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mar
| Question | Answer |
|---|---|
| According to the text, for marketing to occur, at least four factors are required. What are those factors? | (1)Two or more parties with unsatisfied needs (2) a desire ad ability on their part to be satisfied (3) a way for parties to communicate (4) something to exchange |
| Define the term: relationship marketing: | A: links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit. |
| Define goods, service and ideas and give examples of each.. | A: Goods are physical objects such as toothpaste, cameras or computers. Services are intangible items such as airline trip, financial advice Ideas are thoughts about concepts, actions, or causes |
| Today’s organizations can be divided into two categories/types List and briefly describe each type | A: Business firm: is a privately owned organization such as target and Nike. Nonprofit organization is a nongovernmental organization that serves its customers but does not have profit as an organizational goal. |
| What are the three planning phases of the strategic marketing process? | (1) SWOT (2) market-product focus and goal setting (3) Marketing program |
| What is market segmentation? | Which involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action. |
| What is a marketing strategy? | Is the means by which a marketing goal is to be achieved, usually characterized by a specific target market and a marketing program to reach it. |
| Environmental scanning What is it? | A: the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
| What are the five (5) environmental forces that business must monitor? | Social, economic, technological, competitive, and regulatory forces. |
| Describe, in detail, the three components of competition | Entry- Power of buyers and suppliers Existing competitors and substitutes |
| define ‘culture’ | Culture: Incorporate the set of values, ideas, and attitudes that are learned and shared among the members of a group. |
| Identify and briefly describe each of the three (3) factors that influence one’s personal moral philosophy and ethical behavior. | Societal culture and norms Business culture and industry practices Corporate culture and expectations |
| The social audit consists of five (5) steps. List and briefly describe each step. | Recognition of a firms social expectations and the rationale for engaging in social responsibility endeavors. Identification of social responsibility cause or programs consistent with the company’s mission Determination of organizational objectives and |
| What does the term “consumer behavior” refer to? | The action a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions. |
| What are the five (5) situational influences that have an impact on the purchase decision process? What are they? | The purchase task social surroundings Physical surroundings Temporal effects Antecedent states |
| Define cognitive dissonance? | This feeling of post purchase psychological tension or anxiety |
| What are the levels in this hierarchy of needs, as illustrated in the text? | (Top) Self-actualization needs. (Second) Personal needs. (Third) Social needs. (Fourth) Safety Needs. (Fifth) Physiological needs |
| Briefly describe (discuss) how selective perception, selective exposure, selective comprehension and selection retention differ. | A: Selective exposure is when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent. |
| What are the three (3) types of organizational buying situations or buy classes? Briefly describe each one and give an example of each. | New buy- The organization is a first-time buyer of the product or service. |
| What are the three (3) types of organizational buying situations or buy classes? Briefly describe each one and give an example of each. | Straight rebuy- The buyer or purchasing manger reorders an existing product or service from the list of acceptable suppliers, probably without even checking with users or influencers from the engineering, production, or quality control departments. |
| What are the three (3) types of organizational buying situations or buy classes? Briefly describe each one and give an example of each. | Modified rebuy- The users, influencers, or deciders in the buying center want to change the product specifications, price, delivery, schedule, or supplier. |
| List and briefly describe each of the characteristics of the organizational buying process. | Market characteristics Product or service characteristics Buying process characteristics Marketing mix characteristics |
| What is derived demand? | the demand for industrial products and services is driven by, or derived from, demand for consumer products and services. |
| Identify and describe the factors a company should consider in order to do a thorough cross-cultural analysis. | Values: represnt personally or socially preferable modes of conduct or states of existence that tend to persist over time |
| Identify and describe the factors a company should consider in order to do a thorough cross-cultural analysis. | customs: what is considered normal and expected about the way people do things in a specific country |
| Identify and describe the factors a company should consider in order to do a thorough cross-cultural analysis. | symbols: are things that represent ideas and concepts (4) Language: the native tounge |
| cross-cultural analysis’ | which involves the study of similarities ad differences among consumers in two or more nations or societies. |
| Describe the people at the bottom of the pyramid and give an example of how global companies are choosing to serve them. | the largest, but poorest, socioeconomic group of people in the world. By being responsive to their conditions and needs. |
