WEEK 14: MARKETING FUNCTION

Question 1

set of activities related to creating,
communicating, delivering, and exchanging offerings that have value for others.

Answer 1

Marketing

Question 2

In business, the function of marketing is to bring value to
customers, whom the business seeks to ______, _______, and
______.

Answer 2

identify, satisfy, retain

Question 3

is the measure of the benefit gained from a product or service relative to the full cost of the item.

Answer 3

Value
Value = benefit – cost

Question 4

provides the same offering but is accentuating different features and benefits.

Answer 4

Competitors

Question 5

Not a perfect replication of the offering, which means it will provide different value to customers.

Answer 5

Substitutes

Question 6

Types of Company Orientations:

Answer 6

• The Marketing Concept
• The Product Concept
• The Sales Concept
• The Production Concept

Question 7

focuses on knowing as much about the consumer as possible and bases marketing, product, and strategy decisions on this
information.

Answer 7

The Marketing Concept

Question 8

focuses on building and showcasing impressive features and product advances.

Answer 8

The Product Concept

Question 9

emphasizes the sale process and tries to make it as effective as possible.

Answer 9

The Sales Concept

Question 10

focuses on low-production costs, highly efficient processes, and mass distribution.

Answer 10

The Production Concept

Question 11

STAGES OF BUYING PROCESS/THE CONSUMER DECISION MAKING PROCESS

Answer 11

1. Need Recognition
2. Information Searching and Processing
3. Identification and Evaluation of Alternatives
4. Purchase Decision
5. Post-Purchase Behavior

Question 12

recognizing there is a problem or unmet need and that this need warrants some action.

Answer 12

Need Recognition

Question 13

seeking information to help identify and evaluate alternative products, services, experiences, and outlets that will meet that
need.

Answer 13

Information Search

Question 14

Identify alternative products, services, and outlets that are viable options, evaluate these alternatives, and make a choice.

Answer 14

Evaluation of Alternatives

Question 15

Consumers must decide whether they are going to buy.

Answer 15

The Purchase Decision

Question 16

A consumer’s feelings and evaluations after the sale are significant because they influence repeat sales and what the customer tells others about the product or the brand.

Answer 16

Post-Purchase Behavior

Question 17

The five-stage buying process represents the steps customers undergo when they make a conscious effort to learn about the
options and select a product. This can happen when a customer purchases a
product for the first time.

Answer 17

Complex Decision Making

Question 18

the customer has learned from past experiences what will best satisfy their need, so they can bypass the second or third stage of the processes.

Answer 18

Simple Decision Making

Question 19

Customer Profile Dimension:

Answer 19

• Behavioral
• Socialgraphic
• Psychographic
• Demographic
• Geographic

Question 20

Once you define your total market, you can break down your total market
into segments.

Answer 20

Segmentation

Question 21

Develop a profile for your target customer(s) using a number of categories including but not limited to geographic, demographic,
psychographic, and behavioral traits.

Answer 21

Profile your Target Customer Segments

Question 22

is the process of identifying marketing opportunities and solving marketing
problems using customer insights.

Answer 22

Marketing Research

Question 23

The Marketing Research Process:

Answer 23

1. Identify the Problem
2. Develop the Research Plan
3. Conduct Research
4. Analyze and Report Findings
5. Take Action

Question 24

Start by stating the marketing or business problem you need to address. Next, articulate the objectives for the research.

Answer 24

Identify the Problem

Question 25

Identify what information you need to answer
your question and achieve your objective.

Answer 25

Develop a Research Plan

Question 26

Conducting research begins to generate
information that helps answer your urgent marketing questions.

Answer 26

Conduct the Research

Question 27

Transform the data into useful information and insights that answer the research question.

Answer 27

Analyze and Report Findings

Question 28

Help managers understand the research and take action based on research findings.

Answer 28

Take Action

Question 29

term that describes how a business uses four key elements to sell and promote its products or services.

Answer 29

Marketing Mix

Question 30

The marketing mix, also known as the four Ps:

Answer 30

• Product: the goods and services offered
• Promotion: communication and information
• Place: distribution or delivery
• Price: ensuring fair value in the transaction