Marketing Exam 1 Practice Test

marketing plans

Firms develop _________ that specifies the marketing activities for a specific period of time.

Customer relationship management (CRM)

Firms employ ______to collect information about their customers needs and then use that information to target their best customers with the products, services, and special promotions that appear most important to them.

Relational orientation

Firms that focus on lifetime profitability of the transaction like for example Apple making its products compatible with existing products to encourage consumers to maintain a long term relationship is an example of what?

Societal Marketing Orientation

Focus on enhancing benefits to society Key question: how can I meet consumer needs and benefit society? Example: TOMS and Umano "do good but also do very well"

segmented

The marketplace can be _____or divided into groups

Production era

Turn of the twentieth century 1900's-1920's Most firms were production oriented (good product will sale its self) Manufactures were concerned with product innovation, not satisfying the needs of individual customers Retail stores typically held merchandise until a consumer wanted it

fundamental

Understanding the market (world of trade) and consumer needs and wants is ________ to marketing success

marketing mix (4 Ps)

Value is created through the _______.

benefits; cost

Value oriented marketers constantly measure the ______that customers perceive against the _____ of their offerings

Satisfy customers needs better, keep costs down, and develop longterm loyalists

Value oriented marketers use available customer data to ______,______, and _______.

-Production - sales

What are corporate orientations?

Product, Price, Place, Promotion

What are the four marketing components of the Marketing Mix?

Production Oriented era, Sales oriented era, Market Oriented Era, Value based Oriented Era

What are the various eras of marketing?

Apple

What is a company that excels in Marketing? and Why?

Sales

Example of _____ is Kholes, JC Pennys "buy today-2day sale These companies run the risk of losing site of transaction of lifetime value. JC Penny- high low pricing focus on sale; focus on making a deal

the 4 P's.

The MARKETING MIX =

1. how the product/service will be CONCEIVED OR DESIGNED 2. How much it will COST 3.Where/How it will be PROMOTED 4. How it will GET TO THE CONSUMER

A marketing plan is broken down into various components. Name them.

-sharing information - balancing benefits and costs -building relationships with customers

****How do marketers create value for a product or service?

Value Based Marketing Era

-Today -Value: customers seek a fair return in goods or services for their hard earned money- they products to meet their specific needs, and offered at a price they believe is a good value. -value cocreation

Core aspects of Marketing

1. SATISFYING CUSTOMER NEEDS and WANTS 2. Entails an EXCHANGE 3. Marketing requires PRODUCT, PRICE, PROMOTION, and PLACE 4.Marketing can be performed by both individuals and organizations 5.Marketing affects various stakeholders.

Sales Oriented Era

1920-1950 Production and distribution techniques became more sophisticated In great depression and world war II customers consumed less or manufactured items themselves Depended upon heavy doses of personal selling and advertising

Market Oriented Era

After World War II Manufactures went from making war products to manufacturing consumer products. Buyers market→ consumer became king Consumers had choices and had to base their product choice on quality, convenience, and price. Manufactures and retailers focus shifted to what consumers wanted and needed before they designed, made, or attempted to sell their products and services Firms discovered marketing during this period

Place

An example of ______ of the marketing mix is conviently located froyo place with self serve yogurt machines and toppings.

Product

An example of ______ only serving one type of frozen desert: ice cream to serving multiple types of frozen deserts: ice cream, gilato, frozen yogurt, ect.

Price

CAPTURING VALUE. this is Everything the buyer gives up- money, time energy in exchange for a product is what part, and Figuring out how much customers are willing to pay so that they are satisfied with the purchase and the seller achieves a reasonable profit of the marketing mix________

Video: The Marketing of Apple

Change in product line Made product line simple and better to what the customers desired Got rid of 75% of products Add new stuff- new strategy Change in distribution of product Catching up, while innovating, all while keeping it simple Change in promotion Marketing: getting back to the core value by not focusing on the product but focusing on the customer, what Apple stands for, what they are about

Marketing entails and exchange

Communication and delivery→customers/consumers(buyers)→Money and information→goods/services produces(sellers) is an example of?

Place

DELIVERING THE VALUE PROPOSITION; all activities necessary to get the product to the right customer when that customer wants it. Deals with retailing and market channel manegment (supply chain manegment)

thoughtful planning; ethical

Good marketing is not a random activity; it REQUIRES _______ with an EMPHASIS on the _______ implications of any of those decisions on society in general.

