Test 1

Question 1

The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have VALUE for customers, clients, partners, and society at large.

Answer 1

Marketing

Question 2

What are the core aspects of marketing?

Answer 2

1. Creates value
2. Satisfies a customers need/or want
3. Entails an exchange
4. Requires all parts of the Marketing Mix (4 P’s)

Question 3

What are the components of the marketing mix?

Answer 3

Product, Price, Place, Promotion

Question 4

What are the components of a market?

Answer 4

B2B, B2C, C2C

Question 5

all activities necessary to get the product to the right customer when the customer wants it

Answer 5

supply chain management defined

Question 6

getting the “bang for the buck”, created by the amount of worth placed on a product or service.

Answer 6

Value

Question 7

Collaborates with customers to improve products and watching the customers (lead users: who have taken a product and adapted it in some way; made it unique to their situation. Ex: Blue Jeans/ Rock Star jeans)

Answer 7

Value co-creation

Question 8

Which Era included the assembly line, focused on making the best products. Manufactures, if I make the best product, it will sell itself logic.

Answer 8

Production Era

Question 9

What are the four Eras?

Answer 9

1. Production Oriented Era
2. Sales Oriented Era
3. Marketing Oriented Era
4. Value-based Marketing Er

Question 10

Who once said “You can have any color car you want, as long as it’s black?”

Answer 10

Henry Ford

Question 11

Which era involves having too much, convinces customers that their product is the one you want? (car salesman)

Answer 11

Sales Era

Question 12

Customer is king. Customer research, we will make they want/need era

Answer 12

Marketing Era

Question 13

Save you money, getting more bank for your buck era

Answer 13

Value-Based marketing era

Question 14

How does a value driven companies improve their value?

Answer 14

1. Sharing information among the different departments
2. Balancing Benefits with Costs: making enough money to stay in business. Keep costs down, while making money that keeps us in business
3. Building Relationships with customers:
   -Ex: Car salesmen
   — Relational orientation: long term investment to gain loyal customers
   (CLV: Customer lifetime value)
   —Transactional orientation: Only concerned with the one time transaction.
   (CRM: Customer Relationship Management)
   Finding and managing your best customer relationships
4. Connecting with Customers Using social and mobile media: used to enhance the CRM and CLV of customers

Question 15

What are the three components of a marketing strategy?

Answer 15

1. Identify your target market
2. Develop the marking mix that satisfies the customer need. (Product, price. place, and promotion)
3. Develop a sustainable competitive advantage. (something you have other the competition that is hard to copy)

Question 16

Advantage you have over the competition that is also difficult to replicate.

Answer 16

Sustainable competitive advantage

Question 17

the market you’re going to focus on

Answer 17

target market

Question 18

What are the four macro strategies?

Answer 18

1. Customer excellence
2. Opperational Excellence
3. Product Excellence
4. Locational Excellence

Question 19

Establishing a solid and consistent reputation for providing excellent customer service and/or/ by retaining loyal customers. Ex: Chickfila

Answer 19

Customer Excellence

Question 20

Exercising the ability to get the product out to its customers when they need/want it.
-These companies also have great supply management skills.
-This type of excellence allows the company the ability to keep their prices low all the time
Ex: Wal-mart, Amazon, and Whole foods

Answer 20

Opperation Excellence

Question 21

Providing constancy, in the standard held in their product(s).
Ex: Ikea; customers know and expect a certain overall quality and constancy when buying their products

Answer 21

Product Excellence

Question 22

Having a prime location and understanding if and how your customers needs will be met according to where the company is located.
-In retail, location is everything.,
Famous quote: “The three most important things in retailing are location, location, location.”
ex: Pizza Hut story
-Had a great product but was built on the wrong side of the highway comping into town, not leaving. Made out very difficult for people to access their product which in return drove them to do business else where.

Answer 22

Locational Excellence

Question 23

What are the growth strategies?

Answer 23

• Market penetration
• Market Development
• Market Expansion/Product Development
• Diversification

Question 24

Current to Current (Market Penetration):

Answer 24

Sales promotions; loyalty programs, coupons), more advertising, longer hours

Question 25

Current to New (Market Development):

Answer 25

Taking care of our relationships with our customers. | Ex: Coke buying juice

Question 26

New to Current (Marketing expansion/product development):

Answer 26

Same products, new customers. | Ex: Coke going into new countries

Question 27

New to New (Diversification):

Answer 27

Related-take advantage of knowledge and moving into another product territory. Ex: coke coughs drops unrelated- ex: coke water skis

Question 28

What are the three phases of strategic marketing process?

