Marketing Management
questions (and answers)
Chapter 1
What is marketing?
Marketing is the process of creating value through a stream of exchanges by meeting and exceeding customer
needs while achieving organizational goals.
What is marketing management?
Marketing management is the analysis, planning, implementation, and control of marketing activities aimed at
creating customer satisfaction and achieving corporate goals.
Why is marketing important?
Marketing is important because customer satisfaction is central to business success, enabling long-term
relationships, customer retention, and sustainable profit.
What is the scope of marketing?
The scope of marketing includes identifying customer needs, marketing products and services, managing
exchanges and relationships, and responding to internal, micro, and macro environmental forces.
What are some of the fundamental marketing concepts?
Fundamental marketing concepts include needs, wants, and demands; market offerings; value, satisfaction,
and quality; exchanges, transactions, and relationships; and markets and the marketing system.
How has marketing management changed?
Marketing management has evolved from a product-oriented and sales-focused approach to a market-
oriented approach centered on customer needs and long-term satisfaction.
What are the tasks necessary for successful marketing management?
The tasks include analyzing the marketing environment, identifying opportunities and threats, designing
customer-oriented strategies, implementing integrated efforts, and monitoring and responding to
environmental changes.
Chapter 2
What is the difference between internal, micro and macro environments?
The internal environment includes factors within the company that it can control, the microenvironment
consists of actors close to the company that affect its ability to serve customers, and the macroenvironment
includes broad external forces that affect the company and all microenvironment actors.
What are elements of micro environment?
Elements of the microenvironment include the company, suppliers, marketing intermediaries, customer
markets, competitors, and publics.
, What are elements of macro environment?
Elements of the macroenvironment are political, economic, social, technological, legal, and environmental
forces (PESTLE).
What is the importance of doing an environmental scan?
An environmental scan helps companies identify opportunities and threats, adapt to uncontrollable forces,
and decide whether to respond passively or proactively to changes in the marketing environment.
Chapter 17
What is the role of marketing planning?
Marketing planning guides a company in analyzing its market, setting objectives, developing strategies, and
coordinating actions to achieve competitive advantage and business goals.
What are key elements in marketing planning?
Key elements include business mission, marketing audit, SWOT analysis, marketing objectives, core strategy,
marketing mix decisions, implementation, and control.
What are different levels that affect marketing planning decisions?
Decisions are influenced by corporate level (long-term direction), business/unit level (competitive positioning),
and functional/marketing level (product and tactical decisions).
What is a marketing audit and SWOT analysis?
A marketing audit is a systematic review of internal and external factors affecting marketing.
SWOT analysis identifies Strengths, Weaknesses, Opportunities, and Threats to guide strategic decisions.
What is the nature of marketing objectives?
Marketing objectives are specific, measurable, achievable, relevant, and time-bound (S.M.A.R.T.) goals that can
be set at strategic thrust level (broad markets/products) or product level (specific products or campaigns).
Chapter 18
How can you analyse competitors?
Identify competitors (direct, indirect, substitutes, new entrants)
Audit their capabilities (financial, technical, managerial, marketing)
Infer their objectives and strategic thrust (Build, Hold, Harvest, Divest)
Deduce their strategies (target segments, competitive scope, differentiation, cost)
Estimate their response patterns (Retaliator, Complacent, Hemmed-in, Selective, Unpredictable)
What are the 6 elements of Porter’s model of competitive industry?
1. Threat of new entrants
2. Bargaining power of suppliers
3. Bargaining power of buyers
4. Threat of substitutes
5. Intensity of rivalry among existing competitors
6. (Industry structure and conditions that determine these forces, sometimes included as entry/exit
barriers, cost structure, differentiation, etc.)
questions (and answers)
Chapter 1
What is marketing?
Marketing is the process of creating value through a stream of exchanges by meeting and exceeding customer
needs while achieving organizational goals.
What is marketing management?
Marketing management is the analysis, planning, implementation, and control of marketing activities aimed at
creating customer satisfaction and achieving corporate goals.
Why is marketing important?
Marketing is important because customer satisfaction is central to business success, enabling long-term
relationships, customer retention, and sustainable profit.
What is the scope of marketing?
The scope of marketing includes identifying customer needs, marketing products and services, managing
exchanges and relationships, and responding to internal, micro, and macro environmental forces.
What are some of the fundamental marketing concepts?
Fundamental marketing concepts include needs, wants, and demands; market offerings; value, satisfaction,
and quality; exchanges, transactions, and relationships; and markets and the marketing system.
How has marketing management changed?
Marketing management has evolved from a product-oriented and sales-focused approach to a market-
oriented approach centered on customer needs and long-term satisfaction.
What are the tasks necessary for successful marketing management?
The tasks include analyzing the marketing environment, identifying opportunities and threats, designing
customer-oriented strategies, implementing integrated efforts, and monitoring and responding to
environmental changes.
Chapter 2
What is the difference between internal, micro and macro environments?
The internal environment includes factors within the company that it can control, the microenvironment
consists of actors close to the company that affect its ability to serve customers, and the macroenvironment
includes broad external forces that affect the company and all microenvironment actors.
What are elements of micro environment?
Elements of the microenvironment include the company, suppliers, marketing intermediaries, customer
markets, competitors, and publics.
, What are elements of macro environment?
Elements of the macroenvironment are political, economic, social, technological, legal, and environmental
forces (PESTLE).
What is the importance of doing an environmental scan?
An environmental scan helps companies identify opportunities and threats, adapt to uncontrollable forces,
and decide whether to respond passively or proactively to changes in the marketing environment.
Chapter 17
What is the role of marketing planning?
Marketing planning guides a company in analyzing its market, setting objectives, developing strategies, and
coordinating actions to achieve competitive advantage and business goals.
What are key elements in marketing planning?
Key elements include business mission, marketing audit, SWOT analysis, marketing objectives, core strategy,
marketing mix decisions, implementation, and control.
What are different levels that affect marketing planning decisions?
Decisions are influenced by corporate level (long-term direction), business/unit level (competitive positioning),
and functional/marketing level (product and tactical decisions).
What is a marketing audit and SWOT analysis?
A marketing audit is a systematic review of internal and external factors affecting marketing.
SWOT analysis identifies Strengths, Weaknesses, Opportunities, and Threats to guide strategic decisions.
What is the nature of marketing objectives?
Marketing objectives are specific, measurable, achievable, relevant, and time-bound (S.M.A.R.T.) goals that can
be set at strategic thrust level (broad markets/products) or product level (specific products or campaigns).
Chapter 18
How can you analyse competitors?
Identify competitors (direct, indirect, substitutes, new entrants)
Audit their capabilities (financial, technical, managerial, marketing)
Infer their objectives and strategic thrust (Build, Hold, Harvest, Divest)
Deduce their strategies (target segments, competitive scope, differentiation, cost)
Estimate their response patterns (Retaliator, Complacent, Hemmed-in, Selective, Unpredictable)
What are the 6 elements of Porter’s model of competitive industry?
1. Threat of new entrants
2. Bargaining power of suppliers
3. Bargaining power of buyers
4. Threat of substitutes
5. Intensity of rivalry among existing competitors
6. (Industry structure and conditions that determine these forces, sometimes included as entry/exit
barriers, cost structure, differentiation, etc.)
