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Solution To The MCQ Question The correct answer of this MCQ is a. “Customer” , as customer is the person who buys goods or services for his / her end-use and satisfaction or to manufacture or resell goods or services to others. A customer always purchases goods or services but he / she may or may not be the end-user while a consumer is one who consumers or uses goods and services for his / her personal use and they always are the end-user of goods or services. For example, when a customer purchases wheat at a given price, then such person is a customer and when such wheat is used by family members like father, sons, daughter, etc., then all of these are consumers who consumes and uses the wheat. A buyer or purchaser is one who buys or purchases goods or services under the agreement. Initially, a customer when purchases goods or services from company is a customer but later on when he / she uses or consumes goods or services he / she becomes a consumer. A purchaser, if after purchasing ...

Answer Of Short Question With Brief Explanation: It is “Sustainable Competitive Advantage” as under this competitive advantage, it is very difficult for competitors to duplicate or surpass the features and capabilities of a business. The business has advantage over its competitor that it is very difficult for competitors to meet the needs of customers in such a way as a business performs in the market i.e., a business providing better quality products to customers than its competitors has Sustainable Competitor Advantage over its competitors. Due to this, the company's sales are the best than its competitors in the market. Examples of companies having sustainable competitor advantage are Google, Apple Inc., Amazon, Microsoft, etc. Due to sustainable competitive advantage, the company has better skilled and trained people than the competitors who provides better quality products and services and satisfy customers by solving their problems effectively. In fact, the company is a Mark...

Answer Of MCQ And Four (4) Parts Of SWOT Analysis The correct answer of this multiple choice (mcq) is e. Situation Analysis because such analysis is related with the analysis of internal and external factors affecting the business. The analysis of these factors shows the Strengths (in which resources and capabilities are seen), Weaknesses (e.g., lack of satisfaction customers 'needs), Opportunities (business environment) and Threats (i.e., from competitors, business loss, etc.). This analysis is helpful for checking the business’ current position in the market and provide a guidance for strategic planning process. SWOT Analysis also shows Strengths, Weaknesses, Opportunities and Threats of the business. So, SWOT Analysis is just a part of Situation Analysis. In Situational Analysis, both internal and external environments are evaluated. In internal environment , the internal factors such as financial resources, human resource management, technology resources, marketing team, sales...

Answer Of Short Question The answer is “Value Proposition” , as the value proposition is a concise statement and a promise of value to be delivered or rendered to targeted customers (based on demographically, regionally, etc.) available in the market. It shows the benefits of products and services provided by a company to its potential customers to choose and buy its products or services as compared to its competitors. For example, a company claiming to deliver products to its customer at 10% discount with free delivery cost. It is a promise from the company to the client that the company will give 10% discount with no delivery cost, if he purchases goods from the company may be subject to a specified time period. A value proposition statement for a transportation company may be "Instant And Cost Effective Delivery At Your Doorstep". This statement should be simple and concise mentioning the benefits promised to be delivered to customers. Value proposition emphasizes on the c...

Solution To The Multiple Choice Question (MCQ) “Which Of The Following Is Not A Core Competency” The correct answer is “C. Marketing Myopia”, as Marketing Myopia focuses on company’ products or services rather than on the benefits or satisfaction which the company can provide to consumers. It lacks consumers’ needs, wants and demands and as a result the business may lose many new consumers and unable to capture high customer value for new available opportunities created in the market. Companies follow market myopia can't influence customers and as a result the business can't grow and satisfy customer demands during the entire life cycle. It is not the right marketing strategy to run and promote the business. To run the business successfully, market myopia should not be applied as it lacks customers satisfaction and this marketing strategy adopts the product or service without updating or innovative changes. Few examples of Companies face market myopia due to lack of innovation ...

Why Is The Product Element / Par t Of The Marketing Mix Considered To Be The Most Important? Product element of Marketing Mix is considered to be the most important part of marketing mix, as it directly related with the customers or consumers’ satisfaction and experience. If the product itself is of bad quality then other elements become irrelevant because the consumers want a good quality product even if the price is high or the location of the business is not near from their homes, but they buy because of its good quality. A product's unique benefits and features can give the company an edge over its competitors in the marketplace and help in building brand equity among customers. Among all of the elements of marketing mix (7P’s i.e., Product, Price, Promotion, Place, People, Process and Physical Evidence), it is the product or service for whom all of the remaining parts of marketing mix take place i.e, price is charged against the exchange of quality product or service, promot...

Solution To The MCQ The Correct Answer Of Multiple Choice Question is A) Demand. Explanation: Demand shows the consumer’s desire and ability to buy Mercedes at a given price. So, those, who can purchase merceds car can fulfill their desires and having a demand for merceds car and, ultimately, the seller receives the value of money in exchange of merceds car. Needs, wants and demand are considered when the value of exchange of goods or services take place between buyer and seller. Needs are the basics necessities of life and without which, it is very difficult for a human being to survive. Needs include Foods, water, shelter and health. Wants are not necessary for our life. A person needs is to eat food like Roti (Bread) or rice and drink water but he may want burger and lemon juice which are not essential to survive his life but these are wants. Demand is the desire and ability of a customer to buy something to fulfill his needs and wants. A customer may desire to buy a costly house or...

Solution To The Multiple Choice Question (MCQ) With Brief Explanation The correct answer of this MCQ Question is “(a). Marketing Mix Plans”, as marketing mix plans are tactical marketing plans which specify actions plans involving 7Ps of marketing mix such as product, price, place, promotion, people, process and physical evidence to apply overall strategy in order to achieve the strategic marketing objectives. Marketing Planning is the overall strategy (or corporate strategy) a company adopt to achieve objectives and goals of the organization while Tactics are specific course of actions executed / accomplished to achieve overall objectives and goals set in the marketing planning. For example, if the company marketing strategy is to sell cheaper product e.g., rice to its customers, then the marketing manager may adopt discount policy to sell rice at cheaper price at different places according to geographical segmentation i.e., in the south region, if the customers buy 5 kg rice, then 20...