MKTG 3701 FINAL EXAM
Margin Formula - (ANSWER)(Sell Price-COGS)/Sell Price
Sell Price Formula - (ANSWER)COGS/(1-Margin)
Cost Formula - (ANSWER)Sell Price(1-Margin)
Marketing - (ANSWER)Creating, communicating, and delivering value
Product Orientation - (ANSWER)Focus on efficient processes to create quality products and
reduce costs. Prior to 1920's
Sales Orientation - (ANSWER)Use personal selling and advertising to sell products. Great
depression era, after 1920's
Marketing Concept/Orientation - (ANSWER)1950's. Companies were producing similar
products and had to compete. Company-wide effort to satisfy customer needs
Customer Value - (ANSWER)Perceived benefits from a product
Marketing Mix - (ANSWER)Product, place (distribution), price, promotion, participation
Goal of Marketing - (ANSWER)To get the right product at the right place at the right time at the
right price.
Strategic Planning* - (ANSWER)defining a firm's objectives and developing a method for
achieving those objectives
,Mission Statement* - (ANSWER)a concise affirmation of the firm's long-term purpose
5 Components of Marketing Plan* - (ANSWER)Executive summary, situation analysis,
marketing strategy, financials, controls
Controls of a Marketing Plan* - (ANSWER)How it'll monitor performance
Contingency Planning* - (ANSWER)Planning for failing or falling short
Situation Analysis (SWOT Analysis)* - (ANSWER)Includes swot analysis, market summary,
competition analysis
Marketing Strategy* - (ANSWER)Actions the firm must take to achieve its objectives
BCG Matrix* - (ANSWER)Describes the strengths and weaknesses of a market
Market Segmentation* - (ANSWER)Dividing a market into smaller market segments
Marketing objectives should be...* - (ANSWER)Specific, measurable, and realistic
Positioning* - (ANSWER)How a firm creates a perception of its product to the public
Market Penetration* - (ANSWER)selling existing products to existing market
Product Development* - (ANSWER)New product to existing market
Market Development* - (ANSWER)Existing product, new market
, Diversification* - (ANSWER)new products, new markets
Competitive Advantage* - (ANSWER)When customers perceive a product to have more value
than another
Direct Competition - (ANSWER)products that perform the same function compete against one
another Ex: mcdonalds v.s bk v.s wendys
Indirect Competition - (ANSWER)Products provide alternative solutions to the same market Ex:
mcdonalsd v.s subway. coke v.s tea v.s energy drinks
Environmental Scanning - (ANSWER)detect and respond to threats outside of the firm's control
6 External Factors that Affect Marketing Environment - (ANSWER)economic, demographic,
political, legal, sociocultural, technoogical
Economic Factors - (ANSWER)GDP, income distribution, inflation, consumer confidence
Demographic Factors - (ANSWER)age, gender, education, ethnicity. Used to identify target
markets
Sociocultural Factors - (ANSWER)Social and cultural factors
Currency Fluctuation - (ANSWER)how the value of one country's currency changes in relation
to the value of another currency
GDP - (ANSWER)the total market value of all final goods and services produced annually in an
economy
B2C Marketing* - (ANSWER)selling goods to end-users
Margin Formula - (ANSWER)(Sell Price-COGS)/Sell Price
Sell Price Formula - (ANSWER)COGS/(1-Margin)
Cost Formula - (ANSWER)Sell Price(1-Margin)
Marketing - (ANSWER)Creating, communicating, and delivering value
Product Orientation - (ANSWER)Focus on efficient processes to create quality products and
reduce costs. Prior to 1920's
Sales Orientation - (ANSWER)Use personal selling and advertising to sell products. Great
depression era, after 1920's
Marketing Concept/Orientation - (ANSWER)1950's. Companies were producing similar
products and had to compete. Company-wide effort to satisfy customer needs
Customer Value - (ANSWER)Perceived benefits from a product
Marketing Mix - (ANSWER)Product, place (distribution), price, promotion, participation
Goal of Marketing - (ANSWER)To get the right product at the right place at the right time at the
right price.
Strategic Planning* - (ANSWER)defining a firm's objectives and developing a method for
achieving those objectives
,Mission Statement* - (ANSWER)a concise affirmation of the firm's long-term purpose
5 Components of Marketing Plan* - (ANSWER)Executive summary, situation analysis,
marketing strategy, financials, controls
Controls of a Marketing Plan* - (ANSWER)How it'll monitor performance
Contingency Planning* - (ANSWER)Planning for failing or falling short
Situation Analysis (SWOT Analysis)* - (ANSWER)Includes swot analysis, market summary,
competition analysis
Marketing Strategy* - (ANSWER)Actions the firm must take to achieve its objectives
BCG Matrix* - (ANSWER)Describes the strengths and weaknesses of a market
Market Segmentation* - (ANSWER)Dividing a market into smaller market segments
Marketing objectives should be...* - (ANSWER)Specific, measurable, and realistic
Positioning* - (ANSWER)How a firm creates a perception of its product to the public
Market Penetration* - (ANSWER)selling existing products to existing market
Product Development* - (ANSWER)New product to existing market
Market Development* - (ANSWER)Existing product, new market
, Diversification* - (ANSWER)new products, new markets
Competitive Advantage* - (ANSWER)When customers perceive a product to have more value
than another
Direct Competition - (ANSWER)products that perform the same function compete against one
another Ex: mcdonalds v.s bk v.s wendys
Indirect Competition - (ANSWER)Products provide alternative solutions to the same market Ex:
mcdonalsd v.s subway. coke v.s tea v.s energy drinks
Environmental Scanning - (ANSWER)detect and respond to threats outside of the firm's control
6 External Factors that Affect Marketing Environment - (ANSWER)economic, demographic,
political, legal, sociocultural, technoogical
Economic Factors - (ANSWER)GDP, income distribution, inflation, consumer confidence
Demographic Factors - (ANSWER)age, gender, education, ethnicity. Used to identify target
markets
Sociocultural Factors - (ANSWER)Social and cultural factors
Currency Fluctuation - (ANSWER)how the value of one country's currency changes in relation
to the value of another currency
GDP - (ANSWER)the total market value of all final goods and services produced annually in an
economy
B2C Marketing* - (ANSWER)selling goods to end-users