should show your knowledge,application, analysis, and evaluation skill to answer the question. Marketing plan is a document that gives details of all activities the business is going to take place in the marketing department to turn the marketing strategy into reality. It contains : Objectives, Budgets, Sales forecast, marketing strategies, or some companies include other thing such as the action plan. Alternative answers : 1) Explain the definition of marketing plan: detailed report on a company's marketing strategy including objective, budgets, and integrated mix. 2)Explain the objective of the business : Market share or high profit margin may be? It's important as this will determine whether market skimming (setting a high price before other competitors come into the market) or penetration (setting a relatively low initial entry price) is used. 3) Explain about the budgets available in the business related to entering to the new market. 4) Marketing mix that linked to the certain country information.