Answer 28

1. Planning 2. Implementing 3. Controlling

Question 29

What goes on in the planning phase of the market plan structure?

Answer 29

1. Define the business mission 2. Conduct a situational analysis: SWOT Analysis (Strengths, weaknesses, opportunities, and threats) helps measure where you are now.

Question 30

What goes on in the implementing phase of the market plan structure?

Answer 30

Identifying and Evaluating Opportunities Using STP > STP: *must stay in order* 1. Segmentation 2. Targeting 3. Positioning

Question 31

Large heterogeneous (diverse) market, and divide it into smaller homogenous subsets (segments)

Answer 31

segmentation

Question 32

picking a marketing to go after

Answer 32

targeting

Question 33

developing a clear and distinctive desirable understanding of your product compared to competition. -This refers to the place the product occupies in the mind the consumer

Answer 33

Positioning

Question 34

implement the marketing mix and allocate resources----

Answer 34

strategies vary according to different products ex: Watches Rolex -Expensive metals and large diamonds ($40K) *product/price* Citizens -Lesser grade materials, tiny diamonds ($200-500) -*Product/price locally owned jewelry store, department stores; belk, Dillards, etc.) Timex -Plastic, rubber ($20-50) *product/price* Walmart, target, place

Question 35

What is the control phase?

Answer 35

Evaluate performance using marketing metrics (BCG portfolio analysis)

Question 36

How to read the marketing market share metrics?

Answer 36

- Market share - Stars - Question Marks - Cash cow - Dogs

Question 37

Your share of the market sales. | 10% of the Toal shares of that market. Ex: Cars; Toyotas

Answer 37

Market share

Question 38

Products that you have a high growth rate and high market share. *(bigger seller in a market that's growing) requires ALOT of marketing support. ex: electric and hybrid vehicles (Pris)

Answer 38

Stars

Question 39

Seen some good growth/potential, but you're not the top seller. The tough decisions. ex: full size trucks (tundras)

Answer 39

question marks

Question 40

Not growing, but stable and you're top seller. Use the extra money to boost your stars. ex: economy car (camery)

Answer 40

Cash Cow

Question 41

You suck. Products that are loosing more money than they are making. Products up for deletion. ex: Tercell

Answer 41

Dogs

Question 42

what are the two ways of viewing ethics?

Answer 42

- Business ethics | - Marketing ethics

Question 43

What goals does a short-term profit seek?

Answer 43

can almost certainly (or eventually) lead to serious long term consequences. Where as cresting value over the long-term, should lead to long term success.

Question 44

The ethic code generally accepted in marketing

Answer 44

AMA (American Marketing Association) Code of Ethics

Question 45

Where do ethics come from?

Answer 45

- Genetics - Families - Religion - Values

Question 46

Genetically proven to be subject to acting unethical. | Ex: Mental illness, schizophrenia

Answer 46

Genetics

Question 47

what we are taught from home

Answer 47

families

Question 48

perceive an ethical code according to their deity

Answer 48

religion

Question 49

driving forces within oneself to live by

Answer 49

values

Question 50

What is CSR (Corporate Social Responsibility)?

Answer 50

Voluntary actions taken by a company to address the ethical, social and environmental impacts of its business operations.

Question 51

-Its important to remember what your company can do. What you are good at your strengths. Your reputation/image. Ex: Disney A company that is know for making family friendly movies. So would Disney ever make an R-rated movies? - No. It would be too far from what made them famous and their reputation/image -Successfully leveraging companies capabilities: -Use core competency and existing knowledge then apply it to new markets and new products. Ex: Tempered glass. -Once design to be used for cookware. It’s ability to go from high heat to cold without shattering, made I very popular for housewives and households who had a need for such a product. As time progressed, not as many people were buying the product because the traditional “housewife” mentality shift to where less and less households where growing away form cooking as much in the household. In response the manufacturers took a step back to reconfigure how they could apply this technology to a new market in new products. The solution? Smartphone screens.

Answer 51

Company

Question 52

Its important to know their strengths and weaknesses (ex: buy their products, look them up online, conduct surveys, google earth their facility), as well as be proactive rather than reactive.

Answer 52

Competition

Question 53

Firms are part of alliances. They are aligned with competitors, suppliers, vendors etc. Includes anyone effected by your decisions getting things from factory to retailer.

