Exam 1

Question 1

Marketing Process

Answer 1

Understand the marketplace
Design a marketing strategy
Construct an integrated marketing program
Build profitable relationships/create customer delight
Capture value to create profits and customer equity

Question 2

Microenvironment

Answer 2

Actors close to company that affect its ability to serve customers

Company, suppliers, marketing intermediaries, customers, competitors, and publics

Question 3

Macroenvironment

Answer 3

Societal forces that affect the microenvironment

Demographic, economic, natural, technological, political, cultural

Question 4

Steps in strategic planning

Answer 4

Define Missions
Evaluate Environment
Set Organizational Objectives
Establish Business Portfolio
Develop Growth Strategies

Question 5

SBU

Answer 5

Strategic Business Unit

Collection of businesses and products that make up the company

Question 6

Stars

Answer 6

High growth high share

Question 7

Cash Cows

Answer 7

Low growth high share (Produce lots of cash with little investment)

Question 8

Question Mark

Answer 8

Require lot of money to hold/maintain share, doesnt have a high market share; either build into stars or phase out

Question 9

Dogs

Answer 9

Generate enough cash to maintain themselves but not likely to become cash cows

Question 10

Market Penetration

Answer 10

Making more sales to current customers without changing products (promotions, reward cards)

Question 11

Market Development

Answer 11

Identifying and developing new markets for current products

Question 12

Product Development

Answer 12

Offering new or modified products

Question 13

Diversification

Answer 13

Starting or buying businesses outside of current markets or products

Question 14

4 P’s

Answer 14

Product, Price, Place, Promotion

Question 15

Exploratory Research

Answer 15

Gathering preliminary information that will help define the problem and suggest hypotheses

Question 16

Descriptive Research

Answer 16

Generating information to better describe marketing problems, situations, or markets

Question 17

Causal Research

Answer 17

Testing hypotheses about cause-and-effect

Question 18

Depth Interview

Answer 18

Trained interviewer having a one-on-one discussion with an average consumer

Question 19

Most Widely Used Form of Primary Data

Answer 19

Survey Research

Question 20

Is Causal Research A Source of Market Intelligence

Answer 20

No

Question 21

Form Utility

Answer 21

Benefit marketing provides by transforming raw materials into finished products

Question 22

Consumer Orientation

Answer 22

Total Quality Management approach involving all employees in continuous product quality improvement

Question 23

Place (Marketing Mix)

Answer 23

Developing an effective supply chain

Question 24

Local content rules

Answer 24

Brazil saying to use Brazilian products for wind turbines

Question 25

GSP General Systems of Preferences

Answer 25

Economic aspect of firms environmental scanning

Question 26

How would a firm measure waste in terms of weight

Answer 26

Material intensity

Question 27

Functional Planning

Answer 27

Developing detailed plans for short term supporting long term

Question 28

What step in marketing plan is situational analysis

Answer 28

Step 2

Question 29

What step is measuring ROM

Answer 29

Step 4

Question 30

Operational planning

Answer 30

Day to day execution with detailed plans

Question 31

Implementing market plan and setting controls to monitor progression of plan what step

Answer 31

Step 4

Question 32

Business Portfolio

Answer 32

Group of different products or brands and characterized by different income generating and growth capabilities