D174 COMPREHENSIVE QUESTIONS AND
VERIFIED SOLUTIONS
AMA's 7 Big Problems in Marketing - ✔✔1. Effectively targeting high value
sources of growth 2. The role of marketing in the firm and the c-suite 3. The
digital transformation of the modern corporation 4. Generating and using
insight to shape marketing practice 5. Dealing with an omni-channel world 6.
Competing in dynamic global markets 7. Balancing incremental and radical
innovation Pre-Industrial Revolution - ✔✔-Products were customized -One to
one marketing Post-Marketing Concept Approaches - ✔✔-differentiation
orientation -Market orientation -Relationship orientation -One to one marketing
Sales orientation - ✔✔push product into customer Marketing Mix (4 P's) -
✔✔Product, Price, Place, Promotion Extended marketing mix - ✔✔people -
Employees, social interactions, relationships process - operational efficiencies,
level of standardizations and customizations, service designs physical evidence
- facilities, equipment, uniforms, tangible aspects Big M Marketing - ✔✔Core
driver-customer value, exchange, customer relationships, benefits to the
organization Strategic marketing approach Little m marketing - ✔✔Focuses on
functional or operational level of the org. -Tactical marketing: Marketing
activities that take place at the functional or operational level of a firm. -nuts
and bolts Sustainability - ✔✔meeting the needs of the present without
compromising the ability of future generations to meet their own needs Triple
Bottom Line - ✔✔people, planet, profit benefit - ✔✔some type of utilities that a
company provides customers Four types of utility - ✔✔form, time, place,
ownership Three types of utility created by marketing - ✔✔time, place,
ownership Redraw Porters Value Chain - ✔✔- 5 Primary Activities of Porter's
Value Chain - ✔✔inbound logistics, operations, outbound logistics, marketing
and sales, service Support Activities Porter's Value Chain - ✔✔firm
infrastructure, human resource management, technology development,
procurement Marketing Planning - ✔✔the ongoing process of developing and
implementing market-driven strategies for an organization Marketing Plan -
✔✔the resulting document that records the marketing planning process in a
useful framework Strategic Planning - ✔✔the process of developing and
maintaining a strategic fit between the organization's goals and capabilities and
its changing marketing opportunities tactical planning - ✔✔the process of
, developing detailed, short-term statements about what is to be done, who is to
do it, and how it is to be done Framework for Marketing Planning - ✔✔Ensure
the marketing plan is connected to the firm's business plan (including mission,
vision, goals, objectives, and strategies) Conduct a situation analysis* Perform
any needed market research Establish marketing goals and objectives* Develop
marketing strategies* Develop implementation plans Provide for contingency
planning market-driven strategic planning - ✔✔is often used to describe the
process at the corporate or strategic business unit (SBU) level of marshaling
the various resource and functional areas of the firm toward a central purpose
around the customer. Corporate level strategic plan portfolio analysis - ✔✔a
management tool for evaluating a firm's business mix and assessing the
potential of an organization's strategic business units BCG Matrix -
✔✔analyzes business opportunities according to market growth rate and
market share. This is a portfolio analysis tool -Stars (High growth, high market
share) -Problem Children (high growth, low market share) -Cash Cows (low
market growth, high market share) -Dogs (low market growth, low market
share) Generic Business Strategies - ✔✔growth, stability, retrenchment
retrenchment - ✔✔reducing staff or forces; conserving resources Competitive
Strategy Options - ✔✔-Cost Leadership -Differentiation -Focus (cost focus,
focused differentiation) (see graph) Stategy - ✔✔a strategy is a comprehensive
plan stating how the organization will achieve its mission and objectives. At
strategic level Mission Statement - ✔✔articulates an organization's purpose, or
reason for existence Strategic Vision - ✔✔a discussion of what the company
would like to become in the future Goals - ✔✔general statements of what needs
to be achieved and accomplished to achieve the mission Strategy - ✔✔
Situational Analysis - ✔✔the study of the internal and external factors that
affect marketing strategies macro level - ✔✔political, legal, and ethical socio-
cultural/demographic Technological Economic Natural competitive mirco level
- ✔✔firm structure and systems firm culture firm leadership firm resources
Porter's Five Forces Model*** - ✔✔A model for analyzing the competitive forces
within the environment in which a company operates, to assess the potential
for profitability in an industry. Industry Competitors <-- Potential entrants
(threat of mobility), Supplier (supplier power), Substitutes (threat of
substitutes), Buyers (buyer power) Bargaining power of customers, threat of
substitutions, bargaining power of suppliers, threat of new entrants, rivalry See
graph SWOT analysis - ✔✔a planning tool used to analyze an organization's
strengths, weaknesses, opportunities, and threats External Factors
(opportunities, threats) Internal Factors (strengths, weaknesses) Establish
VERIFIED SOLUTIONS
AMA's 7 Big Problems in Marketing - ✔✔1. Effectively targeting high value
sources of growth 2. The role of marketing in the firm and the c-suite 3. The
digital transformation of the modern corporation 4. Generating and using
insight to shape marketing practice 5. Dealing with an omni-channel world 6.
