Mktg 311 - Exam 1 Study Guide Updated Actual Questions And Correct Answers

MKTG 311 - EXAM 1 STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS

Question:
1. Definition of marketing
Answer:
the process by which companies create value for customers and build strong customer relationships in
order to capture value from customers in return

Question:
2. Marketing intermediaries
Answer:
firms that help the company to promote, sell, and distribute its goods to final buyers; example includes
advertising agency

Question:
3. Evolution of Marketing
Answer:
1. Simple Trade Era (pre-Industrial revolution)
2. Production Era (1860s-1920s)
3. Sales Era (1920s-1940s)
4. Marketing Dept Era (1940s-1960s)
5. Marketing Company Era (1960s-1990s)
6. Relationship Marketing Era (1990s-2010)
7. Social Marketing Era (2010-present)

Question:
4. Marketing Management
Answer:
the art and science of choosing target markets and building profitable relationships with them

Question:
5. Value proposition
Answer:
the set of benefits or values it promises to deliver to consumers to satisfy their needs

Question:
6. What are the 5 Marketing Management Orientations?
Answer:
1. Product Concept
2. Societal Concept
3. Marketing Concept
4. Production Concept
5. Selling Concept

,Question:
7. Production Concept Marketing
Answer:
assumes that customers want affordable products, so focuses on availability and cheapness
- Fits well with mass production
- Does not consider customer needs/wants

Question:
8. Product Concept Marketing
Answer:
assumes customers want quality, not cheap
- Doesn't take customers' wants/needs into account

Question:
9. Sales Concept Marketing
Answer:
aggressively taking existing products and pushing the customers to buy them
- Doesn't consider what the customer WANTS

Question:
10. Marketing Orientation Concept
Answer:
learn what the target demographic wants and work to satisfy those wants better than the competition
- Focuses on marketing strategy
- Keeps customer in mind

Question:
11. Societal Orientation Concept
Answer:
puts human welfare on top before profits and satisfying the wants
- emphasizes on social responsibilities and suggests that to sustain long term success, the company should
develop a marketing strategy to provide value to the customers to maintain/improve both the customers
and society's well being better than the competitors

Question:
12. What are the steps to the marketing process?
Answer:
1. Marketing Strategy Formation
2. Marketing Planning
3. Programming, Allocating, and Budgeting
4. Implementation
5. Analysis and Research (done before the first four steps)
6. Monitoring and Auditing

Question:
13. Marketing strategy formation

, Answer:
- Long term goals (mission statement/corporate objects)
- approach to marketplace
- What customer groups? Define target audience and their wants
- Value creation
- Industry opportunities (5C analysis, SWOT analysis, PEST analysis)

Question:
14. Marketing PLanning
Answer:
- time horizon
- how often to rework plan?

Question:
15. Programming, Allocating, and Budgeting
Answer:
- Set measurable goals
- Detailed Plans
- Yearly time frame
- Resource allocation and develop budget

Question:
16. Implementation
Answer:
Program execution

Question:
17. Analysis and Research
Answer:
- Gather internal and external data to support the first four steps
- Prepare before the first four steps
- Ongoing

Question:
18. Monitoring and Auditing
Answer:
- Evaluate results
- Develop corrective actions plans as needed

Question:
19. Strategic planning
Answer:
the process of developing and maintaining a strategic fit between the organization's goals and capabilities
and its changing marketing opportunities

Question:
20. Steps in Company Wide Strategic Planning