MAR 3407 Test 1 Questions with Correct
Answers
Branded house:
part of creating a brand architecture. The company is the brand. All products and services
within that company are associated with that single company brand but they themselves don't
exist as a brand. Most cost effective because you are spending money to build one single
brand.
Marketing:
the activity, set of institutions, and process for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large.
(Definition from the American marketing association). Marketing is getting customers to
believe that your products and services are important and that they deliver a better value than
the competitions.
Marketing strategy:
defines customers you're going after and how you'll influence them.
Marketing plan:
outlines the specific steps to implement your strategy.
Captures things you've learned about the market, competition, and customers.
Helps align the organization as well. Also lays out programs, schedules, and budgets.
Marketing planning process:
, start around middle of the fiscal year, each team develops revenue forecasts, each team
develops a budget to spend on marketing programs needed to achieve the revenue forecasts,
reports are combined into company level reports.
Benefits type:
- Functional benefits refer to a products physical appearance.
- Economic benefits are related to saving money or time.
- Emotional benefits are psychological feelings you get when using a product.
- B2C emotional benefits are most important.
- B2B economic benefits are most important.
Brand:
the promises you are making to the customer to deliver a set of benefits
Type of competitors:
3 types: direct, indirect, and substitutes
- Direct competitor is anyone selling the same thing you are, delivering the same benefit.
- Indirect competitors sell similar products with different benefits
- Substitute competitors are unrelated products or services that a consumer can use in place of
your products or services.
Competitive matrix:
a good tool to analyze the competition.
Customer analysis:
starts with deciding what is a customer, then understand what's important to customers, and
finally measure your product against others.
Answers
Branded house:
part of creating a brand architecture. The company is the brand. All products and services
within that company are associated with that single company brand but they themselves don't
exist as a brand. Most cost effective because you are spending money to build one single
brand.
Marketing:
the activity, set of institutions, and process for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large.
(Definition from the American marketing association). Marketing is getting customers to
believe that your products and services are important and that they deliver a better value than
the competitions.
Marketing strategy:
defines customers you're going after and how you'll influence them.
Marketing plan:
outlines the specific steps to implement your strategy.
Captures things you've learned about the market, competition, and customers.
Helps align the organization as well. Also lays out programs, schedules, and budgets.
Marketing planning process:
, start around middle of the fiscal year, each team develops revenue forecasts, each team
develops a budget to spend on marketing programs needed to achieve the revenue forecasts,
reports are combined into company level reports.
Benefits type:
- Functional benefits refer to a products physical appearance.
- Economic benefits are related to saving money or time.
- Emotional benefits are psychological feelings you get when using a product.
- B2C emotional benefits are most important.
- B2B economic benefits are most important.
Brand:
the promises you are making to the customer to deliver a set of benefits
Type of competitors:
3 types: direct, indirect, and substitutes
- Direct competitor is anyone selling the same thing you are, delivering the same benefit.
- Indirect competitors sell similar products with different benefits
- Substitute competitors are unrelated products or services that a consumer can use in place of
your products or services.
Competitive matrix:
a good tool to analyze the competition.
Customer analysis:
starts with deciding what is a customer, then understand what's important to customers, and
finally measure your product against others.
