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Marketing_MM
Question | Answer |
---|---|
What is marketing? | …Social process involving activities necessary to enable individuals & organizations to obtain what they need & want through exchanges with others and to develop ongoing relationships |
What is marketing management? | * 1 or more parties to an exchange * engage in analyzing , planning, coordinating, implementing & controlling activities necessary to facilitate exchange (apcic) |
What is marketing mix? | Combination of controllable marketing variables that a manager uses to carry out a marketing strategies pursuit of a firm’s objectives in a given target market. |
What are the different types of product utility? | •Possession utility – product has greater/value/utility when it can be acquired with minimum of risk and shopping time•Place utility – at a convenient location•Time utility – when customer is ready to use product |
What conditions are necessary for an exchange? | • => 2 partiesBoth Parities• Must offer something of value• Aware of each other • Free to reject/accept offer• Willing & able to negotiate terms |
What are costs & benefits of marketing function? | a)50% of retail price of consumers goods marketing-paying for specializationb)efficient – enables customers to buy a wide variety of goods from a single source in transaction.-specialization of labour & economies of scale functional efficiency |
What is the difference between a want & a need? | Need: gap between person’s actual and desired state of being – physical or psychologicalWant: person’s desires or preferences for specific ways to satisfy a need |
What is a strategy? | • Fundamental pattern of present & planned objectives, resource deployment & interactions of an organization with markets, competitors & other environmental factors • what / where / how |
What are the 5 components of a well-developed strategy? | 1) scope2) goals & objectives_____ Effectiveness=sales Efficiency=ROI Adaptability=new products3) resource deployment4) Identification of a source of sustainable competitive advantage 5) Specification of synergy across business departments |
What are the 4 main Corporate Growth Strategies? |