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Marketing Exam
Chapters 1-3, 9
| Question | Answer |
|---|---|
| What is marketing? | The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large. |
| What are the different eras of marketing? | Production, Product, Sales, Marketing Concept, Market Orientation, Societal Marketing |
| What is the Production Era? | Until 1920s, if we build it they will come. Focused on production efficiency with lower cost and higher production. Still applies to developing countries and christmas products. |
| What is the Product Era? | How can we make a better product; marketing myopia-instead of focusing on customer need you're focusing on the product alone. |
| What is the Sales Era? | 1920-60, throw more sales people out there when products aren't selling on their own. Best used with selling unsought goods, insurance, cemetery plots, blood donations, over-produced products. |
| What is the Marketing Concept Era? | The marketing concept determines wants and needs of your target market and deliver desired satisfaction more effectively and efficiently than the competition. Focus on long-term profit. |
| What is the Customer Relationship Era? | Responding to what people really want and need via technology. |
| What is the Societal Marketing Era? | Concerns on companies to their customers and for societies well being. |
| What is the idea of exchange? | The trade of things of value between buyer and seller so that each is better off after the trade. Achieves goals of discovering needs and wants of customers and satisfying them. |
| What are the four factors needed for marketing to occur? | Two or more parties with unsatisfied needs, desire and ability to satisfy these needs, a way for the parties to communicate, something to exchange. |
| What are consumer needs? | State of felt deprivation. The gap between your current state and your desired state. |
| What are consumer wants? | The form that a need takes, shaped by culture and personality. |
| What are consumer demands? | Wants backed up by buying power. |
| What is a market? | All the people with the desire and ability to buy your product |
| What is a target market? | The part of the market you're going after; one or more specific groups of potential consumers toward which an organization directs its marketing program. |
| What are the four Ps in developing a marketing mix? | Product, price, promotion, and place. These are controllable factors. |
| What is customer relationship management? | The process of building and maintaining long term relationships. |
| What is customer perceived value? | Perception of cost of customer relative to benefit received. |
| What is customer satisfaction? | Perceived performance relative to expectations. |
| What are environmental forces? | Factors beyond a marketers control such as, social, economic, technological, competitive, and regulatory factors. |
| What is customer lifetime value? | Entire stream of purchases that the customer would make in a lifetime of patronage. |
| What is the share of customer? | Share a company gets of the customer;s purchasing in their product categories. |
| What is customer value? | The unique combination of benefits received by targeted buyers such as, best price, best product, best service. |
| What are the levels of strategy in organizations? | Corporate, Business Unit, Functional. |
| What is the corporate level? | Top management directs overall strategy for the entire organization. |
| What is the business unit level? | Can be set up in various ways/levels. A division of an organization that markets a set of related offerings to a clearly defined group of customers. |
| What is the functional level? | Where groups of specialists actually create value for an organization. |
| What are cross-functional teams? | A small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals. |
| What are core values? | The fundamental, passionate, and enduring principles that guide its conduct over time. |
| What is a mission? | A statement of the organization's function in society that often identifies its customers, markets, products, and technologies. Should answer, what is our business, who is our customer, what do customers value, and what should our business be. |
| What is an organization culture? | The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization. |
| What is a business? | Describes the clear, broad, underlying industry or market sector of an organization's offering. |
| What is a business model? | The strategies an organization develops to provide value o the customers it serves. |
| What are goals and objectives? | Statements of an accomplishment of a task to be achieved, often by a specific time. Examples are, profit, sales, market share, customer/employee satisfaction, social responsibility, quality, unit sales. |
| What is market share? | (Sales revenue for your firm)/(Sales revenue for all firms in industry) |
| What are stakeholders? | Anyone affected by what your business does; internal versus external. |
| What is competitive advantage? | Companies' unique strength relative to its competitors. |
| What is the Boston Consulting Group's Portfolio Analysis? | Evaluates growth strategies in terms of a company's strategic business units market share and market growth rate. Is a matrix. |
| What is Diversification Analysis? | Evaluates growth opportunities in terms of current and new markets and products. Is a grid. |
| What is SWOT Analysis? | Evaluates company's situation in terms of internal strengths and weaknesses and external opportunities and threats. Is a grid. Strengths and weaknesses are created by the company and opportunities and threats are not directly controlled by the company. |
| What is a marketing strategy? | The means by which a marketing goal is to be achieved, usually characterized byt a specified target market and a marketing program to reach it. |
