Test 1

Question 1

What is marketing?

Answer 1

Process of creating, distributing, promoting, and pricing products to create good customer relationships

Question 2

Target markets

Answer 2

Group of customers a company focuses on

Question 3

Marketing mix

Answer 3

Includes ( product, price, promotion, and distribution)

Question 4

What does a “product” consist of?

Answer 4

Good, service, or idea

Question 5

What is the equation of value?

Answer 5

Value= customers perceived benefits- cost

Question 6

What consists of the Marketing Environment?

Answer 6

Competitive, economic, political, legal, regulatory, technological, and social cultural forces affect the marketing mix.

Question 7

What is the Marketing Concept?

Answer 7

A way of thinking that a company should try to provide products that satisfy customers needs through coordinated activities that also allows the company to achieve its goals

Question 8

How to implement the Marketing Concept?

Answer 8

Figure at customers wants
Use the info to create good products
Coordinate all activities (everyone must be supportive)

Question 9

Market Orentation define

Answer 9

A business committed to researching and responding to customer needs (this supports the marketing concept)

Question 10

Relationship marketing

Answer 10

Establishing long term mutually satisfying buyer/ seller relationships

Question 11

Customer lifetime value

Answer 11

80/20 rule. 80 percent of profits come from 20 percent of the customers

Question 12

Customer relationship management

Answer 12

Using info about customers to create marketing strategies that develop good customer relationships

Question 13

Strategic planning

Answer 13

The process of establishing a mission, and formulating goals, corporate strategy, marketing objectives, marketing strategy and marketing plan

Question 14

What questions does the mission statement answer?

Answer 14

Who are our customers?

What is our core competency?

Question 15

Marketing strategy

Answer 15

A plan of action for identifying a target market and developing a market mix to meet the market

Question 16

Strategic business unit (SBU)

Answer 16

A division, product line, or other profit center within the parent company

Question 17

Growth share market

Answer 17

Market share and market growth matrix 
Star
Cash cow
Question mark
Dog

Question 18

SWOT analysis

Answer 18

Strengths
Weakness
Opportunities
Threats

Question 19

Marketing objective

Answer 19

Statement of what is to be accomplished in
Clear 
Measurable
Specific
Consistent

Question 20

The target market is chosen based off of what?

Answer 20

Demographics
Perceived needs
Preferences buying behavior

Question 21

Marketing plan

Answer 21

A written document that specifies the marketing activities to be performed 
It provides a clear vision for the firm
Basis for communication
Identifies responsibilities 
Gives deadlines

Question 22

Strategic marketing management

Answer 22

Planning, implementing, and evaluating marketing activities effectively and efficient

Question 23

Corporate strategy

Answer 23

Determines the means for utilizing resources in the various functional areas of marketing, production, finance, research to reach the goals

Question 24

Sustainable competitive advantage

Answer 24

An advantage that the competition cannot copy

Question 25

Environment scanning

Answer 25

Collecting info about forces in the environment | Ex (observation, secondary data, internet)

Question 26

Environmental analysis

Answer 26

Interpreting the information gathered through scanning

Question 27

Two approaches to responding to the environment

Answer 27

Reactive (uncontrollable) | Proactive

Question 28

Types of competitors

Answer 28

Brand Product Generic Total budget

Question 29

Brand competitors

Answer 29

Market products with similar features at the same prices (coke and pepsie)

Question 30

Product competitors

Answer 30

Same product but different features, prices, and customers Ex: dieter drinking water instead of soda

Question 31

Generic competitors

Answer 31

Very different products that satisfy same needs Ex: Coke or tap water

Question 32

Total budget competitors

Answer 32

Competing for the limited financial recourses of the same customer Ex: Coke vs. bread

Question 33

Types of competitive forces

Answer 33

``` Monopoly (only one seller) Oligopoly (barriers to entry, few competitors) Monopolistic competition (companies differentiate using marketing strategy) Pure competition (many sellers who cannot influence price) ```

Question 34

Business cycle

Answer 34

A pattern of economic fluctuations that has four stages Prosperity Recession Depression Recovery

Question 35

Disposable income

Answer 35

After tax income

Question 36

Discretionary income

Answer 36

Income after necessities have been purchased

Question 37

Willingness to spend is based off of

Answer 37

``` Future job Income levels Prices Family size Economic conditions ```

Question 38

Pro-competitive legislation example

Answer 38

Sherman antitrust act

Question 39

Example of consumer protection legislation.

Answer 39

Consumer safety | Information disclosure

Question 40

Federal Trade Commission

Answer 40

Curbs false advertising, misleading pricing, and deceptive packaging

Question 41

Better business bureau (bbb)

Answer 41

System of independent groups to settle problems. Have no actual power but can persuade the public

Question 42

Three forces of sociocultural forces

Answer 42

Demographics Diversity Cultural values