-Share information about their customers and competitors across their own organization and even with other firms (manufacturer and transportation companies) -Strive to balance their customers benefits and costs - They concentrate on building relationships with customers. relational orientation, customer orientation - They take advantage of new technologies and connect with their customers by using social and mobile media

How do marketing firms become more value driven?

Sales

In _____ the Customer is the focal point). Needs to balance with customer needs and wants. Focus is on aggressive sales techniques Key question: how can we sell more of what we have?

price

Marketers must determine the ______ of a product carefully on the basis of the potential buyers belief about its value

B2C

Marketing can be performed by both individuals and organizations. This particular process by which business sell to consumers is ______

B2B

Marketing can be performed by both individuals and organizations. This particular process of selling merchandise or services from one business to another is called _______.

Needs; wants

Marketing is about satisfying _____and ____.

product, price, place, promotion

Marketing requires the marketing mix which consists of?

Marketed Oriented

Most successful firms today are _________, meaning they generally have transcended a production or selling orientation and attempt to discover and satisfy their customers need and wants.

Promotion

Part of the Marketing Mix that Communicates the Value Proposition (what is the best way to communicate) Communicating their values with customers Informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response Can enhance a product or service's value.

Marketing effecting various Stakholders

Partners, supply chain, society at large) can be affected by stakeholders Dairy industry"Got Milk"

Product: creating value

Through a variety of offerings, including goods (tangible), services(intangible), and ideas, to satisfy customer needs is _______.

Price: Capturing value

When buying Airline tickets If you value the cost of conveniently buying a ticket at the last minute= pay more money. You traded off a lower price for convenience. This is an example of what part of the Marketing mix?

- an interest in the product - the means to buy the product

When satisfying customer needs and wants, marketers focus on customers that have what two things?

- Marketing expands Firm's global presence - Marketing is pervasive across marketing channel members - Marketing enriches society -Marketing can be entrepreneurial

Why is marketing important?

Ethics

____ are Moral principles and values that govern actions

PRODUCT

____ is the part of the marketing mix do Marketers CREATE VALUE by DEVELOPING a VARIETY of offerings including goods, services and ideas to satisfy customer needs. Only 1 option -->to multiple options focusing on different customer needs

select groups

_____ are certain subsets in the market we target based on gender, age..

Production

_____'s Focus is on internal capability and technology. Key question: what does the firm do best?

Laws

_____Society's values which are enforceable in court

Market Concept

______ is *Make what you can sell rather than selling what you can make

Supply Chain Management/ Marketing Channel Managment

______ is Apart of PLACE: THE DELIVERING VALUE PROPOSITION;set of approaches and techniques that a firm employs to efficiently and effectively integrate their suppliers, manufactures, ware houses, and other firms involved in the transaction into a seamless value chain in which merchandise it produced and distributed in the right quantities, to the right locations, and at the right time while minimizing system wide costs and satisfying the service levels required by the customers.

75%

______ of US companies use social media

Marketing

______Anticipating (through research) and determining the needs/wants of consumers(targeted market) and satisfying those needs through the use of the 4P's to create long( product, promotion, place, price) term exchanges of value

Markeitng

_______ is an organizational function and a set of processes for creating, capturing , communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Value

_______= ratio what is given up for what is obtained

Place: Delivering the Value Proposition

________, or supply chain management, (behind the scenes) all activities needed to get the product to the right customer when the customer wants it.

Value based marketing orientation

________Purpose of the organization is to satisfy consumer needs/wants, while meeting organizational objective Provide more value than competitors Key question - what does the customer want?

Market Orientation /Marketing concept

__________ is CONSUMER IS THE CENTER OF THE UNIVERSE

Marketing Plan

__________a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P's, action programs, and projected or pro forma income (and other financial) statements

Promotion: communicating value

________is communication that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.

PRICE

______is everything a buyer gives up (money, time, energy) in exchange for the product. Must be amount customer willing to pay and which gives a profit

Marketing being preformed by both individuals and organizations

o business to consumer o business to business o consumer to consumer Individual:research you do for a job, the resume and cover letter you submit, your

c2c

sell of good/ services from consumer to consumer. An e-commerce exchange of products, services, or information between consumers; for example, online auctions