BUS101 - Module 7 - Week 2 Part 1 - Market Function Outcomes
An organization's value proposition can be described as:
A statement that summarizes why a consumer should buy a product or use a service.
Which of the following is the most comprehensive example of a marketing mix?
A yarn company creates a new line of premium, more expensive yarn for baby blankets, available at niche craft stores and advertised by prominent craft bloggers on social media
Some examples of "Promotion" include:
Advertising and public relations
The demographic type of market segmentation approach uses which of the following criteria:
Age, gender, family size, income, occupation, education, religion, ethnicity, and nationality.
Explain the role of customers in marketing
All marketing centers on creating, delivering, and communicating value to the customer. A value proposition is a clear and succinct statement to the customer of the value being offered by a company's products or services.
4When creating a value proposition, the statement should be:
Clear, compelling and differentiating
The "Promotion" component of the marketing mix is defined as:
Communication and information
You majored in marketing in college and now you are ready to find your first marketing job! Which of the following job descriptions describes a job in the marketing field?
Company A seeks an excellent employee to help identify potential customers, understand customer needs and values and who will work to satisfy customer needs and retain current customers.
It is important to manage customer relationships because customers provide a great deal of value to the company if they remain customers for many years. ________ predicts how much profit is associated with a customer during the course of their lifetime relationship with a company.
Customer lifetime value
During the marketing research process, which step focuses on formulating research objectives, questions and frameworks that can influence the research design?
Development of an approach to the problem
The "Place" component of the marketing mix is defined as:
Distribution and delivery
Don's Fashions is noticing a downward trend in sales. The company has been reaching out using social media to connect with customers which they define as "fashion forward consumers between the ages of 15-30." However, lately it seems that very few people are responding to the social media promotions. How could Don's Fashions check to see if they are reaching out to the best potential customers who would likely purchase their products?
Don's Fashions could conduct market research to validate their target market.
Which of the following is an example of a primary research source for segmentation and targeting?
Focus group.
The steps of the marketing research process include:
Identifying the problem, developing the research plan, and analyzing and reporting findings.
Why would a company seek to define its target market as a component in creating the company's marketing strategy?
If a company carefully defines its target market, the company will be able to focus on people with a preexisting need or interest in what it offers. Therefore resulting in higher sales and less wasted time and effort on potential customers that are not interested in what the company has to offer.
How does market research help businesses validate their target markets?
Market research "boils down" the larger population into manageable target customer groups
How does market research help marketers validate their target market?
Market research can provide insights into the makeup of existing customers and potential customers. A company can use that information to see if the customers they have been targeting are in fact their most promising customers.
Which of the following strategies defines how the marketing mix can best be used to achieve the corporate strategy and objective.
Marketing
Which of the following statements is INCORRECT?
Marketing research can be costly and unnecessary.
The marketing activity that understands what customers want belongs to which of the following relationship stages?
Meeting and Getting Acquainted Relationship Stage
________ is the first step of the consumer decision-making process.
Need recognition
What is the buying process that typically takes place for a consumer purchase?
Need recognition - information search - identification/evaluation of alternatives - purchase decision - postpurchase behavior
Which of the following correctly lists all five steps that are part of the buying process?
Need recognition, information search, evaluation, purchase, post-purchase evaluation
Explain the role of segmentation and targeting in marketing
One of the first steps in effective marketing is identifying and reaching the right customers. Marketers use segmentation and targeting to do this. Market segmentation is the process of splitting buyers into distinct, measurable groups that share similar wants and needs. Common segmentation approaches include geographic, demographic, psychographic, and behavioral criteria. Once different segments are identified, marketers determine which target segments to focus on to support corporate strategy and growth.
________ are individual characteristics and traits such as age, life stage, economic situation, and personality.
Personal Factors
The following describe/explain the four factors that influence customer decisions EXCEPT:
Personal factors: the consumer's attitude toward the company and prior experience with their products and services.
"Distribution and delivery" is the definition of which component of the Marketing Mix?
Place
________ refers to the component of the marketing mix that can be compared to "convenience" using the 4 Cs.
Place
As a marketing professional, you are trying to decide how much the customer would be willing to pay for your product. You are thinking about which aspect of the Marketing Mix?
Price
Joe went into the store to purchase a pair of shoes. The shoes cost $50. $50 is an example of:
Price
Which aspect of the Marketing Mix is concerned with how much a customer is willing to pay for a product?
Price
________ is the component of the marketing mix that can compared to cost using the 4 Cs.
Price
As a marketing professional, you are trying to decide which goods and services to offer. You are thinking about which aspect of the Marketing Mix?
Product
Which aspect of the Marketing Mix is concerned with which goods or services to offer?
Product
Advertising, public relations, personal selling, viral advertising, and any form of communication between the organization and the consumer are examples of:
Promotion
Which aspect of the Marketing Mix is concerned with communication and information?
Promotion
________ refers to the component of the marketing mix that can be compared to "communication" using the 4 Cs.
Promotion
The marketing activity that measures and improves customer satisfaction belongs to which of the following relationship stages?
