MKT 390 STUDY GUIDE
Ch 1: How does the AMA (American Marketing Association) define Marketing? -
Answers - Marketing- set of institutions and processes for creating, capturing
communicating, delivering and exchanging offers that have value for customers.
Exchange- trading things of value
4Ps:
-Price: market offering (value that consumer gives up)
-Promotion: Communicating its value
-Place: Getting product to customer
-Product: capturing value
Ch 1: Describe the changes in marketing that occurred as marketing evolved from the
production-oriented, to the sales-oriented, to the market-oriented, and now the value-
based marketing eras. - Answers - Production-oriented: (1900-1920) Build it and they
will buy it
Sales-oriented: (1920-1950): Persuading consumers to buy because production was
high
Market-oriented: (1950-1990) Figured out what consumers want before building it
Value-based: (1990-Now) Focuses on creating greater value
Ch 1: Briefly describe each of 4 ways that firms can become more value-driven -
Answers - 1. Share information (marketing analytics)
2. Balance benefits (value to consumers v. company)
3. Build relations with customers
4. Connect with consumers
Ch 2: List the components of a marketing strategy - Answers - Target Market, Marketing
Mix, Basis of competitive advantage
Ch 2: Briefly describe each of the four macro strategies that can help a firm develop a
sustainable competitive advantage. - Answers - Customer excellence
Operational excellence
Product excellence
Locational excellence
Ch 2: Briefly describe each of the 5 steps of creating a marketing plan - Answers - 1.
Define mission
2. Conduct SWOT Analysis
3. Identify and Evaluate opportunities using STP
, 4. Implement marketing mix
5. Evaluate performance using marketing metrics
Market Penetration- Existing markets/ existing products
Product development: Existing Markets/ new products
Market development: New markets/ existing products
Diversification: New markets/ new products
Ch 2: Describe each of the 4 components of a SWOT analysis - Answers - Strengths,
Weaknesses, Opportunities (internal) , Threats (external)
Ch 2: Define segmentation, targeting, and positioning, and explain how they relate to
one another - Answers - Each of these helps with identifying and evaluating
opportunities.
S- who requires seperate products?
T- select segments to target
P- occupy relative to competing products
Ch 2: Briefly describe what's involved in a portfolio analysis. - Answers - Portfolio
analysis- management evaluates firm's various products and businesses.
- allocates resources according to expectations
- strategic business unit (SBU)
Ch 2: Briefly describe each of the four growth strategies a company can use - Answers -
Stars: High relative market share/ high market growth rate
Question marks: Low relative market share/ high market growth rate
Cash Cows: High relative market share/ low market growth rate
Dogs: Low relative market share/ low market growth rate
Ch 3: Briefly explain each of the elements of the 4E framework of digital marketing -
Answers - Excite- personalized offers
Educate- value proposition
Experience- experience product sans buying
Engage- blogging=relationship=loyalty
CH 3: Describe the seven critical elements (7Cs) of online marketing - Answers - Core
goals
Contextual Elements
Content
Community
Communication
Commerce
Connection
Ch 1: How does the AMA (American Marketing Association) define Marketing? -
Answers - Marketing- set of institutions and processes for creating, capturing
communicating, delivering and exchanging offers that have value for customers.
Exchange- trading things of value
4Ps:
-Price: market offering (value that consumer gives up)
-Promotion: Communicating its value
-Place: Getting product to customer
-Product: capturing value
Ch 1: Describe the changes in marketing that occurred as marketing evolved from the
production-oriented, to the sales-oriented, to the market-oriented, and now the value-
based marketing eras. - Answers - Production-oriented: (1900-1920) Build it and they
will buy it
Sales-oriented: (1920-1950): Persuading consumers to buy because production was
high
Market-oriented: (1950-1990) Figured out what consumers want before building it
Value-based: (1990-Now) Focuses on creating greater value
Ch 1: Briefly describe each of 4 ways that firms can become more value-driven -
Answers - 1. Share information (marketing analytics)
2. Balance benefits (value to consumers v. company)
3. Build relations with customers
4. Connect with consumers
Ch 2: List the components of a marketing strategy - Answers - Target Market, Marketing
Mix, Basis of competitive advantage
Ch 2: Briefly describe each of the four macro strategies that can help a firm develop a
sustainable competitive advantage. - Answers - Customer excellence
Operational excellence
Product excellence
Locational excellence
Ch 2: Briefly describe each of the 5 steps of creating a marketing plan - Answers - 1.
Define mission
2. Conduct SWOT Analysis
3. Identify and Evaluate opportunities using STP
, 4. Implement marketing mix
5. Evaluate performance using marketing metrics
Market Penetration- Existing markets/ existing products
Product development: Existing Markets/ new products
Market development: New markets/ existing products
Diversification: New markets/ new products
Ch 2: Describe each of the 4 components of a SWOT analysis - Answers - Strengths,
Weaknesses, Opportunities (internal) , Threats (external)
Ch 2: Define segmentation, targeting, and positioning, and explain how they relate to
one another - Answers - Each of these helps with identifying and evaluating
opportunities.
S- who requires seperate products?
T- select segments to target
P- occupy relative to competing products
Ch 2: Briefly describe what's involved in a portfolio analysis. - Answers - Portfolio
analysis- management evaluates firm's various products and businesses.
- allocates resources according to expectations
- strategic business unit (SBU)
Ch 2: Briefly describe each of the four growth strategies a company can use - Answers -
Stars: High relative market share/ high market growth rate
Question marks: Low relative market share/ high market growth rate
Cash Cows: High relative market share/ low market growth rate
Dogs: Low relative market share/ low market growth rate
Ch 3: Briefly explain each of the elements of the 4E framework of digital marketing -
Answers - Excite- personalized offers
Educate- value proposition
Experience- experience product sans buying
Engage- blogging=relationship=loyalty
CH 3: Describe the seven critical elements (7Cs) of online marketing - Answers - Core
goals
Contextual Elements
Content
Community
Communication
Commerce
Connection