| What are these four (4) general options? Give an example of each | (1) exporting: producing goods in one country and seling them in another country (2) licensing: a company offers the right to trademark, patent, trade secrets or other similarly valued items of intellectual property in return for royalty or a fee ( |
| What are these four (4) general options? Give an example of each | 3) joint venture: a foreign company and local firm invest together to create a local business (4) direct investment: a domestic firm actually investing in and owning a foreign subsidiary or division. |
| Marketing Research - What is it? | A: the process of defing a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. |
| What is the five-step marketing research approach? | (1) Define the problem (2) Develop the research plan (3) collect relevant information (4) Develop findings (5) Take marketing actions |
| What is primary data? | A: facts and figures that are newly collected for the project |
| What is ethnographic research? | A: is a specialized obesrvtoional approach in which trained observers seek discover subtle behavioral and emotional reactions as consumers encounter products in their “natural use enviroment” such as in thier home or car. |
| What is secondary data? | A: are facts and figures that have already been recorded before the project at hand. |
| There are two different kinds of criteria in the market segmentation process: | those used to (1) divide the market and (2) actually pick the segments. Five criteria can be used to select the target segments. |
| What are the five (5) key steps in selecting the target segments? List and briefly describe each. | (1) Group potetial buyers into segments (2) Group products to be sold into categories (3) Develop a market-product grid and estimate size of makrets (4) Select target markets (5) Take marketing actions to reach target markets |
| What are the four (general) segmentation bases used to segment consumer markets? List and briefly describe each. | A: Geographic, Demographic, Psycho graphic, Behavioral |
| What are the two main approaches to positioning a new product? List and briefly describe each. | (1) head-to -head Positioning involves competing directly with competitors on similar product attributes in the same target market. (2) Differentiation positioning involves seeking a less-competitive, smaller market niche in which to locate a brand. |
| What are products and services? | Product:is a good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies customers needs and is received in exchange for money or something else of value. |
| What are products and services? | Service: are intangible activites or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value. |
| Explain the characteristics that would define a good and a service. | Good:Has tangible attributes that consumers fie sense can percieve (Ipad). Service: |
| Describe the four (4) different ways to define a ‘new’ product | (1) Newness Compared with Existing Products (2) Newness from the consumers perspective (3) Newness in legal terms (4) Newness from the Organization Perspective |
| What does ‘product life cycle’ refer to? | A: Describes the stages a new product goes through in the marketplace: Introduction, growth, maturity, and decline |
| Briefly describe (discuss) how selective perception, selective exposure, selective comprehension and selection retention differ. | |
| According to the text, for marketing to occur, at least four factors are required. What are those factors? | According to the text, for marketing to occur, at least four factors are required. What are those factors? |
| Define the term: relationship marketing: | A: links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit. |
| Define goods, service and ideas and give examples of each.. | A: Goods are physical objects such as toothpaste, cameras or computers. Services are intangible items such as airline trip, financial advice Ideas are thoughts about concepts, actions, or causes |
| Today’s organizations can be divided into two categories/types List and briefly describe each type | A: Business firm: is a privately owned organization such as target and Nike. Nonprofit organization is a nongovernmental organization that serves its customers but does not have profit as an organizational goal. |
| What are the three planning phases of the strategic marketing process? | (1) SWOT (2) market-product focus and goal setting (3) Marketing program |
| What is market segmentation? | Which involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action. |
| What is a marketing strategy? | Is the means by which a marketing goal is to be achieved, usually characterized by a specific target market and a marketing program to reach it. |
| Environmental scanning What is it? | A: the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
| What are the five (5) environmental forces that business must monitor? | Social, economic, technological, competitive, and regulatory forces. |
| Describe, in detail, the three components of competition | Entry- Power of buyers and suppliers Existing competitors and substitutes |
| define ‘culture’ | Culture: Incorporate the set of values, ideas, and attitudes that are learned and shared among the members of a group. |
| Identify and briefly describe each of the three (3) factors that influence one’s personal moral philosophy and ethical behavior. | Societal culture and norms Business culture and industry practices Corporate culture and expectations |