Competing in dynamic global markets 7. Balancing incremental and radical
innovation Pre-Industrial Revolution - ✔✔-Products were customized -One to
one marketing Post-Marketing Concept Approaches - ✔✔-differentiation
orientation -Market orientation -Relationship orientation -One to one marketing
Sales orientation - ✔✔push product into customer Marketing Mix (4 P's) -
✔✔Product, Price, Place, Promotion Extended marketing mix - ✔✔people -
Employees, social interactions, relationships process - operational efficiencies,
level of standardizations and customizations, service designs physical evidence
- facilities, equipment, uniforms, tangible aspects Big M Marketing - ✔✔Core
driver-customer value, exchange, customer relationships, benefits to the
organization Strategic marketing approach Little m marketing - ✔✔Focuses on
functional or operational level of the org. -Tactical marketing: Marketing
activities that take place at the functional or operational level of a firm. -nuts
and bolts Sustainability - ✔✔meeting the needs of the present without
compromising the ability of future generations to meet their own needs Triple
Bottom Line - ✔✔people, planet, profit benefit - ✔✔some type of utilities that a
company provides customers Four types of utility - ✔✔form, time, place,
ownership Three types of utility created by marketing - ✔✔time, place,
ownership Redraw Porters Value Chain - ✔✔- 5 Primary Activities of Porter's
Value Chain - ✔✔inbound logistics, operations, outbound logistics, marketing
and sales, service Support Activities Porter's Value Chain - ✔✔firm
infrastructure, human resource management, technology development,
procurement Marketing Planning - ✔✔the ongoing process of developing and
implementing market-driven strategies for an organization Marketing Plan -
✔✔the resulting document that records the marketing planning process in a
useful framework Strategic Planning - ✔✔the process of developing and
maintaining a strategic fit between the organization's goals and capabilities and
its changing marketing opportunities tactical planning - ✔✔the process of
, developing detailed, short-term statements about what is to be done, who is to
do it, and how it is to be done Framework for Marketing Planning - ✔✔Ensure
the marketing plan is connected to the firm's business plan (including mission,
vision, goals, objectives, and strategies) Conduct a situation analysis* Perform
any needed market research Establish marketing goals and objectives* Develop
marketing strategies* Develop implementation plans Provide for contingency
planning market-driven strategic planning - ✔✔is often used to describe the
process at the corporate or strategic business unit (SBU) level of marshaling
the various resource and functional areas of the firm toward a central purpose
around the customer. Corporate level strategic plan portfolio analysis - ✔✔a
management tool for evaluating a firm's business mix and assessing the
potential of an organization's strategic business units BCG Matrix -
✔✔analyzes business opportunities according to market growth rate and
market share. This is a portfolio analysis tool -Stars (High growth, high market
share) -Problem Children (high growth, low market share) -Cash Cows (low
market growth, high market share) -Dogs (low market growth, low market
share) Generic Business Strategies - ✔✔growth, stability, retrenchment
retrenchment - ✔✔reducing staff or forces; conserving resources Competitive
Strategy Options - ✔✔-Cost Leadership -Differentiation -Focus (cost focus,
focused differentiation) (see graph) Stategy - ✔✔a strategy is a comprehensive
plan stating how the organization will achieve its mission and objectives. At
strategic level Mission Statement - ✔✔articulates an organization's purpose, or
reason for existence Strategic Vision - ✔✔a discussion of what the company
would like to become in the future Goals - ✔✔general statements of what needs
to be achieved and accomplished to achieve the mission Strategy - ✔✔
Situational Analysis - ✔✔the study of the internal and external factors that
affect marketing strategies macro level - ✔✔political, legal, and ethical socio-
cultural/demographic Technological Economic Natural competitive mirco level
- ✔✔firm structure and systems firm culture firm leadership firm resources
Porter's Five Forces Model*** - ✔✔A model for analyzing the competitive forces
within the environment in which a company operates, to assess the potential
for profitability in an industry. Industry Competitors <-- Potential entrants
(threat of mobility), Supplier (supplier power), Substitutes (threat of
substitutes), Buyers (buyer power) Bargaining power of customers, threat of
substitutions, bargaining power of suppliers, threat of new entrants, rivalry See
graph SWOT analysis - ✔✔a planning tool used to analyze an organization's
strengths, weaknesses, opportunities, and threats External Factors
(opportunities, threats) Internal Factors (strengths, weaknesses) Establish
