Lesson 13: Managing the Marketing Functions

Question 1

Engineer managers are engaged in the production of tangible or intangible goods. This includes market research, product development, pricing, promotion, distribution, customer relationship management, and analytics.

Answer 1

Managing the Marketing Function

Question 2

Requires a combination of strategic planning, creativity, analytical skills , and a deep understanding of customer behavior.

Answer 2

Effective Marketing Management

Question 3

States that it should focus on creating products and services that meet the needs and wants of their target market, rather than simply selling whatever they can produce.

Answer 3

Marketing Concept

Question 4

Four P’s of Marketing

Answer 4

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

Question 5

It includes the tangible or intangible item and its capacity to satisfy a specific need.

Answer 5

Product

Question 6

Refers to the money or other consideration exchange for the purchase or use of the product, idea, or service.

Answer 6

Price

Question 7

If every factor is equal, customers would prefer to buy from firms easily accessible to them. If time is of the essence, the nearest firm will be patronized.

Answer 7

Place

Question 8

When engineer managers have products or services to sell, they will have to convince buyers to buy from them. Before the buyer makes them purchasing decision, however, he must first be informed, persuaded, and influenced.

Answer 8

Promotion

Question 9

McCarthy and Perreault define this as “communicating information between seller and potential buyer to influence attitudes and behavior.”

Answer 9

Promotion

Question 10

They defined promotion as “communicating information between seller and potential buyer to influence attitudes and behavior.”

Answer 10

McCarthy and Perreault

Question 11

Promotional Tools

Answer 11

1. Advertising
2. Publicity
3. Personal Selling
4. Sales Promotion

Question 12

Nylen defines this as “a paid message that appears in the mass media for the purpose of informing or persuading people about particular products, services, beliefs, or action.”

Answer 12

Advertising

Question 13

The promotional tool that publishes news or information about a product, service, or idea on behalf of a sponsor but is not paid for by the sponsor.

Answer 13

Publicity

Question 14

Also the means used for publicity.

Answer 14

Mass Media

Question 15

A more aggressive means of promoting the sales of a product or service. It refers to the “oral presentation in a conversation with one or more prospective purchasers for the purpose of making a sale.”

Answer 15

Personal Selling

Question 16

Any paid attempt to communicate with the customers other than advertising, publicity, and personal selling.

Answer 16

Sales Promotion

Question 17

Companies, even those managed by engineers, should target markets that align with their strengths. This type of marketing is a critical activity for achieving this goal.

Answer 17

Strategic Marketing

Question 18

Steps Performed in Strategic Marketing

Answer 18

1. Choosing a target market.
2. Constructing a marketing mix.

Question 19

Steps in Choosing a Target Market

Answer 19

1. Segment the market based on similar product or service needs.
2. Determine the earning potential for each segment.
3. Determine the company’s target market segment(s).

Question 20

Factors Used in Selecting a Target Market

Answer 20

1. The size of the market.
2. The number of competitors serving the market.

Question 21

Consists of product, price, promotion, and place, is created and maintained after identifying the target market.

Answer 21

Marketing Mix