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MKT319 Exam 1
| Question | Answer |
|---|---|
| What are the three things that marketing exists to do? | 1. CREATE value 2. COMMUNICATE value 3. DELIVER value |
| ________ value: the aspect of marketing involving how the product improves or makes life easier | Create |
| ________ value: the aspect of marketing that includes advertising, events, sponsorships, etc | Communicate |
| ________ value: the aspect of marketing involving allowing ease of purchase for consumers, including through retail stores, online shopping platforms, etc | Deliver |
| Supply chain management and logistics are heavily involved in ________ value | Delivering |
| The set of companies that help deliver products to new customers (transportation companies, freight auditors, warehouses, etc) | Supply chain |
| The plans of the flow of goods, services, and information from origin to final consumer (*how* the product gets from points A->B) | Logistics |
| Customers’ perceived benefits from a product compared to its cost | Value |
| Pre-1920s, companies had a __________ __________: there was not much “selling” and the theory was that quality products with efficient production and low cost would “sell themselves” | Production orientation |
| The production orienation of the 1920s sold through _____-_____ purchasing | Needs-based |
| Great Depression through WWII, companies had a ________ ________: personal selling and advertising grow to convince people to buy more (not always *needed*) products | Sales orientation |
| Modern era, companies have a grasp of the ________ ________: companies focus on satisfying customer needs through individual relationship marketing | Marketing concept |
| When the company attracts, maintains, and enhances the customer experience through specialized advertising, loyalty programs, customer-company connections, etc | Relationship marketing |
| Marketing professionals must have intricate knowledge of ______ and ______ | Needs, wants |
| The buyer and seller trade things of value | Exchange |
| Things that are part of being human and desire for them is NOT created by marketing (food, shelter, transportation, etc) | Needs |
| The form that needs take | Wants |
| “I ______ to eat to stay alive, so I want to satisfy that ______ with my ______ of Driscoll's strawberries” | Need, need, want |
| ______ for _______ are shaped by many things (family, job, background, etc) | Wants, individuals |
| Marketers understand the need to market their product better to ______ over the other ______ that could satisfy consumer ______! | Win, wants, needs |
| Marketers work to match consumer ______ with ______! | Needs, wants |
| Everything a company does to influence demand | The marketing mix |
| WHAT the company offers to consumers (goods, services, etc) | Product |
| HOW MUCH is the amount exchanged for the product | Price |
| WHERE the product is available to consumers | Place |
| HOW value is communicated and purchases are persuaded | Promotion |
| What are the four aspects of the marketing mix? | 1. Product 2. Price 3. Place 4. Promotion |
| ____ ____ ____ need to work together for the entire marketing mix to function well! | All four aspects |
| This aspect of the marketing mix is essential for the other three to exist at all! | Product |
| This aspect of the marketing mix affects how the value of a product is perceived | Price |
| This aspect of the marketing mix involves location of transaction, but also supply chain and logistics | Place |
| This aspect of the marketing mix involves advertising, public relations, sales promotions, etc | Promotion |
| The moral standards expected by society | Ethics |
| Data storage centers that store demographic data and consumer behavior data so companies can make marketing decisions based on that | Marketing silos |
| There is a growing disconnect between _______ and individual _______ when only demographic information is shared, so more _______ is needed | Company, consumer, personalization |
| Tip 1 for breaking down silos: Rethink _______ team structure and bring _______ to the table | Internal, structure |
| Tip 2 for breaking down silos: More ________ marketing | Relevant |
| Tip 3 for breaking down silos: Think about the ______ ______ | Starbucks experience |
| For breaking down silos, in general, marketing needs to be ______ with _______ to create _______ user experiences and increase marketing’s effect on company productivity and sales! | Integrated, data, personalized |
| Planning allows your marketing strategy to have a _____ _____ with everyone working toward the _____ _____! | Clear path, same direction |
| Defining objectives and a way to achieve them | Strategic planning |
| Concise affirmation of the firm’s long-term purpose (why does the company exist?) | Mission statement |
| The three things the mission statement needs to be | 1. Focused 2. Customer-oriented 3. Motivating |
| The two things the mission statement needs to NOT be | 1. Too broad 2. Too internally-focused |
| An action oriented marketing strategy made of living, breathing documents that are written constantly for many reasons including annual planning, new product launches, and brand relaunches | The marketing plan |
