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Chapters 1, 2, 5, 9, 10 - Exam 1

by: Andrea Lopez

Chapters 1, 2, 5, 9, 10 - Exam 1 MKT 301

Marketplace > University of Miami > MKT 301 > Chapters 1 2 5 9 10 Exam 1
Andrea Lopez
GPA 3.8
Professor Kettle

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About this Document

Study Guide (Questions) as a review for Exam 1.
Professor Kettle
Study Guide
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This 6 page Study Guide was uploaded by Andrea Lopez on Wednesday February 18, 2015. The Study Guide belongs to MKT 301 at University of Miami taught by Professor Kettle in Spring2015. Since its upload, it has received 251 views.

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Reviews for Chapters 1, 2, 5, 9, 10 - Exam 1


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Date Created: 02/18/15
Marketing Study Guide Questions CHAPTER 1 Overview Of Marketing 1 What is the de nition of marketing a The activity set of institutions and processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large 2 Marketing is about satisfying needs and wants 3 What are the four components of the marketing mix a Product b Price c Place d Promotion 4 Who can perform marketing a Individuals b Organizations 5 What are the various eras of marketing a Productionoriented era b Salesoriented era c Marketoriented era d Valuebased marketing era 6 What are the bene ts of longterm relationships with customers a Collect information about these relationships to target their best customers with the products services and special promotions that appear most important to them 7 List ve functions that illustrate the importance of marketing a Expands companies presence b Pervasive across marketing channel members c Enriches society d Can be entrepreneurial CHAPTER 2 Developing Marketing Strategies And A Marketing Plan 1 What are the various components of a marketing strategy a A rm s target market b A related marketing mix its four P s c The bases on which the rm plans to build a sustainable competitive advantage 2 List the four macro strategies that can help a rm develop a sustainable competitive advantage a Customer excellence b Operational excellence c Product excellence d Locational excellence 3 What are the ve steps in creating a marketing plan a Step 1 De ne the business mission b Step 2 Conduct a situation analysis c Step 3 Identifying and evaluating opportunities using STP segmentation targeting positioning d Step 4 Implement marketing mix and allocate resources e Step 5 Evaluate performance using marketing metrics 4 What tool helps a marketer conduct a situation analysis a SWOT strengths weaknesses opportunities threats 5 What do the four quadrants of the portfolio analysis represent a Stars highgrowth markets and are high market share products b Cash Cows lowgrowth markets but are high market share products c Question Marks highgrowth markets but have relatively low market shares thus they are often the most managerially intensive products in that they d Dogs lowgrowth markets and have relatively low market shares 6 What are the four growth strategies a Market Penetration b Market Development c Product Development d Diversi cation 7 What type of strategy is growing the business from existing customers a Market Penetration 8 Which strategy is the riskiest a Diversi cation CHAPTER 5 Analyzing the Marketing Environment 1 What are components of the immediate environment a Company s Capabilities b Competitors c Corporate Partners 2 What are the six key macro environmental factors hrD goom Culture Demographics Social Issues Technological Advances Economic Situation Political Regulatory Environment 3 Differentiate between country culture and regional culture a Country Culture the visible easy to spot nuances include artifacts behavior dress symbols physical settings ceremonies language differences colors and tastes food preferences The other nuances are harder to spot it is best to establish a universal appeal within the speci c identities of country culture Regional Culture has to do with the fact that the region where people live in affects many aspects of people s lives like the way they might refer to a particular product category Ex soda coke pop 4 Identify the different generational cohorts a Cohorts a group of people of the same generation They 900quot e 5 Wha t have similar purchase behaviors because they have shared experiences and are in the same stage of life Baby Boomers 19461964 people born after WWII Generation X 19651976 Generation Y 19772000 aka Millennials Generation Z 20012014 aka Digital Natives are some important social trends shaping consumer values and shopping behavior a Thrift American society has become a consumer society and yet the economic impacts of a recession and housing crash have prompted many people to embrace the idea of spending less as a virtuous pursuit Consumer expectations of what constitutes a good deal have changed rapidly over the years which means marketers need some new ideas about how to appeal to them Health and Wellness Concerns In the past few years obesity and health concerns have sky rocketed New advertising guidelines require marketers to produce food in reasonable proportioned sizes This has also helped the sales of yoga and all the health tools it offers Greener Consumers Includes green marketing involves a strategic effort by rms to supply customers with environmentally friendly merchandise Greenwashing exploiting a consumer by disingenuoust marketing products or services as environmentally friendly with the goal of gaining public approval and sales d Privacy Concerns More and more consumers worldwide sense a loss of privacy At the same time that the Internet has created an explosion of accessibility to consumer information improvements in computer storage facilities and manipulation of information have led to more and better security and credit check services e A TimePoor Society Reaching a target market has become more difficult because of people s business Marketers grab consumers attention by adjusting CHAPTER 9 Segmentation Targeting and Positioning 1 What are the various segmentation methods a b Geographic Segmentation organizes customers into groups on the basis of where they live Demographic Segmentation groups customers according to easily measured objective characteristics such as age gender income and education Psychographic Segmentation delves into how customers actually describe themselves i SelfValues goals in life not just goals a person wants to accomplish in a day ii Selfconcept the image people ideally have of themselves Lifestyles the way we live lV VALS Value and Lifestyle Survey most widely used tool to support such psychographic segmentation e o s Bene t Segmentation groups customers on the basis of the bene ts they derive from products or services Behavioral Segmentation divides customers into groups on the basis of how they use the product or service i Occasion based on when a product or service is purchased or consumed ii Loyalty strategy of investing in loyalty initiatives to retain the rm s most pro table customers Geodemographic Segmentation uses a combination of geographic demographic and lifestyle characteristics to classify consumers 2 What is a perceptual map a b Displays in two or more dimensions the position of products or brands in the consumer s mind Six steps to derive a perceptual map i Determine consumers perceptions and evaluations of the product or service in relation to competitors ii Identify the market s ideal points and size iii Identify competitors positions iv Determine consumer preferences v Select the position vi Monitor the positioning strategy CHAPTER 10 Marketing Research 1 What are the steps in the marketing research process a Step 1 De ning objectives and research needs b Step 2 Designing the research c Step 3 Data collection process d Step 4 Analyzing data and developing insights e Step 5 Action plan and implementation 2 What is the difference between data and information a Data includes raw numbers or facts Information includes organized analyzed interpreted data that offer value to marketers 3 What is the difference between internal and external secondary research a Internal data collected from a rm s own data taken from their daytoday operations b External data collected from sources outside of the rm 4 What are the types of qualitative research a Observation b Following social media sites c lndepth interviews focus groups and projective techniques 5 What are the types of quantitative research a Speci c experiments scanner and panel data


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