- 10 Marks
Question
b) Identify and describe FIVE situations which would compel an organization to give serious consideration to its marketing efforts.
(10 marks)
Answer
- Sales Decline: A decline in sales would indicate the need for the marketing team to reassess and intensify its marketing efforts to regain market share.
- Unsatisfactory Growth in Sales or Profits: When the rate of growth of sales or profits is deemed unsatisfactory, the organization must reconsider its marketing strategies to drive better results.
- Increased Competition: A rise in competition necessitates enhanced marketing efforts to retain existing customers and attract new ones. Without such efforts, the organization risks losing market share to competitors.
- Changes in Customer Purchasing Behavior: Significant changes in how customers purchase products or services would compel the organization to adapt its marketing efforts to align with new consumer behavior.
- Rising Marketing Costs: If the costs associated with marketing, including sales and distribution expenses, are increasing, it indicates the need to reassess and possibly optimize marketing strategies to maintain profitability.
(5 points @ 2 marks each = 10 marks)
- Tags: Business Strategy, Competition, Market Analysis, Marketing Strategy, Sales Decline
- Level: Level 1
- Topic: Finance, R&D and marketing strategies
- Series: NOV 2017
- Uploader: Dotse