Answer 53

Corporate Partners

Question 54

What are the six macro-environmental factors including specifics about:

Answer 54

- Culture - Country/regional culture - Demographics - Generational cohorts - Gender and gender roles - Ethnicity - Greener consumers – and greenwashing - Currency exchange rate, interest rates, inflation

Question 55

Shared meaning beliefs morals values and customers of a group of people.

Answer 55

Culture

Question 56

Country culture:

Answer 56

ex: Language "boot: meaning trunk or shoe

Question 57

Region Culture:

Answer 57

ex: sweet tea in the south vs. the north - Difference in language/ behavior/ styles/ foods/ taste/ symbols - Culture changes, marketers need too change their approach accordingly.

Question 58

Why do demographics matter?

Answer 58

They are linked to consumption behavior.

Question 59

:Characteristics of human population that are used to identify segments

Answer 59

Demographics

Question 60

What are the components of demographics?

Answer 60

1. Age 2. Gender 3. Education 4. Income 5. Ethnicity

Question 61

Baby Boomers

Answer 61

1946-1964 Ages: 54-75 Buying power Rock and Roll/ Casual Friday

Question 62

Gen X

Answer 62

1965-1976 Ages: 42-53 Latchkey Kids -Responsible at an early age Helicopter parents -Less economics married later cynical shoppers

Question 63

Gen Y

Answer 63

``` 1977-2000 Ages 18-41 -Work life balance Tech savvy -"mini" baby boom" 60 million people -Buying power of the future -Similar product consumption with different gens *self-indulgent, lazy, short attention spans: helicopter parents? ```

Question 64

Gen Z

Answer 64

2001-2014 Ages: 0-17 Digital Natives Globally connected 50 million people

Question 65

How does gender play a role in demographics?

Answer 65

Ex: Trends in the work place. Women becoming more active in the workplace. Ex: Buying insurance and cars; gender roles are blurry. Times are changing and so are gender roles. Bottom line: Different genders make decisions differently

Question 66

How does education play a role in demographics?

Answer 66

Is related to income, which in return determines spending/ purchasing power.

Question 67

How does income play a role in demographics?

Answer 67

Purchasing power is tied to income.

Question 68

How does ethnicity play a role in demographics?

Answer 68

Increasing diversity: Ex: Grocery store catering to a larger ethnic section Where is immigration going? *marketing perspective Higher birth rates (hispanics) Buying behavior/becoming more integrated (African American) Fastest growing (Asian-American)

Question 69

gyms, supplements, equipment to help you make you healthier

Answer 69

product and services

Question 70

coming up with greener, recognizing the consumers interest/ concern for those products

Answer 70

green marketing

Question 71

trying to make you think their products are more environmentally friendly when they are not.

Answer 71

Green washing

Question 72

How does technology play a role into demographics?

Answer 72

comes new ways in which companies can create new products, form communications and retail channels to reach new/ more people.

Question 73

How does it economics play a role in demographics?

Answer 73

Inflation and interest rates affect firms' ability to market good and services

Question 74

1890 Sherman Antitrust:

Answer 74

Allowed certain business activities that federal government regulators deem to be competitive, and recommended the federal government to investigate and pursue trusts.

Question 75

Political/ Regulatory environment:

Answer 75

Political parties, government organizations, legislation and laws

Question 76

Prohibited monopolies (trying to encourage free market competition)

Answer 76

Sherman Anti-Trust

Question 77

Can't combine to from one big organization, prohibits price discrimination, excludes deals or tying contracts. (Tying-great product with bad product)

Answer 77

Clayton Act

Question 78

government organization that oversea all aspects of free trade, policies deceptive practices (protect consumers)

Answer 78

Federal Trade Commission (FTC)

Question 79

Prohibits price discrimination.

Answer 79

Robinson-Patman Act

Question 80

Keeping a company form charging different price to different customers for the same product. Illegal in b2b transactions, in order to make sure everyone can compete fairly. ex: ladies night vs. Budweiser selling its beer at different prices for bar number 1 and a higher prices to bar number two

Answer 80

prohibiting price discrimination

Question 81

they effect the labels of the products, for the protection of the customers *protect customers and competiton

Answer 81

FDA

Question 82

What are the five steps in consumer decision making process psychological and function needs?

Answer 82

1. Need recognition 2. Information search 3. Alternative evaluation 4. Purchase 5. Post purchase

Question 83

external locus of control =

Answer 83

fate, external factors

Question 84

internal locus of control =

Answer 84

more search activities