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Marketing Exam 1
Chapters 1,2,4,6,7,8
| Question | Answer |
|---|---|
| What is marketing? | the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| What are the two faucets of marketing? | 1. It is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. 2. It is an organizational function and a set of processes used to implement this philosophy. |
| What are the marketing management philosophies? | Production orientation, Sales orientation, Market orientation, Societal marketing orientation |
| What is production orientation? | a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace |
| What is sales orientation? | the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits |
| What is the fundamental problem with the sales orientation? | a lack of understanding of the needs and wants of the marketplace |
| What is market orientation? | a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product; it is synonymous with the marketing concept |
| What must been done to achieve a marketing orientation? | Obtaining information about customers, competitors, and markets, Examining information from a total business perspective, Determining how to deliver superior customer value, Implementing actions to provide value to customers |
| What is societal orientation? | the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests |
| What is marketing concept? | the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives |
| What is strategic planning? | the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities |
| What is the goal of strategic planning? | The goal is long-run profitability and growth |
| What are strategic business units? | a subgroup of a single business or collection of related businesses within the larger organization |
| What characteristics do SBUs have? | A distinct mission and a specific target market, Control over its resources, Its own competitors, A single business or a collection of related businesses, Plans independent of the other S B U s in the total organization |
| What are the four parts of Ansoff's Strategic Marketing mix? | Market penetration, Market development, Product development, Diversification |
| What is market penetration? | a marketing strategy that tries to increase market share among existing customers |
| What is market development? | a marketing strategy that entails attracting new customers to existing products |
| What is product development? | a marketing strategy that entails the creation of new products for present markets |
| What is diversification | a strategy of increasing sales by introducing new products into new markets |
| What is a mission statement? | a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions |
| What is a SWOT analysis? | identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) |
| What is a marketing objective? | a statement of what is to be accomplished through marketing activities |
| How should marketing objectives be? | realistic, measurable, time specific and compared to a benchmark |
| What is marketing mix? | a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market |
| What does effective strategic planning require? | Continual attention, Creativity, Management commitment |
| What is external environmental scanning? | process in which a team of specialists continually collects and evaluates environmental information in order to identify future market opportunities and threats |
| What are the factors of external environmental scanning? | Social, Demographic, Economic, Technology and Innovation, Political and Legal, and Competitive |
| Social factors influence what? | The products people buy, the prices paid for products, the effectiveness of specific promotions, how, where, and when people expect to purchase products |
| What are demographic factors? | People's statistics such as age, race, ethnicity and location |
| What are the demographic age groups? | Tweens, Gen Z, Millennials, Gen X and Baby Boomers |
| What are the economic areas of greatest concern? | Consumers’ incomes, Inflation, Recession |
| What is technology and innovation? | Technological success is based on innovation, and innovation requires imagination and risk taking |
| What does the competitive environment encompass? | The number of competitors a firm must face, the relative size of the competitors, the degree of interdependence within the industry |
| What is value? | a personal assessment of the net worth one obtains from making a purchase, or the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct |
| What is perceived value? | the value a consumer expects to obtain from a purchase |
| What is utilitarian value? | a value derived from a product or service that helps the consumer solve problems and accomplish tasks |
| What is hedonic value? | a value that acts as an end in itself rather than as a means to an end |
| What are the steps of the consumer decision making process? | Need recognition, information search, evaluation of alternatives and purchases, purchase and post-purchase behavior |
| What is business marketing or B2B? | the marketing of goods and services to individuals and organizations for purposes other than personal consumption |
| What is relationship marketing? | A strategy that entails seeking and establishing ongoing partnerships with customers |
| What are NAICS (North American Industry Classification System? | a detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes |
| What is content marketing? | a strategic marketing approach that focuses on creating and distributing content that is valuable, relevant, and consistent |
| What is a market? | people or organizations with needs or wants and the ability and willingness to buy |
| What is a market segment? | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
| What is market segmentation? | the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
| What are the different bases of market segmentation? | Geographic, Demographic, Psychographic, Benefit and Usage Rate |
| What are the three reasons market segments are used? | Identify groups of customers with similar needs and to analyze the characteristics and buying behavior of these groups, Provides information to help design marketing mixes, Aligns with the marketing concept of satisfying customer wants and needs |
| What is geographic segmentation? | Segmenting markets by region of a country or the world, market size, market density, or climate |
| What is demographic segmentation? | Segmenting markets by age, gender, income, ethnic background, and family life cycle |
| What is psychographic segmentation? | Segmenting markets on the basis of personality, motives, lifestyles, and geodemographics |
| What is the undifferentiated targeting strategy? | a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix |
| What is the concentrated targeting strategy? | a strategy used to select one segment of a market for targeting marketing efforts |
| What is a niche? | one segment of a market |
| What is the multisegment targeting strategy? | a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each |
| What is positioning? | developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general |
| What is product differentiation? | a positioning strategy that some firms use to distinguish their products from those of competitors |
| What is perceptual mapping? | a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds |
| What are the positioning bases? | Attribute, Price and quality, Use or application |
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Faith64
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