| The social audit consists of five (5) steps. List and briefly describe each step. | Recognition of a firms social expectations and the rationale for engaging in social responsibility endeavors. Identification of social responsibility cause or programs consistent with the company’s mission Determination of organizational objectives and |
| What does the term “consumer behavior” refer to? | The action a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions. |
| What are the five (5) situational influences that have an impact on the purchase decision process? What are they? | The purchase task social surroundings Physical surroundings Temporal effects Antecedent states |
| Define cognitive dissonance? | This feeling of post purchase psychological tension or anxiety |
| What are the levels in this hierarchy of needs, as illustrated in the text? | (Top) Self-actualization needs. (Second) Personal needs. (Third) Social needs. (Fourth) Safety Needs. (Fifth) Physiological needs |
| Briefly describe (discuss) how selective perception, selective exposure, selective comprehension and selection retention differ. | A: Selective exposure is when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent. Selective comprehension involves interpreting information so that it is consistent with your att |
| What are the three (3) types of organizational buying situations or buy classes? Briefly describe each one and give an example of each. | New buy- The organization is a first-time buyer of the product or service. |
| What are the three (3) types of organizational buying situations or buy classes? Briefly describe each one and give an example of each. | Straight rebuy- The buyer or purchasing manger reorders an existing product or service from the list of acceptable suppliers, probably without even checking with users or influencers from the engineering, production, or quality control departments. |
| What are the three (3) types of organizational buying situations or buy classes? Briefly describe each one and give an example of each. | Modified rebuy- The users, influencers, or deciders in the buying center want to change the product specifications, price, delivery, schedule, or supplier. |
| List and briefly describe each of the characteristics of the organizational buying process. | Market characteristics Product or service characteristics Buying process characteristics Marketing mix characteristics |
| What is derived demand? | the demand for industrial products and services is driven by, or derived from, demand for consumer products and services. |
| Identify and describe the factors a company should consider in order to do a thorough cross-cultural analysis. | Values: represnt personally or socially preferable modes of conduct or states of existence that tend to persist over time |
| Identify and describe the factors a company should consider in order to do a thorough cross-cultural analysis. | customs: what is considered normal and expected about the way people do things in a specific country |
| Identify and describe the factors a company should consider in order to do a thorough cross-cultural analysis. | symbols: are things that represent ideas and concepts (4) Language: the native tounge |
| cross-cultural analysis’ | which involves the study of similarities ad differences among consumers in two or more nations or societies. |
| Describe the people at the bottom of the pyramid and give an example of how global companies are choosing to serve them. | the largest, but poorest, socioeconomic group of people in the world. By being responsive to their conditions and needs. |
| What are these four (4) general options? Give an example of each | (1) exporting: producing goods in one country and seling them in another country (2) licensing: a company offers the right to trademark, patent, trade secrets or other similarly valued items of intellectual property in return for royalty or a fee ( |
| What are these four (4) general options? Give an example of each | 3) joint venture: a foreign company and local firm invest together to create a local business (4) direct investment: a domestic firm actually investing in and owning a foreign subsidiary or division. |
| Marketing Research - What is it? | A: the process of defing a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. |
| What is the five-step marketing research approach? | (1) Define the problem (2) Develop the research plan (3) collect relevant information (4) Develop findings (5) Take marketing actions |
| What is primary data? | A: facts and figures that are newly collected for the project |
| What is ethnographic research? | A: is a specialized obesrvtoional approach in which trained observers seek discover subtle behavioral and emotional reactions as consumers encounter products in their “natural use enviroment” such as in thier home or car. |
| What is secondary data? | A: are facts and figures that have already been recorded before the project at hand. |
| There are two different kinds of criteria in the market segmentation process: | those used to (1) divide the market and (2) actually pick the segments. Five criteria can be used to select the target segments. |
| What are the five (5) key steps in selecting the target segments? List and briefly describe each. | (1) Group potetial buyers into segments (2) Group products to be sold into categories (3) Develop a market-product grid and estimate size of makrets (4) Select target markets (5) Take marketing actions to reach target markets |
| Briefly describe (discuss) how selective perception, selective exposure, selective comprehension and selection retention differ. | Selective comprehension involves interpreting information so that it is consistent with your attitudes and beliefs. |
