MBA 706 Chen: Exam 1 and answers
What is marketing?✔✔- Helps to build brand equity and the company reputations
- Helps engage the customer and the company can learn from its customers
relationships
- Helps a company stay ahead of the competition
What can be marketed?✔✔- Goods
- Services
- Experiences
- Events
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
Product/production orientation✔✔- Focus on building a better gadget
- Ford Model T
Sales orientation✔✔Focus on convincing the custom that your product works the
best for them
Customer orientation✔✔Focus on identifying customers wants before formulating
attractive solutions
Evolution of modern marketing✔✔- Product/production orientations > Sales
orientation > Customer orientation
- Degree of customization increased from product to customer orientation
Marketing management framework✔✔- 5Cs, STP, and 4Ps
- Interdependent
5Cs✔✔- Who?
- Customer
- Company
- Context
- Collaborators
- Competitors
STP✔✔- Why/How?
- Segmentation
- Targeting
- Positioning
4Ps✔✔- What?
- Product
- Price
, - Place
- Promotion
Patterns of consumer behavior✔✔- Phases consumers go through when making a
purchase
- Different kinds of purchases that consumers make
- How consumers sense and perceive, become motivated, form attitudes, and make
decisions
- The cultural differences that influence consumers
Purchase process✔✔- Pre-purchase
- Purchase
- Post-purchase
Pre-purchase✔✔- Identify need/want
- Search for solutions
- Consideration set
Puchase✔✔- Narrow consideration se
- Decide on retail channel
Post-purchase✔✔- Customer satisfaction
- Likelihood of repeat
- Generate word of mouth
Purchase process users✔✔- B2B and B2C
- The amount of time spent on particular stage depends of what is being bought
Purchase types✔✔- Consumer
- Business
Consumer purchases✔✔- Convivence
- Shopping
- Specialty
Business purchases✔✔- Straight rebuy
- Modified rebuy
- New buy
Convenience✔✔- Low involvement
- Standard/ Frequent/ Impulse
- Not much time spent thinking or panning
Shopping✔✔- Medium involvement
- Not as frequent
Spent time and effort prior to purchase
Specialty✔✔- High involvement
What is marketing?✔✔- Helps to build brand equity and the company reputations
- Helps engage the customer and the company can learn from its customers
relationships
- Helps a company stay ahead of the competition
What can be marketed?✔✔- Goods
- Services
- Experiences
- Events
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
Product/production orientation✔✔- Focus on building a better gadget
- Ford Model T
Sales orientation✔✔Focus on convincing the custom that your product works the
best for them
Customer orientation✔✔Focus on identifying customers wants before formulating
attractive solutions
Evolution of modern marketing✔✔- Product/production orientations > Sales
orientation > Customer orientation
- Degree of customization increased from product to customer orientation
Marketing management framework✔✔- 5Cs, STP, and 4Ps
- Interdependent
5Cs✔✔- Who?
- Customer
- Company
- Context
- Collaborators
- Competitors
STP✔✔- Why/How?
- Segmentation
- Targeting
- Positioning
4Ps✔✔- What?
- Product
- Price
, - Place
- Promotion
Patterns of consumer behavior✔✔- Phases consumers go through when making a
purchase
- Different kinds of purchases that consumers make
- How consumers sense and perceive, become motivated, form attitudes, and make
decisions
- The cultural differences that influence consumers
Purchase process✔✔- Pre-purchase
- Purchase
- Post-purchase
Pre-purchase✔✔- Identify need/want
- Search for solutions
- Consideration set
Puchase✔✔- Narrow consideration se
- Decide on retail channel
Post-purchase✔✔- Customer satisfaction
- Likelihood of repeat
- Generate word of mouth
Purchase process users✔✔- B2B and B2C
- The amount of time spent on particular stage depends of what is being bought
Purchase types✔✔- Consumer
- Business
Consumer purchases✔✔- Convivence
- Shopping
- Specialty
Business purchases✔✔- Straight rebuy
- Modified rebuy
- New buy
Convenience✔✔- Low involvement
- Standard/ Frequent/ Impulse
- Not much time spent thinking or panning
Shopping✔✔- Medium involvement
- Not as frequent
Spent time and effort prior to purchase
Specialty✔✔- High involvement
