PART B Consists of six (6) short answer type questions and is worth 30 marks. Each question is worth 5 mark Discuss the concepts of needs, wants and demands, giving an example of each. Explain why a supermarket owner might consider customer lifetime value when a disgruntled customer leaves the store dissatisfied. Outline the four major segmenting variables for consumer markets. Explain the necessary characteristics of an effective and useful market segment. Differentiate between the core product, the actual product and the augmented product as these concepts apply in the motorcar industry. Companies bringing out a new product can choose between two broad strategies: market-skimming pricing and market-penetration pricing. It is important to select the optimal approach because there is no going back once prices have been established. Discuss the market and environmental indications suitable for each approach. Part C Consists of 1 (1) case discussion and 5 questions and is worth 30 marks A friend of yours has recently bought a registered training organisation that offers work health and safety courses. He has worked at this organisation for the last two years and the business is slightly profitable and provides an average wage to the owner. It has three employees including the owner, a trainer and an administration person. Your friend says he does not need to waste any money on marketing as the previous owner never did and there is a good base of loyal customers, including aged-care homes, schools, and some small number of small to medium businesses. Besides, all the clients love him. The business has started to slow a bit lately however, and your friend cannot decide whether to do some advertising or go on a holiday to relieve the stress. He has asked you what you would do if it was your business. Drawing on the content presented in MK101, answer the following questions: How would you apply the 4 P’s to this context and elaborate with examples where appropriate? (6 marks)Recommend how can they build customer engagement, value and relationships for the business. (6 marks)What marketing strategy would you recommend to capture customers? (6 marks)What would you consider as ways in which you can increase the lifetime value for customers? (6 marks)What is the importance of brand image and would this be effective for improving this business? Explain your choice with appropriate examples. (6 marks)
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