| Briefly describe (discuss) how selective perception, selective exposure, selective comprehension and selection retention differ. | Selective retention means that consumers do not remember all the information they see, read, or hear, even minutes after exposure to it. |
| What are the four (general) segmentation bases used to segment consumer markets? List and briefly describe each. | A: Geographic, Demographic, Psycho graphic, Behavioral |
| What are the two main approaches to positioning a new product? List and briefly describe each. | (1) head-to -head Positioning involves competing directly with competitors on similar product attributes in the same target market. (2) Differentiation positioning involves seeking a less-competitive, smaller market niche in which to locate a brand. |
| What are the two main approaches to positioning a new product? List and briefly describe each. | (1) head-to -head Positioning involves competing directly with competitors on similar product attributes in the same target market. (2) Differentiation positioning involves seeking a less-competitive, smaller market niche in which to locate a brand. |
| What are products and services? | Product:is a good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies customers needs and is received in exchange for money or something else of value. |
| What are products and services? | Service: are intangible activites or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value. |
| Explain the characteristics that would define a good and a service. | Good:Has tangible attributes that consumers fie sense can percieve (Ipad). Service: |
| Describe the four (4) different ways to define a ‘new’ product | (1) Newness Compared with Existing Products (2) Newness from the consumers perspective (3) Newness in legal terms (4) Newness from the Organization Perspective |
| What does ‘product life cycle’ refer to? A | A: Describes the stages a new product goes through in the marketplace: Introduction, growth, maturity, and decline |
| Compare the three (3) ways to manage a product through its product life cycle. | A: Role of a product, Modifying the product, Modifying the Market (pg:274 |
| What are products and services? | Product:is a good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies customers needs and is received in exchange for money or something else of value. |
| What are products and services? | Service: are intangible activites or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value. |
| Explain the characteristics that would define a good and a service. | .Good:Has tangible attributes that consumers fie sense can percieve (Ipad). Service: |
| Describe the four (4) different ways to define a ‘new’ product | (1) Newness Compared with Existing Products (2) Newness from the consumers perspective (3) Newness in legal terms (4) Newness from the Organization Perspective |
| What does ‘product life cycle’ refer to? | A: Describes the stages a new product goes through in the marketplace: Introduction, growth, maturity, and decline |
| Compare the three (3) ways to manage a product through its product life cycle | A: Role of a product, Modifying the product, Modifying the Market (pg:274) |
| Five (5) criteria are mentioned most often when selecting a good brand name. | A: (1) The name should suggest the product benefits(2) The name should be memorable(3) The anme should fit the company or product image (4) The name should have no legal or regulatory restrictions(5) The name should be simple |
| What are services how are they defined? | A: Are intangible acivites or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value |
| What are the four (4) Is of service? | (1) Intangibility(2) Inconsistency (3) Inseparability (4) Inventory |
| List and briefly describe the three (3) ways discussed in the text. | A:(1) Delivery by people or equipment(2) Profit and Nonprofit Organization(3) Government sponsor |
| There are five (5) dimensions of service quality illustrated in the text. List and define each one. | A: (1) Reliability: Ability to perform the promised service dependably and accurately (2) Tangibles: Appearances of physical facilities, equipment, personnel, and communication materials |
| There are five (5) dimensions of service quality illustrated in the text. List and define each one. | (3) Responsiveness: Willingness to help customers and provide prompt service (4) Assurance: Knowledge and courtesy of employees and their ability to convey trust and confidence (5) Empathy: Caring, individualized attention provided to customers |
| What is price? | A: The money or other consideraytion exchanged for the owenship or use of a product or service |
| The importance of price in the marketing mix necessitates understanding the six (6) major steps in the process organizations go through in setting prices. What are those steps? | (1) Identify pricing objectives and constraints (2) Estimate demand and revune (3) Determine cost, volume, and profit relationship (4) Select an approxinate price level (5) Set list or quoted price (6) Make special adjustments to list or quoted pric |
| List and briefly describe the six (6) constraints a firm is likely to face in Step 1. | (1) profit (2) Sales (3) Market share (4) Unit volume (5) survival (6) Social responsibility |
| A firm must recognize the general type of competitive market it is in to understand the range of both its price and non-price strategies What are the types of competitive markets? | A: Pure competition, Monopolistic competition, oligopoly, and pure monopoly |
| What is a demand curve? A: Is a graph relating the quanyity sold and price, which shows the maximum number of units that will be sold at a given price. In addition to price considerations, economists emphasize three other key factors. What are they? | A: (1) Consumer tatses (2) Price and availbilty of similar products (3) Consumer income |
