MKGT 482
Shopping - answer Consumers evaluating products, prices, and features
Commodity - answer An indistinguishable good/service
What do marketers sell? - answer Features
Value - answer Ratio of what you put into it over what you get out of it. Inputs/outputs
FAB - answer Features, Advantages, Benefits
Feature - answerA product(s) and or service(s) distinguishable characteristics
Advantages - answerWhat makes it better than the competing product/service
Benefit - answerValue that is gained from a consumer/customer
Competitive Advantage - answeran advantage over competitors gained by offering
greater customer value, either by having lower prices or providing more benefits that
justify higher prices
Sustainable Competitive Advantage - answeran advantage that cannot be copied by the
competition
Brand - answerA set of characteristics that shows a difference when a difference is not
easily seen. It transcends a company's product/service.
Market Segmentation - answerIdentifying different groups of customers or placing
customers in bins.
Demographics - answerEasily observable traits of a market
psychographic segmentation - answerpersonality attributes, motives, lifestyles
Behavioral Segmentation - answerA segmentation method that divides customers into
groups based on how they use the product or service. Some common behavioral
measures include occasion and loyalty. (Light or Heavy Users)
Positioning - answerWhere does your brand sit within the mind of a consumer
compared to your competitors.
, Describe the Strategic Planning Process - answer1.) Situational Analysis - External
Environment, Internal Environment, Competition, (Fact Gathering)
2.) Mission, Goals, Objectives
3.) Implementation - 4 P's & disperse strategy/plan to firm employees
4.) Evaluation Control - Thermostat/Litmus Test
Fact - answerNon-disputable piece of information
Information - answerThe interpretation of Facts
Mission Statement - answerThe reason we're in business. How do I help other people.
Goals - answerLong-term and in a general direction
Objectives - answerS.M.A.R.T.
S.M.A.R.T. - answerSpecific, Measurable, Attainable, Reasonable, Time Bound
Strategic Business Unit (SBU) - answera subgroup of a single business or collection of
related businesses within the larger organization
Corporate Goals - answerA goal that encompasses the all the SBU's within the
corporation.
Balanced Scorecard - answerA measurement of what is important, not what is easy.
While a market denotes a physical location, a marketspace is an electronic
marketplaces unbound by time or space - answerTrue
The "how" of marketing planning is known as marketing implementation - answertrue
The term marketspace describes electronic marketplaces unbound by time or space -
answerTrue
The goal of transactional marketing is to complete a large number of discrete
exchanges with individual customers - answerTrue
A value proposition is a promise of value to be delivered, communicated, and
acknowledged - answerTrue
An exchange cannot take place unless each party in the exchange has something that
the other party values - answerTrue
A church sermon preached to a congregation is an example of a product - answerTrue
Shopping - answer Consumers evaluating products, prices, and features
Commodity - answer An indistinguishable good/service
What do marketers sell? - answer Features
Value - answer Ratio of what you put into it over what you get out of it. Inputs/outputs
FAB - answer Features, Advantages, Benefits
Feature - answerA product(s) and or service(s) distinguishable characteristics
Advantages - answerWhat makes it better than the competing product/service
Benefit - answerValue that is gained from a consumer/customer
Competitive Advantage - answeran advantage over competitors gained by offering
greater customer value, either by having lower prices or providing more benefits that
justify higher prices
Sustainable Competitive Advantage - answeran advantage that cannot be copied by the
competition
Brand - answerA set of characteristics that shows a difference when a difference is not
easily seen. It transcends a company's product/service.
Market Segmentation - answerIdentifying different groups of customers or placing
customers in bins.
Demographics - answerEasily observable traits of a market
psychographic segmentation - answerpersonality attributes, motives, lifestyles
Behavioral Segmentation - answerA segmentation method that divides customers into
groups based on how they use the product or service. Some common behavioral
measures include occasion and loyalty. (Light or Heavy Users)
Positioning - answerWhere does your brand sit within the mind of a consumer
compared to your competitors.
, Describe the Strategic Planning Process - answer1.) Situational Analysis - External
Environment, Internal Environment, Competition, (Fact Gathering)
2.) Mission, Goals, Objectives
3.) Implementation - 4 P's & disperse strategy/plan to firm employees
4.) Evaluation Control - Thermostat/Litmus Test
Fact - answerNon-disputable piece of information
Information - answerThe interpretation of Facts
Mission Statement - answerThe reason we're in business. How do I help other people.
Goals - answerLong-term and in a general direction
Objectives - answerS.M.A.R.T.
S.M.A.R.T. - answerSpecific, Measurable, Attainable, Reasonable, Time Bound
Strategic Business Unit (SBU) - answera subgroup of a single business or collection of
related businesses within the larger organization
Corporate Goals - answerA goal that encompasses the all the SBU's within the
corporation.
Balanced Scorecard - answerA measurement of what is important, not what is easy.
While a market denotes a physical location, a marketspace is an electronic
marketplaces unbound by time or space - answerTrue
The "how" of marketing planning is known as marketing implementation - answertrue
The term marketspace describes electronic marketplaces unbound by time or space -
answerTrue
The goal of transactional marketing is to complete a large number of discrete
exchanges with individual customers - answerTrue
A value proposition is a promise of value to be delivered, communicated, and
acknowledged - answerTrue
An exchange cannot take place unless each party in the exchange has something that
the other party values - answerTrue
A church sermon preached to a congregation is an example of a product - answerTrue
