MKT 100 - TMU Final Exam Questions with
Verified Correct Answers
Horizontal Marketing System
Collaboration between companies at the same level within the supply chain.
Example: Skype and Nokia partnered to integrate Skype’s service with Nokia devices.
- Benefit for Skype: Access to mobile phone users.
- Benefit for Nokia: Attracted customers seeking Skype integration.
What are the 4 components of Marketing?
creating value, communicating value, delivering value, and exchanging value
Value
Everything a customer gets for giving something up in return. Based of expectations built by
a company
4 P's of Marketing
Product (goods and services), Promotion, Place (delivering it to customer), Price (exchanging
product for a price)
Market Oriented
companies recognize that exchange must be profitable for the company to be successful
Production Oriented (industrial revolution)
Firms thought best way to compete was to reduce production costs. Sell lowest possible price,
attract masses
Selling Oriented (great depression)
,Firms believed best way to compete was to push products (aggressive sales techniques)
Product Orientation (post ww2)
Firms focused on product innovation to differentiate from competitors to stay competitive
Value Orientation (Current)
Creating value for consumers, and building relationships via social media
Strategic Planning Process
A process that helps organizations to allocate its resources to capitalize on opportunities in
the marketplace
Planning Phase
It includes 1.Situational Analysis (micro environment)/(macroenvironment) | 2.
Implementation Phase (Marketing Strategy) | 3. Control Phase (using metrics to measure
performance)
Planning Phase (Situational Analysis, micro internal environment)
Evaluating company resources, company capabilities and corporate partners
Planning Phase (Situational Analysis (internal), Competition)
Serves as a benchmark for how well you're doing in an industry. Includes Direct Competition
(make the same product as you) and Indirect Competition (make something that can replace
yours)
Planning Phase (Situational Analysis (external macro environment) PESTC,
PESTC helps us examine external environment like the Political, Economic, Socio-Cultural,
Technological and Competition.
,Porter's 5 Forces
Used to analyze the competition in an industry
*Rivalry among competitors;
*Threat of new entrants;
*Threat of substitute products;
*Bargaining power of buyers;
*Bargaining power of suppliers;
Implementation Phase
the part of the strategic marketing planning process when marketing managers (1) identify
and evaluate different opportunities by engaging in segmentation, targeting, and
positioning and (2) implement the marketing mix using the four Ps
Control Phase
Evaluate performance using marketing metrics
Variable Costs
the more you sell, the more the cost goes up
Fixed Costs and the 2 types
1. Capital Costs = money you spend that you expect to benefit from a year from now (e.g a
new factory) 2. Fixed Operating Costs = Employee salaries, advertising
SWOT Analysis
strengths, weaknesses, | internal
, - Must be about the company
- must be within its control
- must be in comparison against competition
opportunities, threats | external/PESTC
- Must be external to company
- not within its control
- must exist in absence of the company
Marketing Plan (practice writing out)
Strategic plan that guides marketers. Includes market penetration, product development,
market development and diversification
Market Penetration (Existing Product and Existing Market)
Focus on increasing sales of existing to product to existing customers
Market Development (New Markets and Existing Products)
Entering a new market with existing products
Product Development (New Products and Existing Market)
Focus on entering new market with existing products
Diversification (New Products and New Markets
Involves entering new markets with new products
Sustainable Competitive Advantage
Locational Excellence, Operational Excellence, Product Excellence, Customer Excellence
Verified Correct Answers
Horizontal Marketing System
Collaboration between companies at the same level within the supply chain.
Example: Skype and Nokia partnered to integrate Skype’s service with Nokia devices.
- Benefit for Skype: Access to mobile phone users.
- Benefit for Nokia: Attracted customers seeking Skype integration.
What are the 4 components of Marketing?
creating value, communicating value, delivering value, and exchanging value
Value
Everything a customer gets for giving something up in return. Based of expectations built by
a company
4 P's of Marketing
Product (goods and services), Promotion, Place (delivering it to customer), Price (exchanging
product for a price)
Market Oriented
companies recognize that exchange must be profitable for the company to be successful
Production Oriented (industrial revolution)
Firms thought best way to compete was to reduce production costs. Sell lowest possible price,
attract masses
Selling Oriented (great depression)
,Firms believed best way to compete was to push products (aggressive sales techniques)
Product Orientation (post ww2)
Firms focused on product innovation to differentiate from competitors to stay competitive
Value Orientation (Current)
Creating value for consumers, and building relationships via social media
Strategic Planning Process
A process that helps organizations to allocate its resources to capitalize on opportunities in
the marketplace
Planning Phase
It includes 1.Situational Analysis (micro environment)/(macroenvironment) | 2.
Implementation Phase (Marketing Strategy) | 3. Control Phase (using metrics to measure
performance)
Planning Phase (Situational Analysis, micro internal environment)
Evaluating company resources, company capabilities and corporate partners
Planning Phase (Situational Analysis (internal), Competition)
Serves as a benchmark for how well you're doing in an industry. Includes Direct Competition
(make the same product as you) and Indirect Competition (make something that can replace
yours)
Planning Phase (Situational Analysis (external macro environment) PESTC,
PESTC helps us examine external environment like the Political, Economic, Socio-Cultural,
Technological and Competition.
,Porter's 5 Forces
Used to analyze the competition in an industry
*Rivalry among competitors;
*Threat of new entrants;
*Threat of substitute products;
*Bargaining power of buyers;
*Bargaining power of suppliers;
Implementation Phase
the part of the strategic marketing planning process when marketing managers (1) identify
and evaluate different opportunities by engaging in segmentation, targeting, and
positioning and (2) implement the marketing mix using the four Ps
Control Phase
Evaluate performance using marketing metrics
Variable Costs
the more you sell, the more the cost goes up
Fixed Costs and the 2 types
1. Capital Costs = money you spend that you expect to benefit from a year from now (e.g a
new factory) 2. Fixed Operating Costs = Employee salaries, advertising
SWOT Analysis
strengths, weaknesses, | internal
, - Must be about the company
- must be within its control
- must be in comparison against competition
opportunities, threats | external/PESTC
- Must be external to company
- not within its control
- must exist in absence of the company
Marketing Plan (practice writing out)
Strategic plan that guides marketers. Includes market penetration, product development,
market development and diversification
Market Penetration (Existing Product and Existing Market)
Focus on increasing sales of existing to product to existing customers
Market Development (New Markets and Existing Products)
Entering a new market with existing products
Product Development (New Products and Existing Market)
Focus on entering new market with existing products
Diversification (New Products and New Markets
Involves entering new markets with new products
Sustainable Competitive Advantage
Locational Excellence, Operational Excellence, Product Excellence, Customer Excellence