| What are the four common approaches use by manages to help them find an approximate price level? | A: (1)Demamd-oriented (2) Cost-oriented (3) Profit-oriented (4) Competition-oriented |
| When is skimming pricing an effective strategy? List the conditions. | A: Pg:344 |
| What is loss leader pricing and why do retailers use it? Briefly discuss | . A:Is not to increase sales but to attract customers in hopes they will buy other products as well, particularly the discretionary items with large markups |
| What is price discrimination? | A: the practice of charging different prices to different buyers for goods of like grade and qaulity |
| Explain predatory pricing and why it is illegal (under what two (2) Acts)? | A: the practice of charging a very low price for a product with intent of driving competitors out of business. (1) Sherman Act (2) Federal Trade commission Act |
| Wht is a marketing channel of distribution? | A: Which consists of individual and firms involved in the process of making a product or service availabe for use or consumption by consumers or industrial users. |
| What is a supply chain? | A: refers to the various firms involved in performing the activites required to create and deliver a product or service to consumers or industrial users. |
| Managing channel relationships: Conflict and Cooperation What are some sources of conflict in marketing channels? List them and briefly describe them. | A: Vertical conflict:Occurs between different levels in a marketing channel and Horizontal conflict: Occurs between intermediaries at the same level in a marketing channel, such as between two or more relatiers or two or more wholesalers that handle the s |
| According to the text, today, what is IMC? | A: The concept of desinging marketing communication programsthat cordinate all proptional activties-advertising, personal selling, sales promotion, public relations and direct marketing- to provide a consistentmessage across all audience |
| What are the five elements of the promotional mix – List them. | (1) Advertising (2) Personal selling (3) Public Relations (4) Sales promotion (5) Direct Marketing |
| Advertising: What is it? | A: as any paid form of nonpersonal communications about an organization, a product, a service, or an idea by an identified sponsors |
| Advertisements are prepared for different purposes, but they basically consist of two types. What are those two types | (1) Product advertisement (2) Institutional Advertisement |
| Describe the objectives of institutional advertising List and briefly define the four (4) forms of institutional advertising. | (1) Advocacy advertisment state the position of a company on an issue (2) Pioneering Institutional like the pioneering ads for products discussed ealier, are used for announcements about what a company is, what it can do, or where it is located (3) C |
| Sales promotions can be used to achieve many objectives. What are the kind of sales promotions illustrated in the text? | (1) Coupons (2) Deals (3) Premiums (4) COntest (5) Sweepstakes (6) Samples (7) Loyalty programs (8) Point-of-purchase displays (9) Rebates (10) Product placemenst |
| What is social media? | A: are online media where users submit commenst, photos and videos- often accompanied by a feedback process to identify “popular”topics |
| What is a blog? | A: a contraction of web log is web page that serves as a publicly accessible personal journal and online forum for an indidual or organization |
| What is UGC? | A: refers to the various forms of online media content that are publicly available and created by end users |
| A look at four important social networks The text lists four (4) social networks that can be an important part of a brand managers marketing program | (1) Facebook (2) Twitter (3) linkedin (4) Youtube |
| There are other social networks with specialized focus How is Vimeo different from YouTube? | A: Users who participate |
| Scope and significance of personal selling and sales management Explain the difference between personal selling and sales management | A: Personal Selling: INvolves the two-way flow of communication between a buyers and seller, often in a face-to-face encounter, designed to inflence a person or group purchase decision |
| The personal selling process consists of six (6) stages. The text illustrates the stages and objective of the personal selling process. Each stage is critical for successful selling and building a customer relationship. List each of the six (6) stages | (1) Prospecting: Search for and qualify prospect (2) Preapporach: Gather information and decide how to apporach the prospect (3) Apporach: Gain a prospect attention, stimulate intrest, and make transtion to the presentation (4) Presntation: BEgin conve |
| What is a sales quota? | A: contains specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated time period. |
| What is the key difference between the traditional marketplace and the new marketspace? | A: T.M: Buyers and sellers engage in face-to-face exchange relationship in a meterial enviroment characterized by phyiscal facilities and mostly tangiable objects A:NM: as internet enabled digital enviroment characterized by face-to-screen exchange relat |
| What is permission marketing? | A: the solicitation of a consumers consent to recieve e-mail and advertising based on personal data supplied by the consumer |
| What is ‘opt-in’? | solicitation of a consumers consent |
| What is ‘opt-out’? | change the kind, amount, or timing of information sent to them |
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sant6363