Intro to Marketing

Question 1

Definition of Marketing

Answer 1

The process of creating,
distributing, promoting, and pricing
goods, services, and ideas to facilitate
satisfying exchange relationships with
customers and to develop and maintain
favorable relationships with stakeholders
in a dynamic environment

Question 2

What’s Exchange?

Answer 2

Trade of value between buyer and seller so that each is better off

Question 3

What’s the equation of Value?

Answer 3

Customer Value = Perceived Benefits - Costs

Perceived Benefits are what the customer gets, and cost is what it takes to obtain the product

Question 4

What are value strategies

Answer 4

Best Price, Best Product, Best Service

Question 5

What is a ‘Need’ Vs. a ‘Want”

Answer 5

Products that satisfy needs and or wants provide benefit to costumers.

A NEED: state of felt deprivation (food, clothing, water, shelter)

A WANT: The form that human needs take as they are shaped by personality, culture, and buying situation

Question 6

What is needed for marketing to occur?

Answer 6

Two or more parties with unsatisfied needs, the desire and ability to satisfy those needs, a way for parties to communicate, and something in exchange

Question 7

What is the essence of marketing

Answer 7

Figure out the customers’ needs and wants, and fill them

Question 8

What are the four P’s of the marketing mix

Answer 8

Production, Promotion, Price, Place

Question 9

Product:

Answer 9

a specific combination of goods, services, or
ideas that a firm offers to consumers

Question 10

Promotion:

Answer 10

includes the activities a firm uses to
inform individuals about the organization and it’s products

Question 11

Price:

Answer 11

the amount of something—money, time, or
effort—that a buyer exchanges with a seller to obtain a product

Question 12

Place:

Answer 12

includes the activities a firm undertakes to
make its product available to potential consumers

Question 13

What are the 4 forms of Utility

Answer 13

Form Utility, Place Utility, Time Utility, and Possession Utility

Question 14

What are Form, Place, Time, and Possession Utility

Answer 14

Ugh

Question 15

What is Utility

Answer 15

The benefits received by users of a product

Question 16

Definition of Strategy

Answer 16

an organization’s
long-term course of action designed
to deliver a unique customer
experience while accomplishing
objectives.

Question 17

What are S.M.A.R.T goals?

Answer 17

S: Specific (defines goal / no ambiguous language)
M: Measurable (ability to know if goal has been met)
A: Attainable (challenging within ability to complete)
R: Relevant (aligned to objectives / assignable to
someone)
T: Time-Specific (“by when”)

Question 18

What is SWOT analysis?

Answer 18

SWOT:
S: Strength
W: Weakness
O: Opportunity’s
T: Threats

Question 19

What are Primary Vs. Secondary competitors?

Answer 19

Primary: Same sector/same product. Same thing same way

Secondary: Same sector, different product. Same thing, different way.

Question 20

First Mover VS. Late Mover advantage

Answer 20

First-mover advantage is the ability of an innovative
company to achieve long-term competitive
advantages by being the first to offer an innovative
product in the marketplace

Late-mover advantage is the ability of later market
entrants to achieve long-term competitive
advantages by not being the first to offer a certain
product in a marketplace

Question 21

Environmental Forces

Answer 21

Economic, Income distribution, customer confidence, consumer confidence, demographics, sociocultural, political, legal, and technological

Question 22

What is marketing research

Answer 22

The systematic design, collection, interpretation, and
reporting of information to help marketers solve specific
marketing problems or take advantage of marketing
opportunities

Question 23

What’s the 5-step marketing approach, and what takes place during each step

Answer 23

STEP 1: DEFINE THE PROBLEM
- set research objectives
-identify possible marketing actions

STEP 2: DEVELOP THE RESEARCH PLAN
-specify constrains
-identify data needed for marketing actions
-determine how to collect data

STEP 3: COLLECT RELEVANT INFORMATION
-obtain secondary data
-obtain primary data
-use information technology and data mining

STEP 4: Develop findings
-Analyze the data
-present the findings

STEP 5: TAKE MARKETING ACTIONS
-Make action recommendations
-implement action recommendations
-evaluate results

Question 24

Reliability VS. Validity

Answer 24

Reliability: A condition that exists when a research technique
produces almost identical results in repeated trials
3-7

Validity: A condition that exists when a research method
measures what it is supposed to measure

Question 25

What is Qualitative data

Answer 25

Non-numerical Information

Question 26

Quantitative Data

Answer 26

Empirical information that can be communicated through numbers

Question 27

What is Secondary Data

Answer 27

Secondary data are the facts and figures that have already been
recorded before the project at hand.

Question 28

What is Primary Data

Answer 28

Primary data are the facts and figures that are newly collected for a
project.

Question 29

What’s the definition of Analytics

Answer 29

The use of databases, big data, and measurement
methods enabled by technology to interpret the
effectiveness of a firm’s marketing efforts

Question 30

Consumer behavior definition

Answer 30

Consumer behavior consists of the actions a person takes
in purchasing and using products and services, including
the mental and social processes that come before and
after these actions.

Question 31

What are the steps in the purchase decision process

Answer 31

Problem Recognition
- perceiving a need
Information Search
-seeking value
Alternate Evaluation
-assessing value
Purchase Decision
-buying value
Post Purchase Behavior
-consuming/using value

Question 32

Internal Search VS. External Search

Answer 32

Internal Search: Scan memory for previous experiences with brands / products

External Search: Needed when: past experience or knowledge is insufficient, the risk of making a wrong purchase decision is high,
and the cost of gathering information is low

Question 33

Evaluative Criteria vs. Consideration Set

Answer 33

Evaluative Criteria: A benchmark upon which other alternatives are compared

Consideration Set: A group of brands within a product category that a buyer views as alternatives for possible purchase

Question 34

Cognitive Dissonance

Answer 34

Postpurchase psychological tension or anxiety

Question 35

High Vs. Low Involvement

Answer 35

High:
-Expensive
- Serious personal consequences
*-Reflects own social image
LOW:
- Inexpensive
* Limited consequences