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Marketing Final Exam
Marketing concepts
| Question | Answer |
|---|---|
| What is the marketing definition? | human activity of satisfying needs and wants through the exchange process |
| What is marketing? | study of exchange and it's facilitation (tangible and intangible items) |
| Scope of marketing. | Exchange for 1. products (all types), goods (consumer, industrial) and services (consumer, industrial, professional) 2. Nontraditional and nonprofit |
| Means of satisfying needs and wants | engage in exchange, steal, produce it yourself, beg |
| What is the Marketing mix? | Price, Place, Promotion and Product. Target market: who, where. Other concerns: competition, manufacturing, and financing |
| Marketing concept orientation. | Focus: targeting on customers needs and wants -->customer orientation, Means: Total Company Effort, Ends: Profit (or similar objective) |
| Difference between Marketing concept ad societal marketing. | Difference in long-run effects on the individual and society |
| Target markets can be either of 3 approaches | Undifferentiated, differentiates, concentrated |
| What is market segmentation? | dividing the market into distinct and meaningful groups (or aggregating individuals together into groups) that warrant separate products or marketing mixes. |
| Why should you segment? | you know your customer better, applies marketing concept better, identifies potential customers more easily, more profitable, obtain organizations objectives, identify direct competition better |
| How to decide if you should segment: | look at the benefits, look internally & externally |
| The three Criteria for viable segment: | Does it respond differently? (heterogenous/homogeneity) Is there enough demand there to pursue? Is it operational? |
| What is equity? | The value of a name. The value in regard to recognition and reputation in marketplace. |
| What are the stages of the product life cycle? | Introductory, growth, maturity, decline |
| What is the PLC concerned with? | new types of products not just individual brand. |
| What happens in the introductory stage of the PLC? | sales are low as new ideas are generated, firm loses money, customers are not paying attention to product, money spent on product, place and development, informative production needed |
| What happens in the Growth stage of the PLC? | More customers begin to buy, sales grow fast creating biggest profit (peak) , product variety, competition enters the market, monopolistic competition, END industry profits begin to decline as competition and consumer price sensitivity increase |
| What happens in the maturity stage of the PLC? | Sales level off, competition is tougher, promotion costs rise, long-run downward pressure on prices |
| What happens in the decline stage of the PLC? | New products replace the old, revitalize or leave behind teh product, price competition more rigorous, differentiate the product |
| Why is it importance of developing new products? | Shortened PLC (today it only takes 4 years to reach peak), profits peak in late growth stage and the added pressure of competition. |
| Revitalizing new products moving into decline (6). | New and improved, packaging, extend the uses, change advertising, examine channels of distribution, exploit a social trend |
| Three target sales promotion aimed at (3): | final consumer, dealers, salespeople |
| What falls into the category of promotion (3)? | Savings, gifts, information |
| What is the purpose of placing a product? | making the product available to the consumer by establishing a means of distribution. This applies to goods and services. |
| What is the channel of distribution? | a set of institutions necessary to move goods from point of production to point of consumption |
| Why do channel members exist? | efficiencies: helps producer smooth out production, functions (8) |
| Functions of channel members (8): | Buy from up the channel, sell down the channel, storage, transportation, sorting, finance, risk taking, providing information |
| What is the storage function of a channel member? | helps coordinate between when product is produced and when demand rises (ex: christmas) |
| What is the transportation function of a channel member? | where the items are produced and where demand arises |
| What is the sorting function of a channel member? | bringing similar merchandise together into one place, breaking larger quantities down into smaller units for the next channel |
| What are the characteristics of a channel length and width? | The more channel members a product passes through the longer the channel. |
| Intensive distribution | for convenience products, doesn't cost much, little control |
| Exclusive distribution | Costs more, more control |
| Determinants of intensity of distribution (4): | Type or product, image and target market, competitors actions |
| What is a traditional channel of distribution? | a channel of independent participants, no coordination of effort, no control, each channel member performs the 8 functions |
| What is a vertical marketing system? | Either a administered, contractual, or corporate channel of distribution |
| What is a administered channel of distribution? | members agree to cooperate, good cooperation, economic power and leadership are controlling factor |
| What is a contractual channel of distribution? | members agree to cooperate over a contract, fairly good to good cooperation, control in contracts, contracts establish relationships |
| What is a corporate channel of distribution? | ownership of channel by one company, complete cooperation and control by owner |
| The two important categories of institutions involved in the distribution of products are: | Retailers and wholesalers |
| Retailing is... | the final link in the channel of distribution. Involves final sale of product to end user for his/her personal non-business use |
| Do you have to be a retailer to engage in retail transactions? | NO |
| Do you need a physical store to retail? | NO |
| Retailing involves: | both services and products |
| Channels of distribution are not static but... | ever-changing |
| What brings new types of retailers on the scene? | Innovations, unsatisfied needs, socio/economic change, technological change |
| What is the wheel of retailing? | when new types of retailers enter the market as a low status, low margin, low price operator, and if they become successful they evolve into more conventional retailers offering more services with higher operating costs and increased prices |
| What is wholesaling? | Wholesaling involves sales to retailers and other industrial/organizational concerns of products for business, non-personal use. Wholesalers generally buy from producers and sell to retailers and other industrial/organizational users |
| What are the types of wholesalers? | independent (not owned by anyone) and captive (owned by somebody) |
| What are the types of independent wholesalers? | A merchant who owns the product (most fall into this category). An Agent who doesn't own the product. |
| What are the types of captive wholesalers? | Producer owned up the channel, retailer owned down the channel |
| What is physical distribution? | the transporting and sorting of good within the firms and along channels |
| Physical distribution systems are a delicate balance between... | costs = damage goods, delivering products, etc., servicing needs of cstomers ( time & reliability) |
| What is the physical distribution concept? | examine the channel of distribution and the physical distribution function and try to minimize costs at a give level of customer service |
| What is important when minimizing costs? | minimize total costs. some costs may decline over some variables while other costs increase |
| Marketing works as an interface between the: | organization and consumer |
| Why is information important (3)? | Applying the marketing concept, monitoring a dynamic environment, managing in general |
| Sources of information: internal and external | External: market research and marketing intelligence (sales force, deals and distributors.) Internal: internal reports and simulations |
| Steps in the research process | define the problem, situation analysis, collect data, interpret data, apply to problem solution |
| What qualifies as quantitative research? | surveys, observations, experiments |
| What qualifies as qualitative research? | Projective tests, focus groups |
| Does marketing cost too much? | Yes at a micro level (50% of cost of good attributed to marketing) and no at a macro society wide level. |
| What is ethics? | The study of human actions and the standard for those actions |
| what are the two approaches to ethics? | speculative philosophy, moral revelation |
| What are the six language problems of global marketing? | language of time, space and size, things, relationships, language, agreements |
| Ways to go into international markets... | Export, joint venture, direct investment |
| Global marketing | dealing in international markets will be more common place and essential to success each passing year |
| Why go into the international market? | pushed by competition, pulled by oppurtunities |
Created by:
nataliehenderson
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