Providing a Satisfying Experience Relationship Stage
A company that is using the marketing concept would do which of the following first:
Seek to fully understand the customer's needs
As a marketing professional, utilizing the marketing concept, which of the following activities would you do first when considering a new product proposal:
Seek to fully understand the customer's needs.
________ pertain to the influence of culture, social class, family, and reference groups.
Social Factors
Which of the following is an example of a primary research source for segmentation and targeting?
Survey.
Awesome Cosmetic Company is looking an excellent employee to help identify potential customers, understand customer needs and values and who will work to satisfy customer needs and retain current customers. Which job candidate do you think would be the best fit for this position?
Susan graduated from Local University with a degree in Marketing
The marketing activity that converts contacts into loyal repeat customers belongs to which of the following relationship stages?
Sustain a Committed Relationship Stage
Sweet Teas tea shop's sales have been declining. The company has been leaving coupons on the doors of homes around the neighborhood in an effort to increase sales and get more customers in the door. However, lately the owner of Sweet Teas has noticed that very few customers use the coupons. How could Sweet Teas check to see if their target market (the homes in the surrounding neighborhood) are in fact their primary customers?
Sweet Teas could conduct market research to validate their target market.
What is the last step in any marketing research project?
Taking action
________ is the last step in any marketing research project.
Taking action
Businesses use a number of methods to create a good picture of their customer base. This market research can help companies to validate their:
Target market
The difference between the marketing concept versus the production concept or the sales concept is in the marketing concept:
The customer drives the business strategy
The "Product" component of the marketing mix is defined as:
The goods and services offered
How does the marketing strategy for a business align with the corporate strategy?
The market strategy must address target customers, markets, and activities that are consistent with the goals, mission, and objectives of the business.
How is the marketing concept different from the product concept?
The marketing concept seeks to fully understand the customer and then use that knowledge to make marketing, product and even strategy decisions.The product concept seeks to capitalize on the company's ability to innovate and create a compelling product.
Marketing strategy follows from:
The segmentation and targeting process
Explain the marketing mix
There are multiple factors that can influence someone's thinking and decision about what to buy—a mix of factors. Taken together, these factors are all part of the "marketing mix." The marketing mix, also known as the four Ps, is represented by the four main factors below: Product: the goods and services offered Promotion: communication and information Place: distribution or delivery Price: ensuring fair value in the transaction The major objective of marketing is getting the marketing mix right for the target customer in alignment with corporate goals.
The following are all reasons why it is important for the business to manage customer relationships EXCEPT:
To provide CRM vendors feedback on their platforms
Which of these would make an effective value proposition for an online entertainment streaming service?
Watch anywhere. Cancel anytime.
You have just been hired as a marketing manager for one of Acme Corps product lines. What are the primary questions you would ask in order to get yourself up to speed on the marketing efforts for this product line?
Who is the customer for our products? How happy are the customers based on our latest surveys? How strong is the repeat business? What is our value proposition?
Situational Factors pertain to the consumer's level of involvement in a ________ task and the market offerings that are available.
buying
Marketing is best defined as the activities, organizations, and processes for:
creating, communicating, delivering, and exchanging offerings that customers value.
The buying process does NOT include:
generational adaptation
An organization that adopts the ________ concept takes steps to know as much about the consumer as possible.
marketing
The ________ strategy defines how the marketing mix can best be used to achieve the corporate strategy and objective.
marketing
The use of ________ and well-applied marketing information can make a substantial contribution to an organization's success.
marketing research
In 2010, the management consultancy McKinsey published research about the difference between organizations that produced top-performing products and those that produced under-performing products. The use of ________was a striking differentiator
marketing segmentation retargeting target marketing marketing research
Which of the following is the first step of the consumer decision-making process:
need recognition
You are in the market for a new lawn mower to replace the aging model you currently own. After you have decided which brand and model to purchase, you are considering whether it would be more convenient to buy the mower from the local big box retail store or to buy online and have it shipped to your home. This deals with this one of the four Ps of the marketing mix.
place
Which of the four Ps of the marketing mix refers to what consumers are willing to pay, what competitors are charging, and the perceived value from the customer's standpoint?
price
As a marketing professional, your first priority is to identify what the consumer specifically wants to buy. You are dealing with this one of the four Ps of the marketing mix:
product
You are a product marketing manager for a large tech company. You post an announcement on the company's Facebook account regarding a new version release of a popular tax preparation application. You monitor your post as hundreds of consumers post responses, questions and opinions. You are engaging in this one of the four Ps of the marketing mix.
promotion
In the marketing research process, the ________ plan specifies who will conduct the research activities, including data collection, analysis, interpretation, and reporting on results.
research
In marketing, segmentation and targeting refer to:
the process of narrowing, refining, and "boiling down" your potential target market to the point where you can construct an actionable profile
A marketing statement that summarizes why a consumer should buy a product or use a service is a:
value proposition
An excellent ________ should be clear, compelling and differentiating:
value proposition