| What are the five parts of the marketing plan? | 1. Executive summary 2. Situation analysis 3. Marketing strategy 4. Financials 5. Controls |
| The elevator pitch of the marketing plan where the main points are written | Executive summary |
| The executive summary of the marketing plan is usually ______ _____ even though it's the most important part | Written last |
| The executive summary includes the most ______ points of the whole plan. Everything in the ______ is in the ______, but not everything in the ______ is in the ______ | Important, summary, plan, plan, summary |
| (Situation analysis) The current state of the market the firm sells products in (trends and growth opportunities) | Market summary |
| The part of the situation analysis section of the marketing plan that asks “what are my competitors doing these days and how can I become better?” | Competitive analysis |
| (Situation analysis) Analyses of strengths, weaknesses, opportunities, and threats | SWOT analysis |
| What are the three parts of the situation analysis section of the marketing plan? | 1. Market summary 2. Competitive analysis 3. SWOT analysis |
| The two SWOT components that are internal and can be affected by the company | 1. Strengths 2. Weaknesses |
| The two SWOT components that are external and the company must respond to | 1. Opportunities 2. Threats |
| The section of the marketing plan that takes situation analysis and turns it into actionable items, also outlining actions taken to reach objectives we set | Marketing strategy |
| Setting goals for the company from the marketing strategy | Objectives |
| What three things do marketing strategy objectives need to be? | 1. Specific 2. Measurable 3. Realistic |
| Dividing into smaller groups, shared characteristics | Market segmentation |
| Group of customers an organization targets with marketing | Target markets |
| Activities done to create a perception of products with target market | Positioning |
| A growth strategy that sells existing products to existing customers | Market penetration |
| A growth strategy that sells existing products to new customers | Product development |
| A growth strategy that sells new products to existing customers | Market development |
| A growth strategy that sells new products to new customers | Diversification |
| Which growth strategy is the most difficult one to effectively pull off? | Diversification |
| Which growth strategy? Amazon sells subscriptions to give frequent consumers a discount | Market penetration |
| Which growth strategy? Starbucks sells new flavors during holiday seasons | Product development |
| Which growth strategy? Starbucks decides to sell its coffee in grocery stores rather than just focusing on their cafes | Market development |
| Which growth strategy? Burger king now offers a new plant-based burger | Diversification |
| (Marketing mix in the marketing plan) The company offers a detailed description calling out competitive advantages over other companies in the market for their product | Product |
| (Marketing mix in the marketing plan) The company explains how much their product costs vs competition and why | Price |
| (Marketing mix in the marketing plan) The company explains where and when we deliver the value | Place |
| (Marketing mix in the marketing plan) The company explains how value is communicated, including specific tools that will be used | Promotion |
| (Financials in the marketing plan) The company asks "how many will we sell?" | Sales forecast |
| (Financials in the marketing plan) The company asks "how much will it cost?" | Expense forecast |
| (Financials in the marketing plan) The company asks "how much do we have to sell to cover expenses?" | Break even analysis |
| The combination of all parts of the financials section in the marketing plan gives you this | Return on marketing investment |
| What are the four parts of the financials section of the marketing plan? | 1. Sales forecast 2. Expense forecast 3. Break even analysis 4. Return on marketing investment |
| What are the three parts of the controls section of the marketing plan? | 1. Implementation 2. Product launch and promotion timing 3. Contingencies |
| (Controls in the marketing plan) The company creates a back up plan in case their current marketing plan doesn't work | Contingencies |
| (Controls in the marketing plan) The company defines the who, how, and when for their plan to take effect | Implementation |
| Monitoring developments outside of a firm’s control to detect and respond to opportunities and threats | Environmental scanning |
| Some things from environmental scanning end up in _____ _____ and right side of the _____ | Situation analysis, SWOT |
| Environmental scanning is a ______ ______ where not everything is part of ______ situation analysis | Constant process, formal |
| What are the seven outside factors that effect a company's ability to meet its marketing goals? | 1. Competition 2. Demographics 3. Economics 4. Politics 5. Technology 6. Socioculture 7. Legal |
