Unit 5

Question 1

what is marketing

Answer 1

the process of creating, communicating, and delivering to meet organizational objectives and customer needs

Question 2

what are customer needs

Answer 2

states of felt deprivation either physical, social, safety/well-being`

Question 3

what is the marketing process

Answer 3

series of marketing decisions and actions intended to address marketing goals

Question 4

what is marketing myopia

Answer 4

the disconnect between organizations and their customers. comes from excessive focus on business needs and short term goals

Question 5

what are the steps in the marketing process

Answer 5

situation analysis, select target market, develop marketing strategy, maintain customer relationships

Question 6

what are the parts of situational analysis

Answer 6

identify unfulfilled customer needs, assess potential competitors(strengths and weaknesses), assess internal capabilities

Question 7

what are markets

Answer 7

customers who are willing and able to purchase our product`

Question 8

what are target markets

Answer 8

groups of customers sharing a number of defining qualities

Question 9

what are users

Answer 9

users are customers who ultimately purchase and use the product

Question 10

what is the marketing strategy

Answer 10

plan to achieve objectives in current situation

Question 11

what is the marketing mix

Answer 11

product, price, place, promotion

Question 12

how can businesses maintain customer relationships

Answer 12

CRM programs and practices and collecting data about customers and loyalty programs

Question 13

what are the stages of business philosophies through history

Answer 13

Production orientation 1900, selling orientation 1920-1930, marketing orientation 1950-1990, socially responsible marketing 1990-2000, social media marketing 2006-present

Question 14

what is cause marketing

Answer 14

for profit orgs working with not for profit orgs for their mutual benefit

Question 15

what is societal marketing

Answer 15

producing and delivering products that have minimal negative impact on societies well-being

Question 16

what is brand democritization

Answer 16

shift of power towards consumers to produce communication about a given brand

Question 17

what is environmental scanning

Answer 17

continually acquiring information on events occurring outside the organization. identify opportunities and threats that impact marketing strategies

Question 18

what are direct competitors

Answer 18

orgs selling similar products sold in the same category. must focus on innovation and branding to get ahead

Question 19

what are indirect competitors

Answer 19

products that satisfy similar needs. get ahead with product line expansion

Question 20

what is a monopoly

Answer 20

one organization that serves the entire market

Question 21

what is an oligopoly

Answer 21

few large organizations that control the market

Question 22

what is monopolistic competition

Answer 22

numerous large and small organizations with similar products

Question 23

what is pure competition

Answer 23

numerous small sellers providing a nearly identical product

Question 24

what happens in economic downturns and booms

Answer 24

downturns cause consumers to focus on basic necessities while booms cause increased demand for non essential products

Question 25

what are some demographic forces

Answer 25

aging, urbanization, diversity

Question 26

what has changed in marketing

Answer 26

used to be about developing and marketing products but is now about being honest and transparent while showing customers the org is helping society and the environment

Question 27

what is market analysis

Answer 27

collecting info to determine if a market is worth pursuing. info such as demand, sales potential, production capabilities, necessary resources

Question 28

what is consumer analysis

Answer 28

monitoring consumer behaviour changes such as tests, preferences, lifestyles

Question 29

what are loyalty programs

Answer 29

programs that offer a consumer a small bonus when the y make a purchase which acumulate which each new purchase

Question 30

what are CRM programs

Answer 30

programs that analyze data about customer buying behaviour, preferences, and likes/dislikes to create marketing programs that meet customer needs

Question 31

how often are marketing plans typically made

Answer 31

annually while reviewing performance or progress throughout the year

Question 32

what are the main factors that impact marketing decisions

Answer 32

the economy, laws and regs, tech, competition

Question 33

what are market leaders, challengers, followers, and niches`

Answer 33

leaders have the largest market share and take the lead on strategic moves, challengers are firms trying to gain leadership through aggressive promotion, followers are firms content with their position, nicher’s are firms focused on small niche markets overlooked by larger competitors