MARKETING 201-MIDTERM 1 (RACKHAM) UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
Marketing Strategy
Answer:
A cohesive marketing mix of product, place, price, and promotion designed for a
specific target market.
Target market + Marketing mix
Question:
Marketing
Answer:
the "activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large".
Question:
Important components of marketing (AMA)
Answer:
1. Marketing is the exchange that takes place between sellers and buyers
2. Marketing creates, communicates, and delivers value to facilitate exchanges
Question:
Third component to Marketing
Answer:
Marketing concepts: by delivering value, marketing satisfies customer needs and
wants a profit
Question:
Market
Answer:
Buyers and sellers trading value- most often products for money.
Everyone who has a need and the ability and permission to buy
Question:
Business Market or B2B
Answer:
individuals within organizations and companies purchasing products and services
for use or consumption within the organization or for resale.
Question:
Consumer Market or B2C
Answer:
Individuals engaging in exchanges of products and services for personal
consumption or use.
, Question:
Customer to Competition (What advantages do our competitiors have and how
can we counter them?) Competition to Company (How are we different from our
competitors?) Company to Customer (What is our relationship with customers?)
Answer:
The Strategic Triangle (Figure)
Question:
The Three Levels of Strategy
Answer:
1. Corporate Strategy
2. Strategic Business Unit (SBU) Strategy
3. Marketing Strategy
Question:
Portfolio Model
Answer:
Useful approach for measuring the performance of the company's strategic
business units based on two criteria: market growth rate and relative market share
Question:
Growth-Share Matrix (Figure)
Answer:
Stars: Companies shining businesses in fast growing markets
Cash cows: Domination in slow growth markets
Question marks: High growth and low market share
Dogs: company is on the verge of dropping you
Question:
Enthusiastic customers or employees who actively promote a brand, product, or
service. They genuinely love what the brand offers and willingly share their
positive experiences with others, often through word-of-mouth, social media, or
reviews.
Answer:
Brand Champions
Question:
Product-Market Expansion Matrix (Figure)
Answer:
Tip: If it says new, it is going to be one of the developments
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
Marketing Strategy
Answer:
A cohesive marketing mix of product, place, price, and promotion designed for a
specific target market.
Target market + Marketing mix
Question:
Marketing
Answer:
the "activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large".
Question:
Important components of marketing (AMA)
Answer:
1. Marketing is the exchange that takes place between sellers and buyers
2. Marketing creates, communicates, and delivers value to facilitate exchanges
Question:
Third component to Marketing
Answer:
Marketing concepts: by delivering value, marketing satisfies customer needs and
wants a profit
Question:
Market
Answer:
Buyers and sellers trading value- most often products for money.
Everyone who has a need and the ability and permission to buy
Question:
Business Market or B2B
Answer:
individuals within organizations and companies purchasing products and services
for use or consumption within the organization or for resale.
Question:
Consumer Market or B2C
Answer:
Individuals engaging in exchanges of products and services for personal
consumption or use.
, Question:
Customer to Competition (What advantages do our competitiors have and how
can we counter them?) Competition to Company (How are we different from our
competitors?) Company to Customer (What is our relationship with customers?)
Answer:
The Strategic Triangle (Figure)
Question:
The Three Levels of Strategy
Answer:
1. Corporate Strategy
2. Strategic Business Unit (SBU) Strategy
3. Marketing Strategy
Question:
Portfolio Model
Answer:
Useful approach for measuring the performance of the company's strategic
business units based on two criteria: market growth rate and relative market share
Question:
Growth-Share Matrix (Figure)
Answer:
Stars: Companies shining businesses in fast growing markets
Cash cows: Domination in slow growth markets
Question marks: High growth and low market share
Dogs: company is on the verge of dropping you
Question:
Enthusiastic customers or employees who actively promote a brand, product, or
service. They genuinely love what the brand offers and willingly share their
positive experiences with others, often through word-of-mouth, social media, or
reviews.
Answer:
Brand Champions
Question:
Product-Market Expansion Matrix (Figure)
Answer:
Tip: If it says new, it is going to be one of the developments
