1.

a. Define marketing and define its significance in the Modern World.

Marketing refers to activities a company undertakes to promote the buying or
selling of a product or service. The importance of marketing in the Modern
World is significant because nowadays, with the prevalence of social media,
marketing plays a huge role in reaching a wide group of people.

Marketing is also important because with the competitive nature of products

from various brands, the consumers now are vigilant and meticulous in
purchasing especially that information can be gathered from the internet
instantly. With marketing, this addresses that fact, where the producers can
explain their products through various marketing strategies.

b. Explain the Objectives of Marketing Management

Marketing management is an organizational approach which focuses towards
the accomplishment of marketing objectives of the organization such as
achieving customer satisfaction, securing high sales and profit, etc.

Some of the major objectives of marketing management are as follows:

1. Creation of Demand
One of the main objectives is the creation of demand which means that
the marketers create an idea that implores the demand of the product that
they will be selling. For example, the prevalence of the COVID-19, there
is a demand of face masks of different kinds and quality.
2. Customer Satisfaction
Customer satisfaction as an objective of marketing management is highly
important that will validate that the product sold is meeting the demands
of the consumers. An example that the objective of customer satisfaction
is met is increase in the demand or sales of the product.
3. Market Share
Marker share as an objective of marketing management is the defining of
preference of the consumer of the product over other competitive brands.
4. Generation of Profits
Generation of profits as an objective of marketing management is the
actual sale of the product. It is important to note that profits are measured
as the income minus the expenses or capital used to produce the
product.

c. What is meant by Market Segmentations? What are the criteria of

successful Market segmentation?
Market segmentation is the practice of dividing your target market into
approachable groups. Market segmentation creates subsets of a market
based on demographics, needs, priorities, common interests, and other
psychographic or behavioral criteria used to better understand the target
audience. Market segmentation in a sense aims to understand the
consumers better. It looks into what will benefit the consumers and what they
like. For example, if one aims to market a burger of a food chain, the burger
 should be able to offer various flavors like chicken, beef and fish to match the
preference of the buyers. One cannot focus on one flavor because it will only
reach those who prefer that flavor.

So, what are the requirements for effective market segmentation? Effective
segmentation should be measurable, accessible, substantial, differentiable,
and actionable. When a company has segmented their market accordingly,
there is a higher chance that it will become more profitable and successful in
the long run. Another example is the development of the barbecue or nachos
flavor of Lays which aims to reach the cultural group such as the Mexicans.
This is an example of segmentation, taking into consideration what will work
for specific groups.

d. Enumerate the stages of Product Life Cycle.

The term product life cycle refers to the length of time from when a product
is introduced to consumers into the market until it's removed from the
shelves.

The life cycle of a product is broken into four stages—introduction,

growth, maturity, and decline.

The product life cycle is important not because it aims for a product to
decline but it aims to achieve the product’s longevity which is why it is being
determined by the marketing management.
2.
a. Explain the Objectives of Pricing Policy of a business firm.
Five main objectives of pricing are:

1. Achieving a Target Return on Investments

This refers to the logical goal of a business owner to achieve a
return of investment and preferably an amount at a specified time.
For example, the marketing management will set the goal of
achieving its ROI at P100,000 at the end of the year. Therefore,
they target to price each product 10 pesos more without including
its capital and other expenses incurred.

2. Price Stability
Price stability is an objective mainly to maintain that consumers
keep buying the product. If there is a constant change in the price,
the consumers are likely to be disappointed especially in the state
of inflation where consumers consistently buy on a budget.

3. Achieving Market Share

Achieving market share is the goal of a marketing management that
their product will have preference over other competition products.
This can be achieved by maintaining or providing a price that is
attractive to the general public.
 4. Prevention of Competition and
The pricing policy aims to prevent competition because it would be
illegal to price a product way lower than its suggested retail price.

