Ch. 2 Mktg Mgt.

Question 1

Mktg. mgt

Answer 1

process of developing and maintaining a good fit btwn. an org. strengths and the market opportunities.

Question 2

What do you see in a mission statement

Answer 2

Marketing objectives
Environmental Assessments
Prod/Market Assessment
Marketing strategy

Question 3

Mission Statement

Answer 3

explains what type of business ad how it’s run.

Question 4

Mktg Myopia

Answer 4

when an org. focuses on a product instead of the customer’s need.

Question 5

What are the competitive forces

Answer 5

-Supply based comp
-Demand-based; brand comp., prod. comp

Question 6

Difference bet. brand, product and budget competition

Answer 6

Brand is competing products with similar features and benefits, Product is competing in same product class but diff. features and benefits
budget is competing for income across diff. product classes.

Question 7

Value Proposition

Answer 7

A concise statement summarizing the target
market, the product/brand, competitors and the competitive difference

Question 8

What is market assessment and involvement

Answer 8

Market penetration; sell current goods to current buyers
Product/Market development; new products in existing mkts, new market with existing products.

Question 9

Marketing tools

Answer 9

Products
Price
Promotion
Place