| Competitor brands or categories that do the same thing or operate in the same industry | Direct competition |
| Competitor brands or categories that sell adjacent products, but not the exact same ones | Indirect competition |
| Products that perform similar functions and can be used in place of one another (these usually come from direct competitors) | Substitute products |
| Economic factors effect consumers' ______ and ______ to buy products | Willingness, ability |
| A measure of market value of goods and services produced. This can be used as a measure of national economic health | Gross domestic product (GDP) |
| GDP growth is associated with _____ unemployment, _____ wealth, _____ consumer confidence, and _____ money to spend (good for marketing) | Lower, increased, high, more |
| GDP declines can be signs of _____, can cause _____, and can _____ consumer confidence (bad for marketing) | Recession, layoffs, lower |
| A measure of the distribution of wealth across the population, from top and bottom earners. Marketers determine how to satisfy needs and wants at each level | Income distribution |
| The amount of products that can be purchased for specific amount of money | Purchasing power |
| If prices rise faster than incomes, marketing is ______. This happens due to ______ | Challenged, inflation |
| How optimistic consumers are about economy and personal finances | Consumer confidence |
| What three factors describe the relationship between the economy and marketing? | 1. Respond to economic conditions 2. Provide real value 3. Build relationships with consumers |
| When a company makes products in the US and sells them overseas | Exporting |
| When a company pays to use another (foreign) firm’s resources | Licensing |
| When the franchisor gives franchisees the right to use company names in marketing | Franchising |
| When domestic and foreign companies create a new entity because of mutual non-understanding of business approaches in both places | Joint venture |
| When a domestic firm actively manages a company or its facilities overseas | Direct ownership |
| List all five global entry strategies from least to most risky | 1. Exporting 2. Licensing 3. Franchising 4. Joint venture 5. Direct ownership |
| The practice of measuring, managing and analyzing market performance (these would typically be in the financials section) | Marketing analytics |
| A marketing statistic measuring the overall effectiveness of marketing | Return on marketing investment |
| Percentage of total market sales captured by a brand, product or firm | Profitability analysis |
| How much profit, or positive gain after subtracting expenses, a firm generates | Market share analysis |
| A marketing statistic measuring revenue from specific products or regions find what’s working and what isn’t | Revenue analysis |
| Return on marketing investment = (( _____ * _____%) - _____ ) / _____ | ((Sales * gross margin %) - marketing expenditures) / marketing expenditures |
| (Used in profitability analysis) A measure of how much it costs to gain a new customer | Customer acquisition |
| (Used in profitability analysis) A measure of profit from a customer over time | Individual customer profitability |
| Warranties are part of the ______ section of the marketing mix | Product |
| Characteristics that can be used to identify consumer markets | Demographics |
| The age demographic is usually talked about in terms of _____ _____ in terms of the global environment in marketing | Generational cohorts |
| The combination of social and cultural factors that affect individual development | Socioculture |
| Modern movements to environmentalism, single adult households, consumer privacy concerns, and less face-to-face communication are ________ factors in the global environment of marketing | Sociocultural |
| Factors in the global environment describing how changing policy can affect marketers (soda taxes, school lunch program, foreign policy and tarrifs, etc) | Political |
| Factors in the global environment describing regulations to protect fair competition and keep businesses from taking advantage of consumers | Legal |
| New ______ like AI, online ordering, and social media can change how marketers satisfy needs and wants. This is a factor in the global environment of marketing | Technology |
| What are the three factors that we have to add to the global environment of marketing when considering international marketing? | 1. Currency fluctuation 2. Cultural fit 3. Trade agreements and tariffs |
| The price of one country’s currency versus another’s | Currency exchange rate |
| As another country’s value decreases versus US dollar, our spending power _____ | Increases |
| The principle that works in the US may not work overseas for variety of reasons | Cultural fit |
| Nonprofit marketing teams try to get people to support the _____ without any _____ product benefits | Mission, tangible |
| Recessions hit ______ harder than any other companies | Nonprofits |
| Marketing for nonprofits has to engage with ______ and ______ to prevent losses when changes in the global environment occur | Donors, volunteers |
Created by:
Liechtensteiner