week 1

Question 1

what is product

Answer 1

fufill need and how they market it, create value

Question 2

what is promotion

Answer 2

communicate value inform and persuade

Question 3

what is place

Answer 3

delivering value like marketing channel, including all activity from manufacture to customer

Question 4

what is price

Answer 4

transacting value, balance customer satisfaction and profit

Question 5

4 marketing philosphy

Answer 5

1- product oreint: good product sell itself think product then sell without customer needs
2-sales: what consumer want before they sell giving customer a choice, marketing integrated through company
4- market oreint: consumer at center
3- value based: TBL, satisfy need and want

Question 6

what is coercion

Answer 6

customer collab to increase value including size speed and price

Question 7

firms more value driven by

Answer 7

o 1- gather info
o 2- balance customer benefit
o 3- build relations
o 4- take advantage of tech

Question 8

why does marketing matter

Answer 8

o Delivering value
o Marketing is engine of corp
o How to create good communication with consumer

Question 9

core marketing aspects

Answer 9

o Create value
o Both org and person perform
o 4 ps
o Satisfy customer needs
o Entails exchange

Question 10

what is relational orientation

Answer 10

o Think relations not in terms of transactions
o Systematically collect info on needs and use it to target customers with appeal and importance to them

Question 11

• 3 fundamentals for consumers

Answer 11

o Consumer share same values
o Consumers feel like they know each with brand and how this happens
 Consumers give data to brands
o Trust
 Consumers need to trust brands, no trust = no buy and relationship

Question 12

what is branding about

Answer 12

create value, establish and build relations

Question 13

5 steps of marketing

Answer 13

research, design start, implement, monitor, equity

Question 14

what is happening in research stage

Answer 14

needs and wantanalysis, ID consumers who want and can afford to divide on target market

Question 15

people with a need and want willing to pay 2 questions

Answer 15

who are they and how to reach them

Question 16

demographic, behavioural and pyscographic

Answer 16

d- variables such as age, gender, income, education,
b- Dividing the market based on consumer knowledge, attitudes, uses, or responses to a product.
P-Definition: Dividing the market based on lifestyle, activities, interests, opinions, and values.

Question 17

ways to research the enviroemtn

Answer 17

o Situational analysis
o Marketing environment
o Consumer behavior

Question 18

what is marketing strategy

Answer 18

firm taregt market-market mix 4 ps- how it plans to build competitive advantage

Question 19

o Once we have market need to segement it by

Answer 19

demographic, pyscographic and behavior

Question 20

ways to create compeitive advantage

Answer 20

lower costs, differentiation, quality, speed, innovation

Question 21

competitve advantage by deliver on customer value 4 diff types

Answer 21

o Customer excellence- sustain loyal customer service like loyalty program
o Operation excellence- effeciet operations and supply chain HR, incl lower costs
o Product excellence- product with prceieved high value
o Locational excellence- good location physically or online

Question 22

5 step dev marketing plan and which pases steps fall in

Answer 22

step 1 bus mission, step 2 situation analysis –> planning phas
step 3 ID opp: target, segment, pos step 4 implement market mix: 4 ps–> implement phase
step 5: eval perform with metrics–> control phase

Question 23

step 1 mission statement what is it

Answer 23

broad description of firm objective and scope of actitivty plan to undertake. answers what type of bus we are what we need to achieve goals

Question 24

step 2 situational analysis main way is

Answer 24

SWOt

Question 25

step 3 ID opp includes what

Answer 25

STP which guides marketing mix

Question 26

what is segmentation

Answer 26

ID customer needs and market segments, dev profile with similar charecteristcs

Question 27

what is target marketing

Answer 27

eval attractivness of segment and select target market

Question 28

what is pos

Answer 28

create value for target market, communiate the value
 Determine position in segment \clear understanding of product vs compeitiors
 Eval strategic opp most success when focus on opp that build strength

Question 29

• Step 5- Marketing control 4 steps

Answer 29

o 1- set objective and metric
o 2- measure performance in market
o 3-Evaluate performance
o 4-Take corrective actions

Question 30

multiple methods to assessment

Answer 30

standard- brand awarness and sales
customer centered- CLV, new customer aquired, retention

Question 31

marketing strategies

Answer 31

pentetration, market dev, product dev and diversify

Question 32

what is pentrate strategy

Answer 32

 Use exisiting mix and make customer buy more
 Increase marketing effort

Question 33

market dev

Answer 33

 Existing market offer reach new segemts

Question 34

product dev

Answer 34

 New product to current market

Question 35

diversify strat

Answer 35

 New product to new market related or unrelated
 Related = share something with new opportunity

Question 36

• All 4 start present challenges

Answer 36

o Market/product dev = marketer must have experience and learn form other
o Diversify= outside market = more mistakes
o Grow strt depend on goal capability