Marketing 3310 Chapters 1-5 questions

Describe five marketing management functions. How are they related to one another?

Analysis, Planning, Implementation, organization, and control. They all work together to create a marketing strategy.

What are the stages in the adoption process? Describe how a student goes through the adoption process when choosing a college or university?

Awareness, interest, evaluation, trial, adoption. the student will receive some inputs in media or from some friend about the college and if the college is related to the course in which he is looking to take admission then it will generate interest in him. He will use various information sources to gather information about the course, facilities fee structure, academic history, faculty and so on. He will also compare this college with the other colleges and if it fits his wants, he will contact the admission cell and visit the campus. If he feels god about the college visit then he will decide to take admission in that school

Define marketing environment, and discuss the two parts that make up a company's marketing environment.

Marketing environment consists of the FACTORS and FORCES outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. (or internal and external)

Why is it important for companies to understand and use customer insights in managing marketing information?

It is important for companies to understand and use customer insights in managing marketing information because marketers need to gain new, deep insights into what customers need and want in order to generate value for customers and create better and fruitful relationships with them. This is required to keep the marketers updated about market trends and competitors.

Why do companies use market segmentation, market targeting, differentiation, and positioning in implementing an effective marketing strategy?

Market segmentation is used to divide a market into groups of buyers with different needs that need different marketing strategies. Market targeting evaluates each market segment attractiveness and selecting one or segments to enter. Differentiation separates the company's market offering to create superior market value. Positioning to arrange for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of targeted consumers.

Define marketing management, and explain how marketing managers design winning marketing strategies.

Marketing Management is the art and science of choosing target markets and building profitable relationships with them.

Explain how marketing intelligence differs from marketing research. Which would more valuable to a company? Why?

Marketing intelligence is the current data that is accessible to people about the market. Marketing research information is not directly accessible. Marketing research is more valuable because it takes more time to fine.

What is an integrated marketing mix, and why is it important for a firm's marketing strategy?

Marketing strategy that is made up of the four P's, and is important in order to find the best marketing strategy for the company.

What four psychological factors influence a customer's purchase behavior? Name and explain each of the four factors.

Motivation- something that makes a consumer feel comfort or self pride to need to product. Perception- should improve the way the consumers think about the brand. Learning- can build demand for a product by associating it with a strong drive. Attitudes and beliefs- helps increasing sales by modifying several marketing campaigns for target individuals

What are the outcomes of creating superior customer value? Why should companies pay attention to those outcomes?

Outcomes of creating a superior customer value would be building strong relationships. They should pay attention to those outcomes in order to maintain strong relationships with their customers.

Discuss the impact of the changing age structure of the population on consumer spending and buying behavior. Why is this trend important to marketers?

Population age is increasing so the buying habits are changing based on the increased age. This trend is important because of the aging of targets markets and the marketers.

Marketers make heavy use of both primary and secondary data. What is primary data? What is secondary data? What are possible benefits or drawbacks of using each of these data types?

Primary data, the data has been collected by the Marketers directly from the main or primary sources. Accuracy of such data is thus the highest as it is not impacted by any sort of personal biases. Secondary data, on the other side, are those data that has been derived from the secondary sources such as the data that has been already collected in the past and available to use for others in the market.

Explain the growing importance of digital and social media marketing.

Social media has empowered consumers and made marketing a two way affair. Marketers influence consumers and consumers influence the marketing strategies.

Discuss the advantages of conducting online marketing research.

*the researcher is able to find the information about their targeted audience

How does the marketing process create value for customers and the company?

1. understanding the marketplace and customer needs and wants 2. design a customer value driven marketing strategy 3. construct an integrated marketing program that delivers superior value 4. engage customers, build profitable relationships, and create customer delight 5. capture value from customers to create profits and customer equity

Describe the differences between a value chain and a value delivery network.

Value chain is the series of departments that carry out value creating activities. Value delivery network are the people in the different departments.

Why should marketers pay close attention to the cultural environment?

marketers need to pay more attention to the cultural environment of their target market so that their corporate marketing activities do not create a negative impact. Marketers to evaluate the market opportunities through analysis of the cultural environment so that apart from the needs and preferences, the values, beliefs, etc., are identified.

What is a market offering? Give a recent example of a market offering that has satisfied your need or want.

some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

What is customer relationship management, and how is it related to big data, marketing analysis, and artificial intelligence? Provide an example of a company using artificial intelligence.

CRM refers to the process when a company manages the interaction between its customers as well as a prospective customer. It helps in building positive relationships with the customers of the company. Big data refers to the data generated over various forums such as social media platforms, mobile apps, websites etcs. Marketing analytics tools and Big data helps in understanding the tastes and preferences of the customers, helps to predict the future trends and needs of the consumers and helps in increasing revenue and growth of the company. Similarly, artificial intelligence helps in predictive searches and forecasting techniques and helps to understand the natural language searches of the consumer over the internet. Apple's Siri is a prime example of companies using artificial intelligence for CRM.

Discuss the characteristics affecting consumers behavior that marketers must be aware of in evaluating consumers' purchase decisions.

Characteristics affecting the behavior are time, money, and effort (what, why, when, where). Also affected by the social environment.

Discuss the concept of customer satisfaction. How do customer relationship management and customer-perceived value impact customer satisfaction?

Customer satisfaction is when the product(s) live up to the marketing value. If the customer has a good experience with customer service and with the products value they will continue to purchase products from this company.

Discuss the role marketing plays in the company-wide strategic planning process.

It allows for more detailed plans of specific marketing opportunities.

Discuss the natural environment and the three trends that will impact future marketing plans.

The natural environment consists of the natural resources that are required as inputs by marketers or that are affected by marketing activities. 1.) Increasing complexity in consumer buying decisions. 2.) Personalization in product design and communications will be more prevalent 3.) mobile communication is becoming the center of marketing

Briefly discuss a business buyer's straight rebuy and modified rebuy strategies. What are the similarities and differences? When might it be beneficial to use one approach over another?

The straight rebuy strategy is when the buyer reorders the same exact product. The modified rebuy strategy is when the order is modified. I think the straight rebuy strategy would be most beneficial for restaurants who regularly make the same orders of goods.

Describe the challenges marketers face with changing economic conditions. What factors should marketers consider in offer value to today's customers?

They experience inflation, supply and demand, interest rates, taxes and recession, and purchase power.

What are marketing intermediaries, and are they important for marketers?

They help the company promote, sell, and distribute product to their buyers. Important because they help get their products to their buyers.

Describe the tools B2B marketers use to engage customers. What are the challenges with B2B social media marketing?

They use CRM tools to follow usage level, communication strategy, social connections, and integrated marketing techniques(use email and phone calls). There is a lot of clutter on social media sites to filter through. B2B also has to convince not one individual but possibly multiple.

How does a firm evaluate and analyze its business portfolio?

This has two steps first a company analyzes its current business portfolio and then determines what companies should receive more, less or no investment. Second it must shape the future portfolio by developing strategies for growth and downsizing.

What is a total market strategy, and why do marketers use this approach? Provide a recent example of a product or service that uses the total market strategy approach, and discuss the components that make it effective or ineffective.

Total market strategy- serves the entire market as a whole by making different product available in different segments of the market. This is used because of the opportunities that the environment is posing to the business environment. Businesses have a chance to get diversified with respect to its products and their business opportunities.