Exam 1 Power Point Part A

Question 1

Marketing Defined

Answer 1

The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large

Question 2

Marketing Old View

Answer 2

Telling and Selling

Question 3

Marketing New View

Answer 3

Satisfying customers’ needs

Question 4

The Marketing Process

Answer 4

• Understand the marketplace and customers’ needs and wants
• Design a customer-driven marketing strategy
• Construct a marketing plan that delivers superior customer value
• Build profitable relationships and create customer satisfaction and delight
• Capture value from customers to create profits and customer equity

Question 5

Market

Answer 5

Set of actual and potential buyers for a product or service

• Consumer Market
• Business, B2B, or industrial market

Question 6

Industry

Answer 6

Group of sellers or providers of a similar product or service

Question 7

Needs

Answer 7

• Physical
• Social
• Individual

Question 8

Wants

Answer 8

• Shaped by culture

- Personality

Question 9

Demands

Answer 9

-Backed by Buying Power ($)

Question 10

Needs and Wants are Fulfilled Through?

Answer 10

Market Offering

• Products
• Services
• Plus: Information and Experiences

Question 11

Value

Answer 11

All benefits minus all costs of market offering

Question 12

Customer Perceived Value

Answer 12

• Subjective

- Not all customers view a market offering’s value in the same way

Question 13

Suppliers

Answer 13

Firms that provide resources company needs to produce its products and services

Question 14

Intermediaries

Answer 14

Firms that help an organization promote, sell, and distribute products and services to customers

Question 15

Selecting Which Customers to Serve

Answer 15

1. Market Segmentation
2. Target Marketing
3. Differentiation and Positioning

Question 16

Marketing Mix Tools

Answer 16

1. Product
2. Price
3. Place
4. Promotion

Question 17

Satisfaction

Answer 17

Extent to which the product’s perceived performance matches or exceeds buyer’s expectations

Question 18

Strategy

Answer 18

Basic long-term goals and objectives of an enterprise

Question 19

Strategic Fit

Answer 19

Degree to which an organization matches or aligns its resources and capabilities with opportunities

Question 20

Strategic Planning

Answer 20

Process of developing and maintaining strategic fit

Question 21

Mission Statement

Answer 21

• Describes Purpose
• How organization wants to be known
• Short; 1-2 sentences
• Market Oriented; satisfying customers

Question 22

Problems with BCG matrix approach

Answer 22

1. Difficulty defining and measuring SBUs
2. Assumes SBUs are independent; there may be links or other connections
3. Focuses on cash
4. Considers Current Market, not future opportunities

Question 23

Value Chain

Answer 23

Internal departments that carry out value-creating activities to design, produce, market, deliver, and support an organization’s products

Question 24

Value Delivery Network

Answer 24

Network of an organization, its suppliers, its distributers, and ultimately, its customers, who parter with each other to improve performance of the entire system