Midterm

Question 1

company types

Answer 1

for profit
not for profit

Question 2

company-centric

Answer 2

“the business system” which reflects the underlying mechanics as to how the business is structured

Key activities
Key resources- assets, labor, capital, acumen
Key partners
Portfolio of product and services

Question 3

market-centric

Answer 3

how the business is connected to the marketplace

-Focuses on external factors
-Available customer segments- customer characteristics
-Positioning
-Value proposition- product geared towards
-Revenue model- proce you can charge, volume of sales you can generate and the profitable you can garner from the activity.

Question 4

the role of business owner “c-suite” manager

Answer 4

well directed and positioned strategy + efficient and effective business model execution = business growth and profitability

Question 5

what is competitive advantage

Answer 5

is anything that gives a company an edge over its competitors

Question 6

hedgehog concept

Answer 6

your passion,
what you’re best at,
what drives you

all meet in the middle to get a sweet spot

Question 7

the consumption journey

Answer 7

-mid to late 1700’s
-shift from an agricultural-based society to a production-based model
-aka the industrial revolution
-population growth
-increase in incentives
-mercantilism
-growing emphasis on wealth creation
-self sufficient –> consumption marketplace
-increase in demand
-greater production
-more efficient
-growth in specialization

Question 8

the great sustainability challenges going forward

Answer 8

-climate change
-the Paris agreement
-pollutions & health
-the energy crunch
-resource availability

Question 9

3 fundamental shifts in thinking regarding waste

Answer 9

-Recognition that resources are finite for many market sectors.
-Recognition that resource efficiency, while slightly more expensive in the short run, can lead to lower overall costs in the long run.
-Societal pressure – environmental degradation is becoming closely linked to company image and brand reputation.

Question 10

resource management model

Answer 10

…

Question 11

the sustainability act

Answer 11

…

Question 12

principles of interpersonal communication

Answer 12

1. we cannot communicate
2. interpersonal communication is irreversible
3. interpersonal communication involves ethical choices
4. people construct meanings in interpersonal communication
5. metacommunication (communication about communication) affects meanings
6. interpersonal communication develops and sustains relationships
7. interpersonal communication is not a panacea
8. interpersonal communication effectiveness can be learned

Question 13

maslows hierarchy of needs

Answer 13

self-transcendence
self-actualization
aesthetic needs
cognitive needs
self-esteem needs
belongingness and love needs
safety needs
physiological needs

Question 14

conflict is ___ for relationships

Answer 14

good

Question 15

communicationg procust is a way for marketers to

Answer 15

respond to the ongoing pressure on price

Question 16

price elasticity refers to

Answer 16

the degree to which individuals, consumers, or producers change their demand or the amount supplied in response to price or income changes

Question 17

6 R’s of marketing

Answer 17

“the right need to pursue”
“the right solution to offer”
“the right value proposition to position products and services around”
“the right methodology for delivery”
“the right price to charge”
“the right communication message to use”

Question 18

marketing mix: 4 C’s (customer centric)

Answer 18

Customer Value (wants & needs)
Convenience to buy (online, brick and mortar, web design, etc.)
Cost to satisfy (time, purchase price, energy/effort)
Communication (engagement, listening)

Question 19

a different way to think about the marketing mix

Answer 19

traditional…………………………….revised

product strategy –> value proposed attributes
pricing strategy –> maximize return on sales
distribution strategy –> connect with customers
communication strategy –> communication “fit”

Question 20

makreting mix: 4 P’s (company centric)

Answer 20

Product or Service: best solution to their need
Place(ment): where can we buy it & distribution channels
Price: cost and price
Promotion: advertising/marketing

Question 21

value proposition attributes

Answer 21

brand leveraging, cost advantages, behavior linkage, point of sale and post-purchase services and benefits, financial incentives and benefits, tangible product attributes, psychological and social benefits

Question 22

the ______ the complexity of the product- the less _____________

Answer 22

is customer familiarity with the product category

Question 23

the ______ the price, the more

Answer 23

important sales support becomes at the time of purchase

Question 24

3 channel relationship categories:

Answer 24

1. Intensive Distribution (convenience goods)
2. Selective Distribution
3. Exclusive Distribution