Q1: What are the five psychological needs according to Maslow Hierarchy of needs?

And as
a marketer, why is it important to understand those needs?

Answer: Physiological needs, safety needs, social needs, personal needs, self-actualization
needs. It is important for a marketer to know what exact need is to be addressed as the
positioning of the product revolves around the specified need.

Q2: What are some advantages and disadvantages of secondary data?

Answer: Advantages of secondary data are the time savings, the low cost, and the greater level
of detail that may be available.

Disadvantages of secondary data are that the data may be out of date, unspecific, or have
definitions, categories, or age groupings that are wrong for the project.

Q3: We discussed the concept of trading up and trading down to reposition the product.
Please define these terms with the help of an example.

Answer: In repositioning a product, a company can decide to change the value it offers buyers
and trade up or down. Trading up involves adding value to the product (or line) through
additional features or higher-quality materials. Michelin, Bridgestone, and Goodyear have done
this with a “run-flat” tire that can travel up to 50 miles at 55 miles per hour after suffering total
air loss. Trading down involves reducing a product’s number of features, quality, or price. For
example, airlines have added more seats, thus reducing legroom, and limited meal service by
offering only snacks on most domestic flights.

Q4: What are the three questions marketing executives consider when choosing a
marketing channel and intermediaries?
Answer: The three questions to consider when choosing a marketing channel and intermediaries
are: (1) Which will provide the best coverage of the target market (density)? (2) Which will best
satisfy the buying requirements of the target market? (3) Which will be the most profitable?

Q5. What are the three degrees of distribution density? Explain with an example.
Answer: Intensive distribution is a level of distribution density whereby a firm tries to place its
products and services in as many outlets as possible e.g. Pepsi, Coke, Mars

Exclusive distribution is a level of distribution density whereby only one retailer in a specific
geographical area carries the firm’s products e.g. Rolls Royce, Louis Vuitton

Selective distribution is a level of distribution density whereby a firm selects a few retailers in a
specific geographical area to carry its products e.g. specialty products Dell, Ralph Lauren