Chapter 14--Marketing

Question 1

activities that facilitate satisfying customers thru creation, distribution, promotion, pricing of goods, services, and ideas

Answer 1

marketing

Question 2

Kotler, Bowen and Makens describe marketing as this five step process:

Answer 2

understand the marketplace/wants/needs, design customer driven marketing strategy, construct an integrated marketing program that delivers superior value, build profitable relationships and create customer delight, capture value from the customers to create profits and customer equity

Question 3

seller’s value lies in ___ while buyer’s value lies in___

Answer 3

goods, services, ideas; money, credit, labour, goods

Question 4

5 concepts of marketing philosophies?

Answer 4

production, product, selling, marketing, societal marketing

Question 5

sales era began in ___ and the marketing era began in ___

Answer 5

1920s; 1950s

Question 6

what is customer satisfaction??

Answer 6

customer’s +, -, or neutral feelings about value received from a product

Question 7

effectiveness vs. efficiency?

Answer 7

doing the right things vs. doing things right

Question 8

what is new product vs. new to the chain?

Answer 8

genuine innovation vs. adopted from someone else’s success

Question 9

major segmentation variables:

Answer 9

geographic, demographic, psychographic (motives, lifestyle), behaviouristic

Question 10

three types of VALS motivations:

Answer 10

ideals, achievement, self-expression

Question 11

eight groups of consumers:

Answer 11

innovators, thinkers, achievers, experiencers, believers, ,strivers, makers, survivors

Question 12

examples of behaviouristic variables?

Answer 12

purchase volume, purchase readiness, loyalty, shopping behavior

Question 13

types of segmentation in global market ?

Answer 13

ethnic, benefit

Question 14

marketing to a single customer is called:

Answer 14

micromarketing

Question 15

name, term, design, symbol, or feature that identifies one seller’s good or service as diff from others

Answer 15

brand

Question 16

11 Ps of brand creation:

Answer 16

principles, play, promist, place, people, production, props, price, promotion, press, performance reviews and prizes

Question 17

defined by Keller as the differential effect of brand knowledge on customer response to the marketing of the brand

Answer 17

brand equity

Question 18

what are the 5 components of brand equity?

Answer 18

brand loyalty, brand awareness, perceived quality, brand associations, other proprietary assets

Question 19

services account for __% of the GDP and __% of jobs

Answer 19

68; 80

Question 20

four basic characteristics of service marketing:

Answer 20

intangibility, inseparability of production and consumption, perishability, heterogeneity

Question 21

what are tangible attributes of services?

Answer 21

atmospherics (exterior, interior, colour, sound, odor)

Question 22

three additional Ps of service marketing mix?

Answer 22

people, physical evidence, process

Question 23

Evans and Berman identified these 7 steps in strategic planning for marketing:

Answer 23

define org mission, establish strategic business units, set marketing objectives, perform situation analysis, develop marketing strategy, implement plans, monitor results

Question 24

what are SBUs?

Answer 24

strategic business units within org

Question 25

the systematic gathering, recording, analyzing of data about probs relating to marketing

Answer 25

marketing research

Question 26

these three things are important when conducting research:

Answer 26

thoroughness (sample representative, pretest, analyze correctly), objectivity, accuracy (tools)

Question 27

5 steps of marketing research process:

Answer 27

prob defintion, data collection, data analysis, recommendations, prep of the repot

Question 28

criteria needed for effective services marketing research:

Answer 28

quantitative and qualitative, expecttaions and perceptions of customers, balance cost and value of info, includes stats validity, measures priorities, occurs with appropriate frequency, includes measurement of loyalty/behavioral intentions/actual behavior

Question 29

research techniques examples:

Answer 29

complaint solicitation, critical incident studies, requirements research, relationship and service quality surveys, trailer calls or post-transaction surveys, service expectation meetings, process checkpoint evaluations, market-oriented ethnography, mystery shopping, customer panels, lost customer research

Question 30

three methods of plan development:

Answer 30

bottom–up, top-down, combination

Question 31

what characterizes a well-integrated marketing plan:

Answer 31

clear org mission, stability over time, coordination of marketing mix, coordination among SBUs, compatible short/medium/long range plans, precisely defined target market, long term competitive advantages

Question 32

two ways of evluation?

Answer 32

sales analysis, market share

Question 33

what is sales analysis?

Answer 33

study of sales data to evaluate appropriateness of marketing strategy

Question 34

5 step customer decision process:

Answer 34

need recognition, info search, evaluation of alternatives, purchase decision, post purchase

Question 35

what is gen Y?

Answer 35

kids of the baby boomers