MARK 3336 EXAM 1 VERIFIED STUDY GUIDE
CH. 1 - Answers - Marketing
CH. 2 - Answers - Marketing Strategy
Strategic Planning - Answers - The process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities.
Mission Statement - Answers - A statement of the organization's purpose; what is wants
to accomplish in the larger environment.
Should be "market oriented" and defined in terms of satisfying basic customer needs.
BCG Growth-Share Matrix - Answers - A portfolio planning method that evaluates a
company's strategic business units (SBUs) in terms of market growth rate and relative
market share.
Product/Market Expansion Grid or Ansoff Grid - Answers - A portfolio-planning tool for
identifying company growth opportunities through market penetration, market
development, product development, or diversification.
Market Segmenting - Answers - Dividing the market into distinct group of buyers who
have different needs, characteristics, or behaviors and who might require separate
marketing strategies or mixes.
Market Targeting - Answers - Evaluating each market segment's attractiveness and
selecting one or more segments to serve.
A company should target segments in which it can profitably generate the greatest
customer value and sustain it over time.
Positioning - Answers - Arranging for a market offering to occupy a clear, distinctive,
and desirable place relative to competing products in the minds of target consumers.
Marketers plan positions that distinguish their products from competing brands and give
them the greatest advantage in their target markets.
4 P's or Marketing Mix - Answers - The set of tactical marketing tools - product, price,
place and promotion - that the firms blends to produce the response it wants in the
target market.
, CH. 3 - Answers - Analyzing The Market Environment
CH. 4 - Answers - Gain Customer Insights
Customer Insights - Answers - Fresh marketing information-based understandings of
customers and the marketplace that becomes the basis for creating customer value,
engagement, and relationships.
Internal Data - Answers - Collections of consumer and market information obtained from
data sources WITHIN the company network.
Accessed more QUICKLY and CHEAPLY than other information sources, but often
needs to be adapted for marketing decisions.
Competitive Marketing Intelligence - Answers - The systematic monitoring, collection,
and analysis of PUBLICLY available information about consumers, competitors, and
developments in the marketing environment.
Marketing Research - Answers - The systematic design, collection, analysis, and
reporting of data relevant to a specific marketing situation facing an organization.
Companies can have their own research departments, hire research specialists or
simply purchase data collected by outside firms.
The first step is probably the most difficult, but also the most important step because it
guides the entire research process.
Research Objectives - Answers - 3 Market Research Objectives
1. Exploratory research - Gather preliminary information that will help define problems
and suggest hypothesis.
2. Descriptive research - To better describe marketing problems, situations, or markets,
such as the market potential for a product or the demographics and attitudes of
consumers.
3. Causal research - To test hypotheses about cause-and-effect relationships.
Secondary Data - Answers - Information that already exists somewhere, having been
collected for another purpose.
Can usually be obtained MORE QUICKLY and at a LOWER COST than primary data.
Can rarely obtain all the data needed from secondary sources.
Primary Data - Answers - Information collected for the specific purpose at hand.
CH. 1 - Answers - Marketing
CH. 2 - Answers - Marketing Strategy
Strategic Planning - Answers - The process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities.
Mission Statement - Answers - A statement of the organization's purpose; what is wants
to accomplish in the larger environment.
Should be "market oriented" and defined in terms of satisfying basic customer needs.
BCG Growth-Share Matrix - Answers - A portfolio planning method that evaluates a
company's strategic business units (SBUs) in terms of market growth rate and relative
market share.
Product/Market Expansion Grid or Ansoff Grid - Answers - A portfolio-planning tool for
identifying company growth opportunities through market penetration, market
development, product development, or diversification.
Market Segmenting - Answers - Dividing the market into distinct group of buyers who
have different needs, characteristics, or behaviors and who might require separate
marketing strategies or mixes.
Market Targeting - Answers - Evaluating each market segment's attractiveness and
selecting one or more segments to serve.
A company should target segments in which it can profitably generate the greatest
customer value and sustain it over time.
Positioning - Answers - Arranging for a market offering to occupy a clear, distinctive,
and desirable place relative to competing products in the minds of target consumers.
Marketers plan positions that distinguish their products from competing brands and give
them the greatest advantage in their target markets.
4 P's or Marketing Mix - Answers - The set of tactical marketing tools - product, price,
place and promotion - that the firms blends to produce the response it wants in the
target market.
, CH. 3 - Answers - Analyzing The Market Environment
CH. 4 - Answers - Gain Customer Insights
Customer Insights - Answers - Fresh marketing information-based understandings of
customers and the marketplace that becomes the basis for creating customer value,
engagement, and relationships.
Internal Data - Answers - Collections of consumer and market information obtained from
data sources WITHIN the company network.
Accessed more QUICKLY and CHEAPLY than other information sources, but often
needs to be adapted for marketing decisions.
Competitive Marketing Intelligence - Answers - The systematic monitoring, collection,
and analysis of PUBLICLY available information about consumers, competitors, and
developments in the marketing environment.
Marketing Research - Answers - The systematic design, collection, analysis, and
reporting of data relevant to a specific marketing situation facing an organization.
Companies can have their own research departments, hire research specialists or
simply purchase data collected by outside firms.
The first step is probably the most difficult, but also the most important step because it
guides the entire research process.
Research Objectives - Answers - 3 Market Research Objectives
1. Exploratory research - Gather preliminary information that will help define problems
and suggest hypothesis.
2. Descriptive research - To better describe marketing problems, situations, or markets,
such as the market potential for a product or the demographics and attitudes of
consumers.
3. Causal research - To test hypotheses about cause-and-effect relationships.
Secondary Data - Answers - Information that already exists somewhere, having been
collected for another purpose.
Can usually be obtained MORE QUICKLY and at a LOWER COST than primary data.
Can rarely obtain all the data needed from secondary sources.
Primary Data - Answers - Information collected for the specific purpose at hand.
