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Marketing
Marketing Studies from the Berkowitz textbook
| Question | Answer |
|---|---|
| Define Marketing | Is planning, executing, pricing, promotion, and distribution of ideas and goods to satisfy individual and organizational objectives |
| What are the primary goals of marketing | (a) assessing the needs of consumers and (b) satisfying them. |
| What are the 4 conditions for marketing to occur | (a) two or more parties with unmet needs, (b) a desire and ability to satisfy them, (c) communication between the parties, and (d) something to exchange. |
| What are the 4 marketing mix elements, or 4 "Ps" | product, price, promotion, and place. |
| What are the 4 uncontrollable or environmental forces | social, economic, technological, competitive, and regulatory forces |
| what are the four stages of the product life cycle | introduction, growth, maturity, and decline |
| Whar are 4 important aspects of product life cycles | (a) their length, (b) the shape of the sales curve, (c) how they vary by product classes and forms, and (d) the rate at which consumers adopt products |
| Customers are grouped into the same market segment because | (a) have common needs and (b) will respond similarly to a marketing action. |
| Identify the five steps involved in segmenting and targeting markets. | Step 1 is to group buyers into segments. Step 2 putting related products into groups. In step 3, develop a market product grid Step 4, selecting market segments to focus on. Step 5, taking marketing mix actions |
| Recognize the factors used to segment consumer and organizational markets | consumer markets include geographic, demographic, psychographic, and behavioral variables. Organizational markets use related variables except for psychographic ones. |
| Explain how marketing managers position products in the marketplace. | locate competing products on twodimensional perceptual maps to visualize the products in the minds of consumers. They then try to position new products or reposition existing products in this space |
| Identify the reason for conducting marketing research. | research reduces risk by providing vital information to understand customer wants and needs to deliver a meaningful customer experience. Then, this info translates into specific marketing actions. |
| Describe the five-step marketing research approach that leads to marketing actions | 1) define the problem, 2) develop the research plan, 3) collect the relevant information, 4) develop findings from the marketing research data collected. 5) take marketing actions, |
| Explain how secondary and primary data are used in marketing. | (a) internal secondary data, within the organization, such as sales reports (b) external secondary data, created by other organizations, such as the U.S. Census Bureau (c) Primary data are collected specifically for the project |
| Describe the steps used to develop, execute, and evaluate an advertising program. | (1) identify target audience (2) specify advertising objectives (3) set advertising budget (4) design advertisement (5) create message (6) select media (7) schedule the ad. Execution requires pretesting, evaluating the program requires posttesting |
| Discuss IMC, integrated marketing communication components | advertising, personal selling, sales promotion, public relations, and direct marketing |
| what is the IMC communication process, 5 steps | 1) a source 2) a message 3) a channel of communication 4) a receiver 5) and encoding and decoding. |
| What are the 5 components of a promotional mix? | Advertising, sales promotion, public relations, personal selling, direct marketing |
| what is the pro / con of advertising | Advertising can have high absolute costs but reaches large numbers of people. |
| What is the pro / con of personal selling | Personal selling has a high cost per contact but provides immediate feedback. |
| What is the pro / con of public relations | Public relations is often difficult to obtain but is very credible |
| What is the pro / con of direct marketing | Direct marketing can help develop customer relationships although maintaining a database can be very expensive. |
| What does sales promotion do? | Sales promotion influences short-term consumer behavior |
| what are the three responses to direct marketing? | direct orders, lead generation, and traffic generation. |
| Identify the major trends that have influenced the landscape of global marketing in the past decade. | 1) gradual decline of economic protectionism by individual countries, 2) growing economic integration and free trade among nations (EU and NAFTA). 3) global competition among companies. 4) networked global marketspace, the web |
| Identify the 3 environmental factors that shape global marketing efforts | 1) cultural factors, including values, customs, cultural symbols, and language. 2) Economic factors – development, infrastructure, consumer income, purchasing power, and currency exchange rates. 3) political-regulatory factors |
| Name and describe the alternative approaches companies use to enter global markets | 1) Exporting – selling goods in another country. 2) licensing - trademark, patent, trade secret, or intellectual property for a royalty or fee. 3) joint venture – foreign and local firms invest together 4) Direct investment - owning foreign subsidiary/div |
| What are the pros / cons of TV advertising? | Television advertising reaches large audiences and uses picture, print, sound, and motion; its disadvantages, however, are that it is expensive and perishable |
| What are the pros / cons of radio advertising? | Radio advertising is inexpensive and can be placed quickly, but it has no visual element and is perishable |
| What are the pros / cons of internet advertising? | advertising can be interactive, but its effectiveness is difficult to measure. |
| What are the pros / cons of magazine advertising? | Magazine advertising can target specific audiences and can convey complex information, but it takes a long time to place the ad and is relatively expensive. |
| What are the pros / cons of newspaper advertising? | Newspapers provide excellent coverage of local markets and can be changed quickly, but they have a short life span and poor color. |
| What are the pros / cons of yellow pages advertising? | Yellow pages advertising has a long use period and is available 24 hours per day; its disadvantages, however, are that there is a proliferation of directories and they cannot be updated frequently. |
| What are the pros / cons of outdoor advertising? | Outdoor advertising provides repeat exposures, but its message must be very short and simple. |
| What are the pros / cons of direct mail advertising? | Direct mail can be targeted at very selective audiences, but its cost per contact is high. |
| Which organizational group does the marketing group usually conflict with | financial |
| when does brand equity suffer | when a company turns from long-term vision from short term vision and are too focused on sales |
| What are the busiest months for sales | October, November and December |
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