| What are marketing tactics? | Detailed day-to-day operational decisions essential to the overall success of marketing strategies. |
| What is the marketing environment? | Actors and forces outside marketing that affect marketing management's ability to develop and maintain successful relationships with target customers. |
| What is environmental scanning? | Process of continually acquiring information on events occurring outside the organization. Identify and interpret potential trends. |
| What are the major environmental forces? | Social/Demographic, Economic, Technological, Competitive, Regulatory.Political, and Natural. |
| What are the key social/demographic trends? | Changing age structure, changing american family, geographic shifts, better-educated and more white collar, increasing diversity. |
| What are the generational cohorts? | Baby boomers, generation x, generation y. |
| Who are the baby boomers? | 1946-64, responsible for 50% of consumerism. |
| Who are generation x? | 1965-76, "baby bust", 15 % of population. Better educated, business travelers, cynical-base opinions on experience. |
| Who are generation y? | 1977-94, 72 million people, big on technology, big on environment and social sustainability. |
| What is the economic environment? | Factors that affect consumer purchasing power, consumer confidence, and spending patterns. |
| What are the three types of consumer income? | Gross income, disposable income, discretionary income. |
| What is the technological environment? | Changes rapidly, creates new products, markets, and opportunities, and challenge to make practical, affordable products. |
| What is the impact of electronic business technologies? | Ecommerce, internet, intranet, and extranet. |
| What is ecommerce? | Any business activity that uses any form of electronic technology. |
| What is intranet? | Private internet inside a company/organization. |
| What is extranet? | Allows businesses to connect privately with suppliers, customers, etc. |
| What is competition? | Refers to the alternative firms that could provide a product to satisfy a specific market's needs. |
| What are the forms of competition? | Pure, monopolistic, oligopoly, monopoly. |
| What is pure competition? | Many sellers with similar products. |
| What is monopolistic competition? | Many sellers with substitute products of similar price range. |
| What is oligopoly competition? | When a few companies control the majority of industry sales. |
| What is monopoly competition? | When only one firm sells the product. |
| What are barriers to entry? | Practices or conditions that make it difficult for new firms to enter the market. |
| What is regulation? | Consists of restrictions state and federal laws place on business with regard to the conduct of its activities. |
| What is consumerism? | A grassroot movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions. |
| What is self-regulation? | Where an industry attempts to police itself. An example is the Better Business Bureau. |
| What are the different levels of market segmentation? | Mass marketing, segment marketing, niche marketing, micromarketing. |
| What is mass marketing? | One large group. |
| What is segment marketing? | Meeting needs of customers better. |
| What is niche marketing? | Going after one share of the market. |
| What is micromarketing? | one-to-one marketing. |
| What is market segmentation? | Dividing the market into smaller segments to have a greater focus and more efficiency for customers. |
| What do you need to segment a market? | Measurable, substantial, differential, actionable, accessible. |
| How best do you segment a market? | Benefits sought, demographic, socioeconomic, geography, psychograph. |
| How do you evaluate market segments? | Size, growth rate, segment overlap, competitor targets, company objectives and resources. |
| What are competitor tagets? | Segments structural attractiveness; who is going after it. |
| What are market coverage strategies? | Undifferentiated marketing, differentiated marketing, concentrated marketing. |
| What is undifferentiated marketing? | One market; mass marketing. |
| What is differentiated marketing? | Multiple segments with a variety of marketing mixes; segment marketing. |
| What is concentrated marketing? | One marketing mix with different segments; niche marketing. |
| What is market positioning? | What you occupy in your customers' minds; where do consumers see you. |
| How do you choose a positioning strategy? | Choosing one channel (head-to-head) and a differentiated product. |
| What are ways to differentiate a product? | Image, service differentiation, and people differentiation. |
| What is a perceptual map? | A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers. |
| How do you discover customer perception? | Identify important attributes for product or brand class, discover how customers rate competing products or brands with similar attributes, discover where the company's products or brands are with these attributes in the customer's mind, reposition |
| What is market positioning? | What you occupy in your customers' minds; where do consumers see you. |
| How do you choose a positioning strategy? | Choosing one channel (head-to-head) and a differentiated product. |
| What are ways to differentiate a product? | Image, service differentiation, and people differentiation. |
| What is a perceptual map? | A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers. |
| How do you discover customer perception? | Identify important attributes for product/brand class, discover how customers rate competing products/brands with similar attributes, discover where the company's products/brands are with these attributes in the customer's mind, reposition product/brands. |
| What does the possible value positions table compare? | Benefits to price; more, the same, or less. |
Created by:
efgreenberg
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