Apr exam - Chpt 11

Question 1

Define marketing

Answer 1

p. 3 Processes to create, communicate and deliver value to customers.
- Discover need - Research potential market
- Produce good
- Promotion, pricing and distribution of good

Question 2

What are the five eras in the history of marketing?

Answer 2

p. 4
1-Produce it - “A good product will sell itself”
2- Sales efforts needed to overcome buying resistance
3- Marketing Find a need and fill it
4- Relationship building
5- Social Connect using digital, social, and mobile tools

Question 3

What is a marketing concept?

Answer 3

p. 5 Company-wide consumer orientation to promote long-run success

Question 4

What is not-for-profit marketing?

Answer 4

p 6. Use of marketing tools to

• improve images PG&E not bad
• secure funding Election campaigns
• reach audiences Social distancing ads
• accomplish overall missions “Prevent Forest Fires”

Question 5

What are the elements of a marketing plan?

Answer 5

p. 7
- outlines specific activities
- ID target audience
- Sales & Revenue goals
- Budget
- Timing and measurement

Question 6

How do we develop marketing strategies?

Answer 6

1. Study and analyze potential target markets and choose among them.
2. Create a marketing mix to satisfy the chosen market.

Question 7

What is a marketing mix?

Answer 7

Marketing mix blends the four strategies to fit the needs and preferences of a specific target market.
•Product Strategy - the nature of the product and its package design, brand names, trademarks, and product image.
•Distribution strategy - customers receive their purchases in the proper quantities at the right times and locations.
•Promotional strategy blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions.
•Pricing strategy is setting profitable and justifiable prices for the company’s product offerings, sometimes subject to government scrutiny.

Question 8

Define marketing research?

Answer 8

the process of collecting and evaluating information to support marketing decision making. AC Nielson– Consumer Research

Question 9

What are different types of marketing research?

Answer 9

Secondary data– Previously published data from trade associations, advertising agencies, marketing research firms, and other sources.
•Primary data– Data collected through observation, surveys, and other forms of observational study.
•Data mining– computer searches of customer data to detect patterns and relationships.
•Business intelligence– activities and technologies for gathering, storing, and analyzing data to make better competitive decisions

Question 10

How is segmenting of consumer and business markets done?

Answer 10

Slide 12-16

Question 11

What are the steps in the consumer behavior process?

Answer 11

Slide 17

Question 12

What is relationship marketing and its benefits?

Answer 12

Slide 18-19

Question 13

Define one-to-one marketing?

Answer 13

Customizing products and marketing and rapidly delivering goods.
•Marketers can maintain databases about customers with regard to tastes, price range preferences, purchasing habits, and lifestyles.
•Customer relationship management software helps companies gather, sort, and interpret data about specific customers.

Question 14

Marketing mix for international markets

Answer 14

Standardization - offering the same marketing mix in every market.
•Adaptation - developing a unique marketing mix to fit each market’s local competitive conditions, consumer preferences, and government regulations.
•Mass Customization - allows a company to mass produce goods and services while adding unique features to individual or small groups of orders.