5. Increased Profits.
Increased profits is an objective in the pricing policy because this is
generally one of the goals of introducing a product. Price policies of
a business can be formulated to aid in the increasing of profits
within the limits of law.

b. Is it essential to use an Advertising Agency?

If the marketing management is able to craft means that will make their
product known, it is not necessarily essential to use an advertising agency
especially now that various programs and online applications are easy to
access that will help in the making of advertising strategies.
However, in bigger companies that have the budget that can be utilized to
hire an advertising agency that has expertise on marketing a certain product.
3.
a. Explain in brief the Five stages in the Buying Decision process.
This is the process by which consumers evaluate making a purchasing
decision. The 5 steps are problem recognition, information search,
alternatives evaluation, purchase decision and post-purchase evaluation.

Problem recognition refers to what is needed by the consumer. For example,

there is a clog in the toilet of a consumer, the problem now refers to the need
of a product that will unclog the toilet.

Information search is the knowledge of the buyer in looking into products that
will address the problem. In a certain aisle in a supermarket, this refers to the
buyer’s decision to look into what products are available and inquiry into what
is most bought.

In the process of alternatives evaluation, this refers to the process of looking

into other brands or brands that are cheaper over the preferred brand.

Finally, when a buyer finally decides on a product based on his or her

preference, this is the stage called purchase decision.

When the item has been bought and the buyer evaluates if the product has
met the need, then this is called post-purchase evaluation. The post-
purchase evaluation is crucial as this will determine if the consumer will be
buying again.

b. Describe the Marketing Mix for Service Industries.

Seven elements used in marketing mix for service are as follows: (1) Product
(2) Price (3) Place (4) Promotion (5) People (6) Physical evidence (7)
 Process. The marketing concept dictates that marketing decisions should be
based upon customer needs and wants.
4.
a. What are the Problems faced by E-business People?
Problems faced by e-business people are maintenance of consumers
especially if there is no physical store since some buyers find online buying a
bit problematic and sometimes expensive because of the shipping fee.
Similarly, there is more work done by e-business people because they are
troubled by providing means to deliver the item. In addition, some problems
are lack of staff since some e-business people have no staff at first thinking
that online business appears to be convenient for one person to run.

b. Who is retailer and what is his function?

A retailer performs the dual functions of buying and assembling of goods. The
responsibility of a retailer is to identify the most economical source for
obtaining the goods from the suppliers and passing on the advantages to the
consumer. The retailers perform the functions of warehousing and storing.

5. What is the difference between marketing and sales?

Marketing refers to activities a company undertakes to promote the buying or selling
of a product or service. Sales is about closing deals and generating revenue through
direct interaction with customers. 

Marketing is the broader approach while sales is the direct approach. For example, a
company aims to hire an artist that is 60-70 years old that is using their product to
star in a commercial. This approach aims to reach the senior citizens group which
has less impact of the product sold. After the airing of the commercial, data provides
that increase in sales of the product to senior citizens has been noted. In this
instance, the commercial is the marketing and the increase in sale is the sales.

6. What is the importance of teamwork in marketing management?

Teamwork plays a crucial role in marketing management as marketing aims to target
all communities that will be inclined to buying the product. Since there is diversity in
the interests of different communities and age groups, teamwork will help in
brainstorming as well as contribute to the interests of each group and this can be
consolidated to appear in the product. To be able to market a product that will signify
the interest of the consumers, the idea cannot come from one person since one’s
interest is fixated on what works for him or her.

7. What is online marketing?

Online marketing refers to the use of information and communication technology to
market products for sale. Nowadays, this is very common through applications such
as Facebook Marketplace, Tiktok Shop, Lazada and Shopee. Online marketing also
provides an avenue for producers to market their products through online
advertisement where the products can be known globally.
Online marketing reaches a wider net of consumers not only in a single area but all
over the world. Online marketing also allows higher profits because the consumers
are from all over the world increasing the possibility of sales and import.