exam review module 5

Question 1

marketing

Answer 1

the process of determining customer wants and needs, then providing them with goods or services that meet or exceed these expectations

Question 2

evolution of marketing includes 5 areas/ orientations

Answer 2

production
sales
marketing concept
market orientation
social media marketing

Question 3

marketing concept

Answer 3

the philosophy that suggests that firms should conduct an analysis of customer needs, then make decisions to satisfy those needs better than their competition.

Question 4

There are 3 parts to the marketing concept:

Answer 4

customer orientation

service orientation

profit orientation (the notion of marketing g/s that will earn profit, growth, and serve customer needs.)

Question 5

Four P’s of Marketing

Answer 5

Price, Product, Place, Promotion.

design a product that people want (PRODUCT)
price it competitively (PRICE)
get it in a location where customers can find it easily (PLACE)
promote it (advertising, personal selling, public relations, direct marketing, sales promotion) (PROMOTION)

Question 6

4 p’s come after

Answer 6

market research must be conducted and business must have found a target market.

Question 7

product

Answer 7

any physical good or service

Question 8

Marketing research

Answer 8

= analysis of markets to determine opportunities and challenges and finding information required to make the best decisions.

Question 9

Secondary data -

Answer 9

(already exists, published by others) i.e: journals, newspapers, directories, databases, internal sources)

Question 10

Primary data

Answer 10

• (data that you gather yourself) i.e: observations, surveys, interviews, focus groups, guerrilla testing, etc.

Question 11

environmental scanning

Answer 11

Is the process of identifying trends that can impact marketing success.
Marketers pay attention to all environmental trends that can help or hinder marketing.

Question 12

Six Environments include:

Answer 12

global
technological
social
competitive
economic
legal

Question 13

Most Important environmental trends in marketing

Answer 13

The most important global & technological change is the Internet.
Another important one is the growth of customer databases, which companies can develop products/services that closely match the needs of customers.
Marketers monitor social trends: population growths and shifts to maintain close relationship w/ customers.
Marketers monitor the dynamic competitive environment and pay attention to economic environment.
Changes in law (legal environment) create opportunities and threats for business activities.

Question 14

Consumer market

Answer 14

all individuals or households that wants g/s for personal consumption or use and have the resources to buy them.

Question 15

Total potential global consumer market

Answer 15

billions of people in global markets.

Question 16

B2B market =

Answer 16

manufacturers, intermediaries i.e: wholesalers & institutions like hospitals, schools, charities, government, etc.)

Question 17

Market segmentation

Answer 17

dividing the total market into several groups whose members have similar characteristics.

Question 18

Geographic segmentation

Answer 18

= dividing the market into different regions.

Question 19

Demographic segmentation

Answer 19

= dividing the market by age, income, education.

Question 20

Psychographic segmentation

Answer 20

=dividing the market by their values, attitudes, and interests by studying a market.

Question 21

Behavioural segmentation

Answer 21

= dividing the market based on behaviour (i.e: benefits sought, usage rate, user status).

Question 22

Target Marketing

Answer 22

= choosing the most profitable segments of an entire market.

Question 23

Product positioning

Answer 23

= the place an offering occupies in customer’s minds on important attributes

Question 24

Mass Marketing

Answer 24

= developing products and promotions to please large groups of people.

Question 25

Relationship Marketing

Answer 25

= strategy that creates customer loyalty, long-term customers. It avoids mass marketing, and leans more towards custom-made g/s that meet customer needs.

Question 26

5 Steps of the decision-

Answer 26

making process are
problem recognition
information search
evaluate alternatives
purchase decision
post-purchase evaluation

Question 27

Cognitive Dissonance

Answer 27

a type of psychological conflict that can occur after a purchase. (Sense of regret, questioning their own decision).
If the customer is satisfied with their purchase, they will not have cognitive dissonance.
Cognitive dissonance occurs in the final step of the decision making process (post-purchase evaluation).

Question 28

Factors that influence the consumer decision-making process:

Answer 28

1. Marketing Mix influences. ie: product, price, place promotion
2. Psychological influences. ie: perception, attitudes, leaning, motivation
3. Sociocultural influences. ie: reference groups, family, social class, culture, subculture.
4. Situational influences. i.e.: Type of purchase, Social surroundings, physical surroundings, previous experience.

Question 29

more competition =

Answer 29

lower prices